New York Laws
Article 15 - Coordinated Retirement Plan
612 - Vesting.

§ 612. Vesting. a. Except as provided in subdivision a-1 of this
section, a member who has five or more years of credited service, upon
termination of employment, other than a member who is entitled to a
deferred vested benefit pursuant to any other provision of this article,
shall be entitled to a deferred vested benefit at normal retirement age
computed in accordance with the provisions of section six hundred four
of this article. Except as provided in subdivision a-1 of this section,
a member of a teachers' retirement system or the New York state and
local employees' retirement system who has five or more years of
credited service, upon termination of employment shall be entitled to a
deferred vested benefit prior to normal retirement age, but no earlier
than age fifty-five, computed in accordance with the provisions of
subdivision i of section six hundred three of this article as amended by
section eight of part B of chapter five hundred four of the laws of two
thousand nine. Anything to the contrary notwithstanding, a member of a
public retirement system of the state who first became a member of such
system on or after April first, two thousand twelve must have at least
five years of credited service in order to qualify for a deferred vested
benefit under this section; such member shall not be entitled to such
benefit prior to the member's attainment of age sixty-three; and such
deferred vested benefit shall be computed pursuant to subdivision b-1 of
section six hundred four of this article.

a-1. Notwithstanding the provisions of subdivision a of this section
or any other provision of law to the contrary, (i) a member of the New
York city teachers' retirement system who holds a position represented
by the recognized teacher organization for collective bargaining
purposes, who became subject to the provisions of this article after the
effective date of this subdivision, and who has five or more years of
credited service, or (ii) a member of the New York city board of
education retirement system who holds a position represented by the
recognized teacher organization for collective bargaining purposes, who
became subject to the provisions of this article after the effective
date of this subdivision, and who has five or more years of credited
service, other than such a member of either of such retirement systems
who is entitled to a deferred vested benefit pursuant to any other
provision of this article, shall, upon termination of employment, be
entitled to a deferred vested benefit at normal retirement age computed
in accordance with the provisions of section six hundred four of this
article. Notwithstanding the provisions of subdivision a of this
section or any other provision of law to the contrary, a member of the
New York city teachers' retirement system who holds a position
represented by the recognized teacher organization for collective
bargaining purposes, who became subject to the provisions of this
article after the effective date of this subdivision, and who has five
or more years of credited service, shall, upon termination of
employment, be entitled to a deferred vested benefit prior to normal
retirement age, but no earlier than age fifty-five, computed in
accordance with the provisions of subdivision i of section six hundred
three of this article, provided, however, that any such member of either
of such retirement systems who is a New York city revised plan member
shall be required to have at least five years of credited service in
order to be eligible for a deferred vested benefit, such member shall
not be entitled to payability of such benefit prior to attainment of age
sixty-three and such deferred vested benefit shall be computed pursuant
to subdivision b-1 of section six hundred four of this article.

b. 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.

Structure New York Laws