N.Y. Retirement & Social Security Law Section 516
Vesting


a.

A member who has five or more years of credited service upon termination of employment shall be entitled to a deferred vested benefit as provided herein.

b.

The deferred vested benefit of general members, except for general members in the uniformed correction force of the New York city department of correction or uniformed personnel in institutions under the jurisdiction of the department of corrections and community supervision as defined in subdivision i of § 89 (Retirement of members in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community su...)section eighty-nine of this chapter, with twenty or more years of credited service shall be a pension commencing at normal retirement age equal to one-fiftieth of final average salary times years of credited service, not in excess of thirty years, less fifty percent of the primary social security retirement benefit, as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article. The deferred vested benefit of general members, except for general members in the uniformed correction force of the New York city department of correction or uniformed personnel in institutions under the jurisdiction of the department of corrections and community supervision as defined in subdivision i of § 89 (Retirement of members in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community su...)section eighty-nine of this chapter, with less than twenty years of credited service shall be a pension commencing at normal retirement age equal to one-sixtieth of final average salary times years of credited service, less fifty percent of the primary social security retirement benefit, as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article. Such deferred vested benefit may be paid in the form of an early service retirement benefit, or may be postponed until after normal retirement age, in which event the benefit will be subject to reduction or escalation as provided in subdivision c of § 504 (Service retirement benefits)section five hundred four of this article.

c.

The deferred vested benefit of police/fire members, New York city police/fire revised plan members, New York city uniformed correction/sanitation revised plan members or investigator revised plan members shall be a pension commencing at early retirement age equal to two and one-tenths percent of final average salary times years of credited service, less fifty percent of the primary social security retirement benefit commencing at age sixty-two, as provided in § 511 (Coordination with social security benefits)section five hundred eleven of this article. A police/fire member, a New York city police/fire revised plan member, a New York city uniformed correction/sanitation revised plan member or investigator revised plan member may elect to receive his vested benefit commencing at early retirement age or age fifty-five. If the vested benefit commences before early retirement age, the benefit shall be reduced by one-fifteenth for each year, if any, that the member’s early retirement age is in excess of age sixty, and by one-thirtieth for each additional year by which the vested benefit commences prior to early retirement age. If such vested benefit is deferred until after such member’s normal retirement age, the benefit shall be computed and subject to annual escalation in the same manner as provided for an early retirement benefit pursuant to subdivision c of § 505 (Service retirement benefits)section five hundred five of this article.

d.

The deferred vested benefit of general members in the uniformed correction force of the New York city department of correction, who are not entitled to a deferred vested benefit under subdivision d of § 504-A (Twenty-year retirement program for New York city correction members below the rank of captain)section five hundred four-a of this article or under subdivision d of § 504-B (Twenty-year retirement program for New York city correction members of the rank of captain or above)section five hundred four-b of this article or under subdivision d of § 504-D (Twenty-year retirement program for New York city correction members)section five hundred four-d of this article, or of general members in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community supervision, as defined in subdivision i of § 89 (Retirement of members in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community su...)section eighty-nine of this chapter, with twenty or more years of credited service shall be a pension commencing at normal retirement age equal to one-fiftieth of final average salary times years of credited service, not in excess of thirty years, or for members who first become members of the New York state and local employees’ retirement system on or after April first, two thousand twelve, a pension equal to the sum of thirty-five per centum and one-fiftieth of final average salary for each year of service in excess of twenty, but not in excess of thirty, times final average salary times years of credited service. The deferred vested benefit of general members in the uniformed correction force of the New York city department of correction, who are not entitled to a deferred vested benefit under subdivision d of § 504-A (Twenty-year retirement program for New York city correction members below the rank of captain)section five hundred four-a of this article or under subdivision d of § 504-B (Twenty-year retirement program for New York city correction members of the rank of captain or above)section five hundred four-b of this article or under subdivision d of § 504-D (Twenty-year retirement program for New York city correction members)section five hundred four-d of this article, or of general members in the uniformed personnel in institutions under jurisdiction of the department of corrections and community supervision, as defined in subdivision i of § 89 (Retirement of members in the uniformed personnel in institutions under the jurisdiction of the department of corrections and community su...)section eighty-nine of this chapter, with less than twenty years of credited service shall be a pension commencing at normal retirement age equal to one-sixtieth of final average salary times years of credited service. Such deferred vested benefit may be paid in the form of an early service retirement benefit, or may be postponed until after normal retirement age, in which event the benefit will be subject to reduction or escalation as provided in subdivision c of § 504 (Service retirement benefits)section five hundred four of this article.

e.

In no event shall the vested retirement allowance payable without optional modification be less than the actuarial equivalent of the total which results from the member’s contributions accumulated with interest at five percent per annum compounded annually to the date of retirement.

Source: Section 516 — Vesting, https://www.­nysenate.­gov/legislation/laws/RSS/516 (updated Apr. 22, 2022; accessed Mar. 23, 2024).

500
Application
501
Definitions
502
Eligibility for service retirement benefits
503
Eligibility for normal and early service retirement benefits
504
Service retirement benefits
504–A
Twenty-year retirement program for New York city correction members below the rank of captain
504–B
Twenty-year retirement program for New York city correction members of the rank of captain or above
504–C
Supplemental retirement allowance
504–D
Twenty-year retirement program for New York city correction members
505
Service retirement benefits
506
Ordinary disability benefits
507
Accidental disability benefits
507–A
Disability retirement
507–B
Performance of duty disability retirement
507–C
Performance of duty disability retirement
507–D
Disability benefits
507–E
Uniformed court officers and peace officers
507–F
Accidental disability retirement
507–G
Payment of both pensions for accident and other benefits prohibited
507–H
Retirement for disability incurred in performance of duty
507–I
Disability benefits
508
Death benefits
508–A
Death benefit for vested members who die prior to retirement
508–B
Death benefit for deputy sheriffs employed by Nassau county
508–B*2
Death benefits for correction officers employed by Nassau county
508–B*3
Death benefits for correction officers employed by Suffolk county
508–B*4
Death benefits for deputy sheriffs employed by Suffolk county
508–C
Death benefits for fire marshals employed by Nassau county
509
Accidental death benefits
509–A
COVID-19 benefit
510
Escalation of benefits
511
Coordination with social security benefits
512
Final average salary
513
Credit for service
514
Options
515
Optional retirement program
516
Vesting
517
Member contributions
517–A
Termination of membership
517–B
Loans to members of a teachers’ retirement system
517–C
Loans to members of certain retirement systems
518
Election of coverage under article
519
Effect of other laws
520
Duration

Accessed:
Mar. 23, 2024

Last modified:
Apr. 22, 2022

§ 516’s source at nysenate​.gov

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