N.Y. Comp. Codes R. & Regs. tit. 21 § 5005.5

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

Section 5005.5 - Early service retirement reductions in the case of members with a date of membership on or after January 1, 2010

In the case of any member with a date of membership on or after January 1, 2010 (Tier 5) retiring for service prior to age 62 but no earlier than age 55, other than any such member who has attained age 57 and accrued at least 30 years of service, the reductions in such member's service retirement benefit otherwise computed without optional modification shall be administered as follows:

(a) for each full month of the first 24 full months by which retirement predates age 62, such benefit shall be reduced by 1/180 per month; and, in addition, if applicable;

(b) for each full month of the first 60 full months by which retirement predates age 60, such benefit shall be reduced by a further 1/240 per month.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 5005.5