2 CRR-NY 363.5NY-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 363. ELECTION BY ARTICLE 14 MEMBERS OF EITHER THE ARTICLE 14 OR ARTICLE 15 BENEFIT CALCULATION PURSUANT TO CHAPTER 537 OF THE LAWS OF 1994
2 CRR-NY 363.5
2 CRR-NY 363.5
363.5 Individuals who need not file an election.
(a) Benefits shall be calculated under the provisions of article 15 with respect to individuals covered by article 14 who, on the effective date of retirement:
(1) have accrued at least 30 years of service credit; or
(2) have attained age 60 and who have accrued less than 20 years of credited service; or
(3) have attained age 60 and have accrued at least 25 years of credited service. For these three groups of individuals, the amount of service or vested retirement benefits payable will always be greater under the provisions of article 15 than they would be under the article 14 calculation. Accordingly, benefits payable to these groups of individuals shall be calculated pursuant to the provisions of article 15, and such individuals shall not be required to file an election pursuant to this Part.
(b) With respect to individuals who, at retirement have attained age 62 and have at least 20, but less than 25 years of credited service, the amount of the monthly benefit will not change at a later date under article 14 or 15. While, for this group the question of which article will produce the greater benefit can be determined at retirement, the result varies from individual to individual. Accordingly, the Retirement System will use whatever calculation provides the higher benefit for each member of this group, and these individuals shall not be required to elect between the article 14 and article 15 calculation.
2 CRR-NY 363.5
Current through February 28, 2022
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