N.Y. Retirement and Social Security Law 502 – Eligibility for service retirement benefits; minimum service requirements
§ 502. Eligibility for service retirement benefits; minimum service requirements. a. A member who first joins a public retirement system of this state on or after June thirtieth, nineteen hundred seventy-six shall not be eligible for service retirement benefits hereunder until such member has rendered a minimum of five years of creditable service after July first, nineteen hundred seventy-three.
Terms Used In N.Y. Retirement and Social Security Law 502
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Elective member: shall mean a member who is not subject to the provisions of this article on a mandatory basis. See N.Y. Retirement and Social Security Law 501
- In service: shall mean any period during which a member is on the payroll of a public employer, in the service upon which membership is based, and any period during which the member was not on the payroll if he or she; (a) was on the payroll and paid within the previous twelve months, (b) had not been gainfully employed since ceasing to be on such payroll, (c) had credit for at least one year of continuous service since last entering or reentering the service of the public employer and (d) was not eligible for or receiving a service retirement or disability benefit. See N.Y. Retirement and Social Security Law 501
- Mandatory retirement age: shall mean age seventy, for general members, and age sixty-two, for police/fire members. See N.Y. Retirement and Social Security Law 501
- Member: shall mean any person included in the membership of a public retirement system of this state as provided in section five hundred of this article. See N.Y. Retirement and Social Security Law 501
b. A member who previously was a member of a public retirement system of this state shall not be eligible for service retirement benefits hereunder until such member has rendered a minimum of five years of service which is creditable pursuant to section five hundred thirteen of this article.
c. An elective member who is not vested in the plan from which he or she transferred shall not be eligible for service retirement or vested benefits hereunder until such member has rendered a minimum period of service equal to the additional service which such member would have been required to accrue under such former plan in order to obtain a vested benefit.
d. Notwithstanding any other provision of this section, a pensioner receiving a service retirement benefit: (i) who returns to active public service and joins or rejoins a public retirement system on or after July first, nineteen hundred seventy-six, and (ii) who thereafter separates from service before becoming eligible for a retirement benefit hereunder, shall, upon such separation, be entitled to receive the service retirement benefit which he or she was receiving prior to his or her last restoration to membership. Provided, however, if such pensioner was not subject to this article at the time he or she last retired, he or she shall, upon separation, be entitled to receive a retirement allowance which shall consist of an annuity which is the actuarial equivalent of his or her accumulated contributions, if any, and the pension, including pension-providing-for-increased-take-home-pay, which he or she was receiving prior to his last restoration to membership.
e. Notwithstanding any other provision of this section, if a member attains mandatory retirement age, the minimum service requirements specified in this section shall be five years.
f. Upon the first day of the month after the attainment of mandatory retirement age, a member shall be separated from service whether or not eligible for service retirement hereunder; provided however, that this requirement shall not preclude a member from being continued in service beyond such mandatory retirement age pursuant to other applicable provisions of law.