N.Y. Retire. & Soc. Sec. Law § 612

§ 612. Vesting. a. Except as provided in subdivision a-1 of this\nsection, a member who has five or more years of credited service, or ten\nor more years of credited service for a member who first joined the New\nYork state and local employees' retirement system or the New York state\nteachers' retirement system on or after January first, two thousand ten,\nupon termination of employment, other than a member who is entitled to a\ndeferred vested benefit pursuant to any other provision of this article,\nshall be entitled to a deferred vested benefit at normal retirement age\ncomputed in accordance with the provisions of section six hundred four\nof this article. Except as provided in subdivision a-1 of this section,\na member of a teachers' retirement system or the New York state and\nlocal employees' retirement system who has five or more years of\ncredited service, or ten or more years of credited service for a member\nwho first becomes a member of the New York state and local employees'\nretirement system or the New York state teachers' retirement system on\nor after January first, two thousand ten, upon termination of employment\nshall be entitled to a deferred vested benefit prior to normal\nretirement age, but no earlier than age fifty-five, computed in\naccordance with the provisions of subdivision i of section six hundred\nthree of this article as amended by section eight of part B of chapter\nfive hundred four of the laws of two thousand nine. Anything to the\ncontrary notwithstanding, a member of a public retirement system of the\nstate who first became a member of such system on or after April first,\ntwo thousand twelve must have at least ten years of credited service in\norder to qualify for a deferred vested benefit under this section; such\nmember shall not be entitled to such benefit prior to the member's\nattainment of age sixty-three; and such deferred vested benefit shall be\ncomputed pursuant to subdivision b-1 of section six hundred four of this\narticle.\n a-1. Notwithstanding the provisions of subdivision a of this section\nor any other provision of law to the contrary, (i) a member of the New\nYork city teachers' retirement system who holds a position represented\nby the recognized teacher organization for collective bargaining\npurposes, who became subject to the provisions of this article after the\neffective date of this subdivision, and who has ten or more years of\ncredited service, or (ii) a member of the New York city board of\neducation retirement system who holds a position represented by the\nrecognized teacher organization for collective bargaining purposes, who\nbecame subject to the provisions of this article after the effective\ndate of this subdivision, and who has ten or more years of credited\nservice, other than such a member of either of such retirement systems\nwho is entitled to a deferred vested benefit pursuant to any other\nprovision of this article, shall, upon termination of employment, be\nentitled to a deferred vested benefit at normal retirement age computed\nin accordance with the provisions of section six hundred four of this\narticle. Notwithstanding the provisions of subdivision a of this\nsection or any other provision of law to the contrary, a member of the\nNew York city teachers' retirement system who holds a position\nrepresented by the recognized teacher organization for collective\nbargaining purposes, who became subject to the provisions of this\narticle after the effective date of this subdivision, and who has ten or\nmore years of credited service, shall, upon termination of employment,\nbe entitled to a deferred vested benefit prior to normal retirement age,\nbut no earlier than age fifty-five, computed in accordance with the\nprovisions of subdivision i of section six hundred three of this\narticle, provided, however, that any such member of either of such\nretirement systems who is a New York city revised plan member shall be\nrequired to have at least ten years of credited service in order to be\neligible for a deferred vested benefit, such member shall not be\nentitled to payability of such benefit prior to attainment of age\nsixty-three and such deferred vested benefit shall be computed pursuant\nto subdivision b-1 of section six hundred four of this article.\n b. In no event shall the vested retirement allowance payable without\noptional modification be less than the actuarial equivalent of the total\nwhich results from the member's contributions accumulated with interest\nat five percent per annum compounded annually to the date of retirement.\n