21 CRR-NY 5003.2NY-CRR
21 CRR-NY 5003.2
21 CRR-NY 5003.2
5003.2 Five-year final average salary for Tier 1 members.
(a) A five-year final average salary is defined as the highest average annual salary earned by a member over a period covering five consecutive years of New York State service credit.
(b) In the case of members who joined the system prior to June 17, 1971, termination pay, provided it constitutes compensation earned as a teacher, is includable in the computation of final average salary.
(c) In the case of members with a date of membership on or after June 17, 1971, salary earned shall exclude termination pay and any earnings in excess of 120 percent of the earnings for the preceding year of service credit. (Termination pay as defined in section 5001.1[d] of this Chapter.)
(d) If the member has fewer than five years of service credit, then his or her final average salary shall be computed over the actual period of service.
(e) Any member of the system who is a discontinued member under the provisions of the optional retirement program, and who became such a discontinued member prior to July 1, 1969, is restricted to a five-year computation of his or her final average salary.
(f) The five-year final average salary is not applicable to those members with a date of membership on and after July 1, 1973.
21 CRR-NY 5003.2
Current through June 30, 2021
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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.