New York Laws
Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally
375 - Allowance on Superannuation Retirement.

(a) A pension of one-one hundred twentieth of final average salary
multiplied by the number of years for which he has member service credit
for service rendered prior to the attainment of age fifty-five, and
(b) A pension of one-one hundred fortieth of final average salary
multiplied by the number of years for which he has member service credit
for service rendered after the attainment of age fifty-five, and
(c) A pension of one-sixtieth of final average salary multiplied by
the number of years for which he has prior service credit and credit for
service in war after world war I for service rendered prior to the
attainment of age fifty-five, and
(d) A pension of one-seventieth of final average salary multiplied by
the number of years for which he has prior service credit and credit for
service in war after world war I for service rendered after the
attainment of age fifty-five.
Subparagraphs (c) and (d) of this paragraph three shall be available
only if the member has credit for one or more years of service as a
member. This requirement of one or more years of service as a member
shall be subject to waiver as provided in subdivision e of section three
hundred forty-one of this article.
d. Upon retirement for superannuation on or after attainment of age
fifty-five or for any other cause after attainment of age sixty, of a
member who is contributing to the police and fire retirement system on
the basis of retirement at age fifty-five pursuant to section three
hundred seventy-one-a of this article, he or she shall receive a
retirement allowance which shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement, and
2. A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, and
3. A pension which shall consist of:
(a) A pension of one-one hundred twentieth of final average salary
multiplied by the number of years for which he has member service
credit, and
(b) A pension of one-sixtieth of final average salary multiplied by
the number of years for which he has prior service credit and credit for
service in war after world war I.
Subparagraph (b) of this paragraph three shall be available only if the
member has credit for one or more years of service as a member. This
requirement of one or more years of service as a member shall be subject
to waiver as provided in subdivision e of section three hundred
forty-one of this article.

Structure New York Laws