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 363.5 - Individuals who need not file an election
Current through Register Vol. 46, No. 12, March 20, 2024
(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:
(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.