§ 516. Vesting. a. A member who has five or more years of credited
service upon termination of employment shall be entitled to a deferred
vested benefit as provided herein.

b. The deferred vested benefit of general members, except for general
members in the uniformed correction force of the New York city
department of correction or uniformed personnel in institutions under
the jurisdiction of the department of corrections and community
supervision as defined in subdivision i of section eighty-nine of this
chapter, with twenty or more years of credited service shall be a
pension commencing at normal retirement age equal to one-fiftieth of
final average salary times years of credited service, not in excess of
thirty years, less fifty percent of the primary social security
retirement benefit, as provided in section five hundred eleven of this
article. The deferred vested benefit of general members, except for
general members in the uniformed correction force of the New York city
department of correction or uniformed personnel in institutions under
the jurisdiction of the department of corrections and community
supervision as defined in subdivision i of section eighty-nine of this
chapter, with less than twenty years of credited service shall be a
pension commencing at normal retirement age equal to one-sixtieth of
final average salary times years of credited service, less fifty percent
of the primary social security retirement benefit, as provided in
section five hundred eleven of this article. Such deferred vested
benefit may be paid in the form of an early service retirement benefit,
or may be postponed until after normal retirement age, in which event
the benefit will be subject to reduction or escalation as provided in
subdivision c of section five hundred four of this article.

c. The deferred vested benefit of police/fire members, New York city
police/fire revised plan members, New York city uniformed
correction/sanitation revised plan members or investigator revised plan
members shall be a pension commencing at early retirement age equal to
two and one-tenths percent of final average salary times years of
credited service, less fifty percent of the primary social security
retirement benefit commencing at age sixty-two, as provided in section
five hundred eleven of this article. A police/fire member, a New York
city police/fire revised plan member, a New York city uniformed
correction/sanitation revised plan member or investigator revised plan
member may elect to receive his vested benefit commencing at early
retirement age or age fifty-five. If the vested benefit commences before
early retirement age, the benefit shall be reduced by one-fifteenth for
each year, if any, that the member's early retirement age is in excess
of age sixty, and by one-thirtieth for each additional year by which the
vested benefit commences prior to early retirement age. If such vested
benefit is deferred until after such member's normal retirement age, the
benefit shall be computed and subject to annual escalation in the same
manner as provided for an early retirement benefit pursuant to
subdivision c of section five hundred five of this article.

d. The deferred vested benefit of general members in the uniformed
correction force of the New York city department of correction, who are
not entitled to a deferred vested benefit under subdivision d of section
five hundred four-a of this article or under subdivision d of section
five hundred four-b of this article or under subdivision d of section
five hundred four-d of this article, or of general members in the
uniformed personnel in institutions under the jurisdiction of the
department of corrections and community supervision, as defined in
subdivision i of section eighty-nine of this chapter, with twenty or
more years of credited service shall be a pension commencing at normal
retirement age equal to one-fiftieth of final average salary times years
of credited service, not in excess of thirty years, or for members who
first become members of the New York state and local employees'
retirement system on or after April first, two thousand twelve, a
pension equal to the sum of thirty-five per centum and one-fiftieth of
final average salary for each year of service in excess of twenty, but
not in excess of thirty, times final average salary times years of
credited service. The deferred vested benefit of general members in the
uniformed correction force of the New York city department of
correction, who are not entitled to a deferred vested benefit under
subdivision d of section five hundred four-a of this article or under
subdivision d of section five hundred four-b of this article or under
subdivision d of section five hundred four-d of this article, or of
general members in the uniformed personnel in institutions under
jurisdiction of the department of corrections and community supervision,
as defined in subdivision i of section eighty-nine of this chapter, with
less than twenty years of credited service shall be a pension commencing
at normal retirement age equal to one-sixtieth of final average salary
times years of credited service. Such deferred vested benefit may be
paid in the form of an early service retirement benefit, or may be
postponed until after normal retirement age, in which event the benefit
will be subject to reduction or escalation as provided in subdivision c
of section five hundred four of this article.

e. In no event shall the vested retirement allowance payable without
optional modification be less than the actuarial equivalent of the total
which results from the member's contributions accumulated with interest
at five percent per annum compounded annually to the date of retirement.