§ 512-a. Deferred retirement. 1. Any member, who discontinues service
other than by death or retirement, and who is credited with at least
fifteen years of teaching service rendered in the state, by written
notice duly acknowledged and filed with the retirement board at any time
before his membership would otherwise terminate pursuant to section five
hundred three of this article, may elect, in lieu of the return of his
accumulated contributions pursuant to section five hundred twelve of
this article, to continue membership with the privilege of applying for
retirement pursuant to this section on or after the date he would first
be eligible for retirement had he remained in service but in no case
prior to the date he attains age sixty. Any member, who discontinues
service other than by death or retirement on or after June thirtieth,
nineteen hundred sixty-five and who is credited with at least ten years
of teaching service rendered in the state, by written notice duly
acknowledged and filed with the retirement board at any time before his
membership would otherwise terminate pursuant to section five hundred
three of this article, may elect, in lieu of the return of his
accumulated contributions pursuant to section five hundred twelve of
this article, to continue membership with the privilege of applying for
retirement pursuant to this section on or after the date he would first
be eligible for retirement had he remained in service but in no case
prior to the date he attains age fifty-five; provided, that in the case
of persons who last became members on or after July first, nineteen
hundred seventy-three, the provisions of this paragraph shall apply only
until July first, nineteen hundred seventy-four.

2. The retirement allowance for a member who has made the election
pursuant to subdivision one of this section shall consist of (a) an
annuity which shall be the actuarial equivalent of such member's
accumulated contributions at the time of retirement and (b) a pension of
one-one hundred fortieth (1/140) of final average salary multiplied by
the total number of years of credited service as of the date of
discontinuing service.

3. Any member who discontinues service other than by death or
retirement on or after June thirtieth, nineteen hundred seventy and who
is credited with at least ten years of full time teaching service
rendered in the state, at least two of which were rendered since the
date he last joined the retirement system and subsequent to June
thirtieth, nineteen hundred sixty-seven, by written notice duly
acknowledged and filed with the retirement board at any time before his
membership would otherwise terminate pursuant to section five hundred
three of this article, may elect, in lieu of the return of his
accumulated contributions pursuant to section five hundred twelve of
this article, to continue membership with the privilege of applying for
retirement pursuant to this subdivision on or after the date he attains
age fifty-five. The pension for a member who has made the election
pursuant to this subdivision shall be computed in accordance with the
procedures set forth in subdivision four of section five hundred
thirty-five of this article, unless the member has been credited with at
least twenty years of full time New York state service, in which event
his pension shall be computed in accordance with subdivisions two and
three of the aforementioned section. In no event, however, shall the
pension so computed exceed seventy-five per cent of the member's final
average salary. In addition to the pension provided by this subdivision,
the member shall receive an annuity which shall be the actuarial
equivalent of his accumulated contributions at the time of his
retirement. In the case of persons who last became members on or after
July first, nineteen hundred seventy-three, the provisions of this
subdivision shall apply only to those who discontinue service other than
by death or retirement prior to July first, nineteen hundred
seventy-four.

4. Any person who is a member on or after June thirtieth, nineteen
hundred ninety-eight and who discontinues service other than by death or
retirement and who is credited with five years or more of full-time
teaching service rendered in the state, at least two of which were
rendered since the date he or she last joined the retirement system, by
written notice duly acknowledged and filed with the retirement board at
any time before his or her membership would otherwise terminate pursuant
to section five hundred three of this article, may elect, in lieu of the
return of his or her accumulated contributions pursuant to section five
hundred twelve of this article, to continue membership with the
privilege of applying for retirement pursuant to this subdivision on or
after the date he or she attains age fifty-five. The pension for a
member who has made the election pursuant to this subdivision shall be
computed in accordance with the procedures set forth in paragraph b of
subdivision five of section five hundred thirty-five of this article,
unless the member has been credited with at least twenty years of
full-time New York state service, in which event his or her pension
shall be computed in accordance with paragraph a of subdivision five of
the aforementioned section. In no event, however, shall the pension so
computed exceed three-quarters of the member's final average salary. In
addition to the pension provided by this subdivision, the member shall
receive an annuity which shall be the actuarial equivalent of his or her
accumulated contributions at the time of his or her retirement.

5. Such member, when applying for retirement, may exercise the options
pursuant to section five hundred thirteen of this article.

6. Interest on the contributions of such member after his membership
otherwise would have been terminated pursuant to section five hundred
three of this article shall be credited at the rate fixed for
contributions by new entrants at the time of discontinuation of service.

7. If such member should die before the effective date of retirement,
his accumulated contributions shall be paid to his estate or beneficiary
in accordance with the provisions of paragraph one of subdivision b of
section five hundred twelve of this article.

8. In the event that such member returns to service, such election
shall be considered to be withdrawn as of the date upon which he returns
to service and membership in the retirement system will continue
pursuant to subdivision three of section five hundred three of this
article.

9. Any other provision of law to the contrary notwithstanding, any
member who fails to file the election pursuant to subdivisions one or
three of this section and whose membership would otherwise cease
pursuant to subdivision three of section five hundred three of this
article, shall be deemed to have filed such election the day before his
membership shall have ceased.

10. Notwithstanding any provision of this section to the contrary, a
person who has elected to continue membership pursuant to the provisions
of this section, and who is qualified to transfer pursuant to the
provisions of section five hundred twenty-two of this chapter or section
forty-three of the retirement and social security law, shall be deemed
eligible to transfer, pursuant to such sections of law.

11. Any other provision of law to the contrary notwithstanding, any
former member who met all the eligibility requirements of subdivision
one or three of this section, but failed to file the election required
by such subdivisions, as a result of which his membership in the system
was terminated because his service amounted to less than five years in a
period of ten consecutive years, shall be deemed to have filed such
election the day before membership ceased, provided such former member
files an application with the system requesting that his membership be
reinstated pursuant to this subdivision and deposits the accumulated
contributions withdrawn from the system with regular interest; provided
however that no such application shall be valid if (i) the service which
would be credited thereunder is credited in any public retirement system
in the United States, or (ii) a benefit is being received from any
public retirement system based upon such credit.

12. Notwithstanding any other provision of this section a person who
has elected to continue membership pursuant to the provisions of this
section may withdraw from membership in the system in accordance with
the provisions of this article.