§ 373. Discontinued service after twenty years. a. Persons who last
became members of the New York state and local employees' retirement
system before April eighth, nineteen hundred forty-three and became
members of the police and fire retirement system on or after April
first, nineteen hundred sixty-seven, and who as members of state system
became members of this system:

1. Are discontinued from service while a member, through no fault or
delinquency on his part, may elect to receive his accumulated
contributions or a retirement allowance pursuant to the provisions of
paragraph two, three, four or five of this subdivision a, as the case
may be, if:

(a) He shall have completed twenty years of total service, and

(b) During the six months immediately preceding such discontinuance,
he shall have been in paid service continuously, regularly and without
interruption.

2. A retirement allowance granted pursuant to the provisions of this
subdivision a shall consist of:

(a) An annuity of equivalent actuarial value to the member's
accumulated contributions, and

(b) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and

(c) A pension, to begin immediately, which shall consist of;

(1) A pension which is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension beginning at age sixty of
one-seventieth of his final average salary multiplied by the number of
years for which he has prior service credit and credit for service in
war after world war I, if any, plus

(2) A pension which is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension, beginning at age sixty of
one-one hundred fortieth of his final average salary multiplied by the
number of years for which he has member service credit.

3. If, in addition, the member has attained age forty-five, the
retirement allowance granted pursuant to this subdivision a shall
consist of:

(a) An annuity of equivalent actuarial value to the member's
accumulated contributions, and

(b) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and

(c) A pension, to begin immediately, which shall consist of:

(1) A pension which is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension beginning at age sixty of
one-seventieth of his final average salary multiplied by the number of
years for which he has prior service credit and credit for service in
war after world war I, if any, plus fifty per centum of the difference
between such pension and the pension that would be allowable to him for
such service if he were age sixty, plus

(2) A pension which is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension beginning at age sixty of
one-one hundred fortieth of his final average salary multiplied by the
number of years for which he has member service credit, plus fifty per
centum of the difference between such pension and the pension that would
be allowable to him for such service if he were age sixty.

4. If the member is age forty-five, and in addition, has been, at any
time, continuously employed for twenty years or more, the retirement
allowance granted pursuant to this subdivision a shall consist of:

(a) An annuity of equivalent actuarial value to the member's
accumulated contributions, and

(b) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and

(c) A pension, to begin immediately, which shall consist of:

(1) A pension which is the actuarial equivalent, at his age at the
time of such discontinuance, of a pension beginning at age sixty of
one-seventieth of his final average salary multiplied by the number of
years for which he has prior service credit and credit for service in
war after world war I, if any, plus the difference between such pension
and the pension that would be allowable to him for such service if he
were age sixty, plus

(2) A pension which is the actuarial equivalent at his age at the time
of such discontinuance of a pension beginning at age sixty of one-one
hundred fortieth of his final average salary multiplied by the number of
years for which he has member service credit plus the difference between
such pension and the pension that would be allowable to him for such
service if he were age sixty.

5. If the member shall have attained age fifty and has been, at any
time, continuously employed for twenty-five years or more the retirement
allowance granted pursuant to this subdivision a shall consist of:

(a) An annuity of equivalent actuarial value to the member's
accumulated contributions, and

(b) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and

(c) A pension, to begin immediately, which together with the annuity,
shall equal the retirement allowance which would be payable had the
member reached age sixty at the time of discontinuance from such
service.

6. Time during which a member was:

(a) Absent on leave without pay after January first, nineteen hundred
twenty-one, or

(b) On a preferred eligible list pursuant to section eighty-one of the
civil service law or former section thirty-one of such law and after
such date, or

(c) Rendering paid or unpaid services to the state or to a
participating employer prior to May twentieth, nineteen hundred
fifty-five, for not to exceed four months immediately prior to which and
immediately subsequent to which he was in an employment on the basis of
which he contributed to the retirement system, shall not constitute an
interruption of continuous employment. Such time, however, shall not be
counted or included in determining the length of his total service.

b. Persons who last became members of the New York state and local
employees' retirement system on or after April eighth, nineteen hundred
forty-three and who became members of the police and fire retirement
system on or after April first, nineteen hundred sixty-seven or persons
who became members of the latter system on or after April first,
nineteen hundred sixty-seven, and who:

1. Are discontinued from service while a member, through no fault or
delinquency on his part, may elect to receive his accumulated
contributions or a retirement allowance pursuant to the provisions of
paragraph two of this subdivision b if:

(a) He shall have completed twenty years of total service, and

(b) During the six months immediately preceding such discontinuance,
he shall have been in paid service continuously, regularly and without
interruption.

2. A retirement allowance granted pursuant to the provisions of this
subdivision b shall consist of:

(a) An annuity of equivalent actuarial value to the member's
accumulated contributions, and

(b) A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may be entitled, if any,
and

(c) A pension, to begin immediately, which shall be composed of one or
more of the following parts:

(1) One which is the actuarial equivalent, at his age at the time of
such discontinuance, of a pension, beginning at age sixty, of
one-seventieth of his final average salary multiplied by the number of
years for which he has prior service credit and credit for service in
war after world war I, if any, plus

(2) One which is the actuarial equivalent, at his age at the time of
such discontinuance, of one-one hundred fortieth of his final average
salary multiplied by the number of years for which he has member service
credit, plus

(3) If the member shall have attained age fifty, one which equals
fifty per centum of the difference between the pension payable to him
pursuant to items one and two of this subparagraph (c) and the pension
that would be allowable to him were he age sixty.

3. Application shall be made for a discontinued service retirement
allowance pursuant to this subdivision b in the same manner and subject
to the same conditions which govern applications and elections for
superannuation retirement allowances.