N.Y. Comp. Codes R. & Regs. tit. 2 § 354.6

Current through Register Vol. 46, No. 53, December 31, 2024

Section 354.6 - Calculation of benefits for restored members

Upon retirement of a restored member, benefits shall be payable as follows:

(a) If the member has not earned at least two years of member service credit subsequent to restoration of membership, there shall not be a recalculation of benefits. Rather, the original retirement allowance under the option previously established shall be reinstated, and member contributions made since such restoration shall be refunded to the member by the Retirement System. The original retirement date shall remain applicable for the purposes of determining eligibility for post-retirement death benefits.

(b) If the member has earned at least two years of member service credit after restoration, such member shall, at his or her option, be eligible to retire with either of the following benefit calculations:

(1) The member shall be credited with all member service earned subsequent to restoration to membership, and receive a retirement allowance which shall consist of the actuarial equivalent of the pension which the member was receiving immediately prior to the last restoration to membership, plus a pension based upon the member service credit earned subsequent to restoration to membership. Such latter pension shall be computed as if he or she were a new member when he or she last became a member.

(2) The total service credited at the time of the earlier retirement may, at the member's option, again be credited, in addition to all member service earned subsequent to restoration to membership, if the member returns to the Retirement System the actuarial equivalent of the amount of retirement benefits received, plus interest at the rate of five percent per annum. In the event such amount is not so repaid, such actuarial equivalent shall be deducted from the subsequent retirement allowance.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 354.6