2 CRR-NY 301.1NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 2. DEPARTMENT OF AUDIT AND CONTROL
CHAPTER VI. NEW YORK STATE AND LOCAL EMPLOYEES' RETIREMENT SYSTEM AND NEW YORK STATE AND LOCAL POLICE AND FIRE RETIREMENT SYSTEM
PART 301. FIVE-YEAR CERTAIN OPTIONS AND TEN-YEAR CERTAIN OPTIONS
2 CRR-NY 301.1
2 CRR-NY 301.1
301.1 Background.
Section 447 of the Retirement and Social Security Law authorizes two new retirement options, each the actuarial equivalent of the retirement allowance without optional modification, for members who join the retirement systems on or after July 1, 1973. The five-year certain option provides payment to the pensioner for life, with guaranteed payment for a minimum of five years following retirement, and the ten-year certain option provides payment to the pensioner for life, with guaranteed payment for a minimum of 10 years following retirement. The following rules establish the terms and conditions for selecting either the five-year certain option or ten-year certain option.
2 CRR-NY 301.1
Current through February 28, 2022
| End of Document |
IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.