N.Y. Comp. Codes R. & Regs. tit. 21 § 5003.2

Current through Register Vol. 46, No. 43, October 23, 2024

Section 5003.2 - Five-year final average salary for certain members who joined system prior to July 1, 1973

(a) A five-year final average salary is defined as the highest average annual salary earned by a member over a period covering five consecutive years of New York State service credit.

(b) In the case of members who joined the system prior to June 17, 1971, termination pay, provided it constitutes compensation earned as a teacher, is includable in the computation of final average salary.

(c) In the case of members who joined the system on or after June 17, 1971, salary earned shall exclude termination pay and any earnings in excess of 120 percent of the earnings for the preceding year of service credit. (Termination pay as defined in section 5001.1[d] of this Chapter.)

(d) If the member has fewer than five years of service credit, then his final average salary shall be computed over the actual period of service.

(e) Any member of the system who is a discontinued member under the provisions of the optional retirement program, and who became such a discontinued member prior to July 1, 1969, is restricted to a five-year computation of his final average salary.

(f) The five-year final average salary is not applicable to those members joining on and after July 1, 1973.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5003.2