N.Y. Comp. Codes R. & Regs. tit. 2 § 363.1

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

Section 363.1 - Applicability

This Part shall apply to service and vested retirements of individuals covered by article 14 of the Retirement and Social Security Law, where the effective date of retirement is on or after September 24, 1994. Notwithstanding the above, it shall not apply to individuals who have irrevocably waived rights to benefits provided by article 15. This Part provides the procedures under which a member of the New York State and Local Employees' Retirement System who is covered by article 14 of the Retirement and Social Security Law and who, on the effective date of service or vested retirement:

(a) has accrued less than 30 years of credited service and has not attained age 60; or

(b) has attained age 60 but has not attained age 62, and has accrued at least 20, but less than 25 years of credited service, shall elect to receive service retirement benefits of vested retirement benefits calculated under either the provisions of article 14 or article 15 of such law.

This Part shall also provide the manner in which the Retirement System shall calculate retirement benefits for all other members who are covered by article 14, and shall explain why no election is required for such individuals.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 363.1