New York Codes, Rules and Regulations
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
Section 301.1 - Background
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 301.1
Current through Register Vol. 46, No. 39, September 25, 2024
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.
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