(a) An annuity which shall be the actuarial equivalent of his or her
accumulated contributions at the time of his or her retirement, plus
(b) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he or she may then be
entitled, if any, plus
(c) A pension computed in accordance with whichever of the following
provides the greater benefit:
(1) A pension which, together with the member's annuity and the
pension-providing-for-increased-take-home-pay, if any, shall equal
ninety per centum of one-seventieth of his or her final average salary
multiplied by the number of years of his or her total service credit,
which formula shall be used only if the retirement allowance so computed
exceeds one-quarter of his or her final average salary. If the
retirement allowance so computed shall amount to one-quarter or less of
the member's final average salary, his or her pension shall be computed
upon the basis of the total service which he or she would have rendered
if he or she continued in service until he or she attained age sixty so
as the resulting retirement allowance computed by resort to this formula
shall not exceed one-quarter of the member's final average salary.
(2) A pension which together with the member's annuity and the
pension-providing-for-increased-take-home-pay, if any, shall equal
one-sixtieth of his or her final average salary multiplied by the number
of years of his or her total service credit, which formula shall be used
only if the retirement allowance so computed exceeds one-third of his or
her final average salary. If the retirement allowance so computed shall
amount to one-third or less of the member's final average salary, his or
her pension shall be computed upon the basis of the total service which
he or she would have rendered if he or she continued in service until he
or she attained age sixty so far as the resulting retirement allowance
computed by resort to this formula shall not exceed one-third of the
member's final average salary.
For the purpose only of determining the amount of a pension pursuant to
any of the above formulae, the annuity shall be computed as it would be:
(aa) If not reduced by the actuarial equivalent of any outstanding
loan, and
(bb) If not increased by the actuarial equivalent of any additional
contributions, and
(cc) If not reduced by reason of the member's election to decrease his
or her annuity contributions to the retirement system in order to apply
the amount of such reduction in payment of his or her contributions for
old-age and survivors insurance coverage.
c. If the member, at the time of the filing of an application under
the provisions of subdivision a of this section, is eligible for a
service retirement benefit, then and in that event, he or she may
simultaneously file an application for service retirement in accordance
with the provisions of section three hundred seventy of this chapter,
provided that the member indicates on the application for service
retirement that such application is filed without prejudice to the
application for ordinary disability retirement.
d. An application for an ordinary disability retirement allowance may
be filed, as otherwise provided herein, simultaneously with or after the
filing of an application for an accidental disability retirement
allowance, providing a member meets the requirements of this section. If
the comptroller shall deny the application for an accidental disability
retirement allowance, he or she shall then determine the application for
an ordinary disability retirement allowance. If the comptroller shall
grant the application for an accidental disability retirement allowance,
the application for an ordinary disability retirement allowance will be
deemed to have been withdrawn.
Structure New York Laws
RSS - Retirement and Social Security
551 - Optional Retirement of Certain Members.
553 - Additional Pension Benefit for Members of Optional Twenty Year Retirement Plan.
555 - Ordinary Disability Retirement.
556 - Accidental Disability Retirement.
557 - Members; Certain Disabilities.
558 - Retirement for Disability Incurred in Performance of Duty.