N.Y. Education Law 510 – Superannuation retirement
§ 510. Superannuation retirement. 1. Retirement upon a superannuation allowance shall be made under the following conditions:
Terms Used In N.Y. Education Law 510
- Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a contributor, and credited to his individual account in the annuity savings fund together with regular interest thereon. See N.Y. Education Law 501
- Employer: shall mean the state of New York, the city, the village, school district board or trustee, or other agency of and within the state by which a teacher is paid. See N.Y. Education Law 501
- Final average salary: shall mean the average annual compensation earnable as a teacher during the five years of service immediately preceding his date of retirement, or it shall mean the average annual compensation earnable as a teacher during any five consecutive years of state service, said five years to be selected by the applicant prior to date of retirement. See N.Y. Education Law 501
- Pension: shall mean the annual payments for life derived from payments made by an employer as provided in this article. See N.Y. Education Law 501
- Present teacher: shall mean any teacher who was a teacher on or before the first day of August, nineteen hundred twenty-one, whose membership in the retirement system created by this article has been continuous and
a. See N.Y. Education Law 501 - Retirement allowance: shall mean the pension plus the annuity. See N.Y. Education Law 501
- Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
- Service: shall mean actual teaching or supervision by the teacher during regular school hours of the day, and shall mean governmental service in the state of New York in another capacity where the teacher was a member of the New York state employees retirement system, and where such service was credited to the teacher in the said New York state employees retirement system. See N.Y. Education Law 501
- Teacher: shall mean any regular teacher, special teacher, including any school librarian or physical training teacher, principal, vice-principal, supervisor, supervisory principal, director, superintendent, city superintendent, assistant city superintendent, district superintendent and other member of the teaching or professional staff of any class, public school, vocational school, truant reformatory school or parental school, and of any or all classes of schools within the state of New York, including schools on the Indian reservation, conducted under the order and superintendence of and wholly or partly at the expense of the New York state education department or of a duly elected board of education, board of school directors or board of trustees of the state or of any city or school district thereof, provided that no person shall be deemed a teacher within the meaning of this article who is not so employed for full time outside vacation periods. See N.Y. Education Law 501
a. A member who has completed twenty-five years of total credited service and who has attained the age of sixty years or over while in service, or any member who has completed thirty-five years of total credited service shall be retired, if he files with the retirement board 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.
b. Any member who has attained age seventy may be retired at his own request or at the request of his employer if he or his employer files with the retirement board a statement duly attested setting forth at what time subsequent to the execution and filing thereof retirement is desired, and if throughout the year immediately preceding the filing of such statement he shall have been in service as a teacher in this state. The retirement board shall retire said member as of the date so specified or as of such other time within thirty days thereafter as the retirement board may find advisable.
2. Upon superannuation retirement a member shall receive a superannuation retirement allowance which shall consist of:
a. An annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement, and
b. A pension of one quarter (1/4) of his final average salary or if his total service is less than twenty-five years, a pension of one one-hundredth (1/100) of his final average salary multiplied by the number of years of total service, and
c. A further pension of one one-hundred fortieth (1/140) of his final average salary multiplied by the number of years of total state service in excess of thirty-five years, and
d. If the member be a present teacher, a further pension of one one-hundred fortieth (1/140) of his final average salary multiplied by the number of years of total service certified on his prior service certificate, and
e. If the member has contributed pursuant to paragraph c of subdivision three of section five hundred sixteen, a further pension of one one-hundred twentieth (1/120) of his final average salary for each year of total service in excess of twenty-five years but not in excess of thirty-five years, nor in excess of the number of years for which credit is allowed under paragraph d of subdivision three of section five hundred sixteen, and
f. A further pension, of such amount as shall be required to bring the total retirement allowance of members with twenty-five or more years of state service up to four hundred dollars per annum, and
g. The provision of paragraph (c) of subdivision two of this section shall apply only to members retiring on and after the date on which paragraph (c) of subdivision two of this section becomes operative.