New York Laws
Article 11 - State Teachers' Retirement System for Public School Teachers
535 - Career Retirement Plan.

§ 535. Career retirement plan. 1. Any other provision of law to the
contrary notwithstanding, on or after July first, nineteen hundred
seventy a member may retire pursuant to the provisions of this section
when,

a. he has credit for thirty-five or more years of total service, or

b. he has attained age fifty-five or older and has received credit for
five or more years of full time New York state service, at least two of
which have been rendered since the date upon which he last joined the
retirement system and since June thirtieth, nineteen hundred
sixty-seven, or

c. he has attained age fifty-five or older and has credit for two or
more years of full time service in the period subsequent to June
thirtieth, nineteen hundred sixty-seven and has rendered two years of
full time New York state service in the period subsequent to his
attainment of age fifty-three and subsequent to the date upon which he
last joined the retirement system by filing with the system a statement
duly attested, setting forth at what time not less than thirty days nor
more than ninety days subsequent to the execution and filing thereof he
desires such retirement.

In the case of persons who last became members on or after July first,
nineteen hundred seventy-three, the provisions of this section shall
apply only to those who retire prior to July first, nineteen hundred
seventy-four.

2. A member who retires pursuant to the provisions of this section and
who is credited with at least twenty years of full time New York state
service at the time of his retirement, shall receive a pension
consisting of:

a. one and two-tenths per cent of his final average salary multiplied
by the number of years of his credited New York state service rendered
prior to July first, nineteen hundred fifty-nine, and

b. two per cent of his final average salary multiplied by the number
of years of his credited New York state service rendered subsequent to
June thirtieth, nineteen hundred fifty-nine, and

c. one per cent of his final average salary multiplied by the number
of years of out-of-state service to his credit, excluding, however, any
such service credits which would bring his total years of credited
service above thirty-five years.

3. In addition to the pension allowance provided in subdivision two of
this section, a member who is credited with at least twenty years of
full time New York state service and retires during the month of July,
nineteen hundred seventy, shall receive an added pension allowance equal
to twelve per cent of the pension allowance provided in paragraphs a and
b of subdivision two of this section. For persons retiring subsequent to
July, nineteen hundred seventy, the added pension authorized hereunder
shall be reduced at the rate of one-sixth of one per cent for each month
thereafter.

4. A member who retires pursuant to the provisions of this section and
who is credited with less than twenty years of full time New York state
service at the time of his retirement shall receive a pension which is
computed by multiplying the pension calculated in accordance with
subdivision two of this section by five per cent for each year of
credited full time state service, but in no event shall the pension
payable pursuant to this subdivision be less than fifty per cent of the
pension computed in accordance with subdivision two of this section.

5. a. In lieu of the pension provided by subdivisions two and three of
this section, a member who retires pursuant to the provisions of this
section on or after July first, nineteen hundred seventy-six and who is

credited with at least twenty years of full-time New York state service
at the time of his retirement, shall receive a pension consisting of:

1. one and eighty one-hundredths per cent of his final average salary
times the number of years of his credited New York state service
rendered prior to July first, nineteen hundred fifty-nine, and

2. two per cent of his final average salary times the number of years
of his credited New York state service rendered subsequent to June
thirtieth, nineteen hundred fifty-nine, and

3. one per cent of his final average salary times the number of years
of out-of-state service to his credit, excluding, however, any such
service credits which would bring his total years of credited service
above thirty-five years.

b. In lieu of the pension provided by subdivision four of this
section, a member, who retires pursuant to the provisions of this
section on or after July first, nineteen hundred seventy-six and who is
credited with less than twenty years of full-time New York state service
at the time of his retirement, shall receive a pension which is computed
by multiplying the pension calculated in accordance with paragraph a of
this subdivision by five per cent for each year of credited full-time
New York state service, but in no event shall the pension payable
pursuant to this subdivision be less than fifty per cent of the pension
computed in accordance with paragraph a of this subdivision.

6. In no event shall the pension provided pursuant to the provisions
of this section exceed seventy-five per cent of the member's final
average salary.

7. A member who retires pursuant to the provisions of this section
shall receive the service retirement pension provided by this section
and such pension shall be in lieu of any other service retirement
pension and the pension for increased-take-home-pay otherwise authorized
under this article.

8. In addition to the service retirement pension provided by this
section, the member shall receive an annuity which shall be the
actuarial equivalent of his accumulated contributions at the time of his
retirement.

9. Nothing herein shall alter in any manner either the amount of the
death benefit specified in paragraph three of subdivision b of section
five hundred twelve of this article or the date upon which a member is
first eligible for the benefit described therein.

10. The benefits provided by this section shall be payable unless the
member would otherwise under the provisions of this article be entitled
to a greater benefit, in which event the greater benefit shall be
payable.

11. Anything in this article to the contrary notwithstanding, a person
who becomes a member on or after July first, nineteen hundred seventy,
so long as this section is in effect, shall be permitted to establish
his eligibility for retirement under sections five hundred ten, five
hundred eleven-a and five hundred thirty-three of this article, solely
for the purpose of entitling his estate or beneficiary to the death
benefit payable under paragraph three of subdivision b of section five
hundred twelve of this article.

12. Anything in this article to the contrary notwithstanding, a person
who becomes a member on or after July first, nineteen hundred seventy,
so long as this section is in effect, shall not be permitted to make
contributions pursuant to this article, except for purchase of prior
service credits or military service credits.

13. On and after July first, nineteen hundred seventy all members
shall be deemed to have made the elections permitted under subdivision
one of section five hundred eleven-a and paragraph c of subdivision

three of section five hundred sixteen of this article, whether or not a
formal application for such benefit was submitted to the retirement
board, and on and after July first, nineteen hundred seventy no
contribution shall be required of any member under subdivision one of
section five hundred eleven-a, as well as subdivision one and paragraph
c of subdivision three of section five hundred sixteen of this article.

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