N.Y. Education Law 511-A – Special service retirement
§ 511-a. Special service retirement. 1. Retirement upon a special service retirement allowance shall be made under the following conditions: Any member, by written notice duly acknowledged and filed with the retirement board before the first day of July, nineteen hundred sixty-seven, or within two years after he last became a member, whichever is later, may elect to contribute pursuant to this section on the basis of retirement at an age within five years of the age when he would be eligible for superannuation retirement as provided under subdivision one of section five hundred ten, but not before age fifty-five. After such election the rate of deduction from the earnable compensation of the contributor shall be six and one-half per centum if his normal rate as provided under section five hundred sixteen is four per centum, and shall be eight per centum if such normal rate is five per centum. Where a member elects to contribute pursuant to this section, contributions at such higher rate shall be made from the first day of July, nineteen hundred sixty-seven, or from the first of the month following the expiration of thirty days subsequent to the filing of his election, whichever is later. If, at the time of retirement, the member's accumulated contributions are insufficient to provide an annuity equal to the pension provided under paragraph b of subdivision four of this section, he shall have the privilege of paying into the retirement system by a single payment the amount required in addition to his accumulated contributions to provide an annuity equal to said pension.
Terms Used In N.Y. Education Law 511-A
- Accumulated contributions: shall mean the sum of all the amounts deducted from the compensation of a contributor, and credited to his individual account in the annuity savings fund together with regular interest thereon. See N.Y. Education Law 501
- Annuity: shall mean the annual payments for life derived from contributions made by contributor as provided in this article. See N.Y. Education Law 501
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contributor: shall mean any member of the retirement system who has an account in the annuity savings fund as provided by this article. See N.Y. Education Law 501
- Final average salary: shall mean the average annual compensation earnable as a teacher during the five years of service immediately preceding his date of retirement, or it shall mean the average annual compensation earnable as a teacher during any five consecutive years of state service, said five years to be selected by the applicant prior to date of retirement. See N.Y. Education Law 501
- Pension: shall mean the annual payments for life derived from payments made by an employer as provided in this article. See N.Y. Education Law 501
- Retirement allowance: shall mean the pension plus the annuity. See N.Y. Education Law 501
- Retirement board: shall mean the retirement board provided by section five hundred four of this article. See N.Y. Education Law 501
- Retirement system: shall mean the New York state teachers' retirement system provided for in section five hundred two of this article. See N.Y. Education Law 501
- Service: shall mean actual teaching or supervision by the teacher during regular school hours of the day, and shall mean governmental service in the state of New York in another capacity where the teacher was a member of the New York state employees retirement system, and where such service was credited to the teacher in the said New York state employees retirement system. See N.Y. Education Law 501
- Teacher: shall mean any regular teacher, special teacher, including any school librarian or physical training teacher, principal, vice-principal, supervisor, supervisory principal, director, superintendent, city superintendent, assistant city superintendent, district superintendent and other member of the teaching or professional staff of any class, public school, vocational school, truant reformatory school or parental school, and of any or all classes of schools within the state of New York, including schools on the Indian reservation, conducted under the order and superintendence of and wholly or partly at the expense of the New York state education department or of a duly elected board of education, board of school directors or board of trustees of the state or of any city or school district thereof, provided that no person shall be deemed a teacher within the meaning of this article who is not so employed for full time outside vacation periods. See N.Y. Education Law 501
2. One year or more after the filing thereof, a member may withdraw his election to contribute pursuant to this section on the basis of special service retirement. Such withdrawal shall be by written notice duly acknowledged and filed with the retirement board. Such member thereafter shall contribute on the basis of his rate of normal contribution. Such member, upon application at any time prior to retirement and with the approval of the retirement board, shall be entitled to a refund of the amount of his contributions and regular interest thereon, which is in excess of the amount of the accumulated contributions which he would then have to his credit had he been contributing on the basis of his rate of normal contribution.
3. Any member electing to contribute towards a special service retirement allowance under the provisions of this section, who has attained age fifty-five or over while in service, shall be eligible to retire at any time within five years before the date he would be eligible for superannuation retirement as provided under subdivision one of section five hundred ten, if he files with the retirement board a statement duly attested setting forth at what time not less than thirty days nor more than ninety days subsequent to the execution and filing thereof he desires such retirement.
4. Upon special service retirement, a member shall receive a special service retirement allowance which shall consist of:
a. An annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement, and
b. A pension of one quarter of his final average salary or if his total service is less than twenty-five years, a pension of one one-hundredth of his final average salary multiplied by the number of years of total service, and
c. If the member be a present teacher, a further pension of one one-hundred fortieth of his final average salary multiplied by the number of years of total service certified on his prior service certificate, and
d. If the member has contributed pursuant to paragraph c of subdivision three of section five hundred sixteen, a further pension of one one-hundred twentieth (1/120) of his final average salary multiplied by the number of years of total service in excess of twenty-five years but not in excess of thirty-five years, nor in excess of the number of years for which credit is allowed under paragraph d of subdivision three of section five hundred sixteen.