21 CRR-NY 5014.1NY-CRR
21 CRR-NY 5014.1
21 CRR-NY 5014.1
5014.1 Options available to members at retirement—general.
A member may elect at retirement, in lieu of the maximum benefit, one of the following options, as applicable:
Lump sum option:
Declining reserve (Tier 1 members only)
Annuity reserve (Tier 1 and Tier 2 members only)
Guarantee option:
5-year
10-year
Alternative option (Tier 1 and Tier 2, Tier 4 through 6 members only)
Alternative option (Tier 3 members only)
Survivor option:
100%
75%
50%
25%
Pop-up option:
100%
75% (Tier 1 and Tier 2, Tier 4 through 6 members only)
50%
25% (Tier 1 and Tier 2, Tier 4 through 6 members only)
Each option is defined in section 5014.2 of this Part.
21 CRR-NY 5014.1
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.