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 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
Section 363.2 - Background
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Chapter 537 of the Laws of 1994 amended sections 603 and 612 of the Retirement and Social Security Law with respect to the eligibility of members covered by the provisions of article 15 of such law to retire at age 55, with benefit reduction for early (prior to attainment of age 62) retirement. Chapter 537 also amended sections 603 and 612 so as to permit individuals covered by article 15 to retire at age 55 with no reduction for such early retirement where the individual has at least 30 years of credited service at retirement.
(b) With the exception of certain corrections officers and security hospital treatment assistants who have waived article 15 coverage as a prerequisite to eligibility to participate in special plans provided by article 14, members of the New York State and Local Employees' Retirement System who are covered by article 14 (sometimes hereinafter referred to as "article 14 members") are also covered by article 15 of such law. Therefore, an article 14 member who applies for service or vested retirement benefits is entitled to benefits calculated under the article which will provide the greater benefit (assuming the member meets the eligibility requirements under both articles).
(c) For certain article 14 members, the amount of the service retirement benefit and the vested retirement benefit payable under article 15 will always be greater than the amount that would be payable under article 14, regardless of how long such an individual may live following retirement. The article 14 members for whom the article 15 calculation will always produce a larger monthly benefit are those who, on the effective date of retirement:
(d) By contrast, it cannot be determined at the time of retirement whether benefits will ultimately be greater under article 14 or article 15 for two other groups of article 14 members: those who, on the effective date of retirement,