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a. Once each year, such board may require any disability pensioner while still under the age of sixty-five years to undergo medical examination by a physician or physicians designated by the medical board. Such examinations shall be made at the place of residence of such beneficiary or other place mutually agreed upon. Should the medical board, as the result of such examination, report and certify to such board that such disability beneficiary is no longer physically or mentally incapacitated for the performance of duty, the head of the department in which such beneficiary was employed at the time of his or her retirement, upon notification by such board of such report of the medical board, shall reappoint such beneficiary to such a position as was held by, and at such a rate or salary as was paid to, such beneficiary at the time of his or her retirement. However, after the expiration of ten years subsequent to the retirement of such beneficiary, his or her restoration to duty, notwithstanding the recommendation of the medical board, shall be optional with such head of the department.
b. Should any disability beneficiary, while under the age of sixtyfive years, refuse to submit to at least one medical examination in any year by a physician or physicians designated by the medical board, his or her pension and pension-providing-for-increased-take-home-pay, if any, shall be discontinued until the withdrawal of such refusal. Should such refusal continue for one year, all his or her rights in and to the pension and pension-providing-for-increased-take-home-pay, if any, constituted by this chapter shall be forfeited.
c. Upon application of any beneficiary under the age of sixty-five years drawing a pension, a pension-providing-for-increased-take-home-pay or a retirement allowance under the provisions of this chapter, approved by such board, such beneficiary may be restored to active service by the head of the department in which such beneficiary was employed at the time of his or her retirement. Upon the restoration of a beneficiary to active service his or her retirement allowance shall cease.
A contributor, on retirement, shall receive a retirement allowance which shall consist of:
1. A pension calculated as follows:
a. For retirement prior to July first, nineteen hundred seventy for disability, as defined in subdivision seventeen-a of section 13-501 of this chapter, twenty per cent of his or her average salary and an additional one-fifth of one per cent of his or her average salary for each year of city service in excess of ten. In no event shall the total pension for retirement prior to July first, nineteen hundred seventy for disability exceed twenty-five per cent of his or her average salary.
b. For service retirement, or for retirement prior to July first, nineteen hundred seventy for disability after he or she becomes eligible for service retirement, twenty-five per cent of his or her average salary. If a contributor has rendered less than twenty years of city service at the time his or her service retirement becomes effective, his or her pension allowance shall be based on one per cent of his or her average salary for each year of city service.
c. If the contributor retiring is a present-teacher, he or she shall receive, in addition to the pension prescribed in subdivision (a) or (b) a pension computed at the rate of one-one hundred fortieth of his or her average salary for each year of service rendered prior to the sixteenth day of September, nineteen hundred seventeen as certified to such present-teacher in his or her prior-service certificate. In no event shall the total pension exceed fifty per cent of his or her salary.
d. In lieu of any other pension provided for under this subdivision and based on the years of credited service rendered on or after the sixteenth day of September, nineteen hundred seventeen, for all New York city public school contributors and for all college contributors, one per centum of his or her average salary multiplied by the number of such years, provided, that by his or her written application, duly executed and filed with the teachers' retirement board, on or before the first day of December, nineteen hundred sixty-six, or, after such date, before any deduction shall have been made from his or her compensation for annuity purposes, the member shall have given his or her consent on an official application form, to the necessary deductions from his or her compensation for a like annuity, except such deduction shall not be in excess of fifteen per centum unless the member so elects. At any time subsequent to one year after having given such consent a member may withdraw such consent on an official withdrawal form, and thereafter any pension allowance for such member shall be calculated in the same manner as though such consent had not been given. The provisions of this subdivision shall not be construed to impair or take away any rights of any present-teacher for service rendered prior to the sixteenth day of September, nineteen hundred seventeen as certified in his or her prior service certificate, but in no event shall the total pension exceed fifty per cent of his or her salary. In no event shall the provisions of this subdivision be construed so as to result in a smaller pension benefit than was provided prior to the enactment of chapter eight hundred thirty-seven of the laws of nineteen hundred fifty-one. The provisions of this paragraph shall not be construed to apply to members who purchased prior outside service credit in accordance with the provisions of paragraph three of subdivision a of section 13-505 of this chapter unless such a member elects one of the following: (1) to pay the difference between the cost of the prior outside service credit in accordance with the provisions of paragraph a or b of subdivision one of section 13-554 of this chapter and the cost for such prior outside service credit in accordance with the provisions of this paragraph, or (2) such a member cancels his or her election for prior outside service credit and accepts a refund of his or her purchase price for such prior outside service credit and shall have any such prior outside service credit canceled, or (3) elects a recalculation of his or her prior outside service credit as a result of which his or her prior outside credit service shall be reduced in proportion to the credit which his or her purchase price would have bought under the provisions of this paragraph. The provisions of this paragraph shall not deprive any contributor of any right to a reduced contribution to which he or she may be entitled under the provisions of section 13-546 of this chapter.
e. (1) a pension computed pursuant to the provisions of this paragraph e, in lieu of any other pension provided for in paragraphs a, b or d of this subdivision one, in the case of any age-fifty-five-increased-benefits pension plan contributor.
(2) Such pension computed pursuant to this paragraph e shall consist of the following:
(a) for the years of his or her credited service rendered prior to July first, nineteen hundred seventy, a pension equal to the product obtained by multiplying the number of such years by one and two-tenths per centum of his or her average salary; and
(b) for the years of his or her credited service rendered after June thirtieth, nineteen hundred seventy, a pension equal to the product obtained by multiplying the number of such years by one and fifty-three one-hundredths per centum of his or her average salary.
f. (1) For retirement for ordinary disability, as defined in subdivision seventeen-b of section 13-501 of this chapter, a pension, subject to the provisions of subparagraph two of this paragraph f, computed as follows:
(a) for the years of his or her credited service rendered to July first, nineteen hundred seventy, a pension equal to the product obtained by multiplying the number of such years by one and two-tenths per centum of his or her average salary; and
(b) for the years of his or her credited service rendered after June thirtieth, nineteen hundred seventy, a pension equal to the product obtained by multiplying the number of such years by one and fifty-three one-hundredths per centum of his or her average salary.
(2) The pension provided for by subparagraph one of this paragraph f shall in no event be less than it would have been if it had been computed in accordance with the method of computation which would have been applicable if his or her retirement had instead been a retirement prior to July first, nineteen hundred seventy for disability, as defined in subdivision seventeen-a of section 13-501 of this chapter.
g. For retirement for accident disability, as defined in subdivision seventeen-c of section 13-501 of this chapter, a pension of three-fourths of his or her average salary, as defined in subdivision eighteen of such section 13-501. His or her average salary, as so defined, shall be used in computing such pension, whether or not he or she would be entitled to computation of any other benefit under this chapter on the basis of average salary as defined in subdivision eighteen-a or eighteen-b of such section 13-501.
h. (1) Notwithstanding any other provision of this chapter to the contrary, in any case where a contributor is retired pursuant to subdivision three of section 13-545 of this chapter (relating to retirement for superannuation) by reason of attainment of age seventy in the school year nineteen hundred sixty-nine-nineteen seventy, and the pension payable to him or her, if this paragraph h had not been enacted, would be otherwise than as prescribed in this paragraph, such contributor, irrespective of the pension plan applicable to him or her at the time of this retirement, shall be entitled to receive, in lieu of any pension otherwise payable under the provisions of this chapter, the pension which would have been payable to such contributor if he or she had been an age-fifty-five-increased-benefits pension plan contributor at the time of his or her retirement; provided, however, that if such contributor, had he or she been a twenty-year pension plan contributor at the time of his or her retirement:
(1) would have been eligible to retire as a twenty-year pension plan contributor; and
(2) would have been entitled to a retirement allowance beginning on the date of his or her retirement; and
(3) would have been entitled to a pension larger than that to which he or she would have been entitled if he or she had been an age-fifty-five-increased-benefits pension plan contributor at the time of his or her retirement; the pension payable to such contributor pursuant to this paragraph h shall be the pension which he or she would have received if he or she had retired as a twenty-year pension plan contributor.
1-a. A pension which is the actuarial equivalent of the reserve-for-increased-take-home-pay to which he or she may be entitled, if any.
2. An annuity, in addition to the pensions above provided which shall be the actuarial equivalent of his or her accumulated deductions at the time of his or her retirement. A contributor, in order to increase his or her annuity at the time of his or her retirement, may increase his or her rate of contribution by such rate as he or she may choose up to fifty per centum or such greater percentum as the retirement board may allow in accordance with section 13-525 of this chapter in addition to the rate needed to provide his or her part of half pay retirement allowance, excluding from consideration any portion of the retirement allowance which may be provided by a pension-providing-for-increased-take-home-pay. In no case shall such annuity be less for each one hundred dollars of accumulated deductions of a present-teacher at the time of retirement than is shown in the following schedule:
Age at retirement | Annuity in case of men teachers | Annuity in case of women teachers |
48 | $7.20 | $6.52 |
49 | 7.34 | 6.64 |
50 | 7.49 | 6.77 |
51 | 7.65 | 6.90 |
52 | 7.82 | 7.04 |
53 | 8.00 | 7.19 |
54 | 8.19 | 7.35 |
55 | 8.39 | 7.52 |
56 | 8.61 | 7.70 |
57 | 8.84 | 7.89 |
58 | 9.09 | 8.10 |
59 | 9.35 | 8.31 |
60 | 9.63 | 8.54 |
61 | 9.93 | 8.79 |
62 | 10.25 | 9.05 |
63 | 10.60 | 9.33 |
64 | 10.96 | 9.63 |
65 | 11.36 | 9.95 |
66 | 11.78 | 10.30 |
67 | 12.24 | 10.67 |
68 | 12.72 | 11.06 |
69 | 13.25 | 11.48 |
70 | 13.81 | 11.94 |
There is hereby established a supplemental fund to be known as the supplemental pension fund. Such fund shall consist of such moneys as may be appropriated thereto and all other moneys received for such fund from any other source pursuant to law. The supplemental pension fund shall be under the jurisdiction and control of the comptroller, who shall be the custodian thereof. The fund shall be held separate and apart from other funds and shall be used exclusively for the purpose of making payments of supplemental pension allowances, as hereinafter provided, to retired teachers. The comptroller is authorized and directed to prescribe such rules and regulations as may be required for the effective administration of the provisions of this section in making such pension allowances. In addition to any pension allowance directed to be paid pursuant to section 13-554 of this chapter and notwithstanding any other provision of this law, the retirement and social security law or any other state or local law, any teacher, except as hereinafter provided, who retired prior to September second, nineteen hundred fifty-six, who had at least ten years credited service at the time of retirement, shall be granted and entitled to receive a supplemental pension allowance, based upon the year of retirement and computed upon the years of service, in accordance with the following schedule:
Year of Retirement | Dollars per year of service |
1955-1956 | three dollars |
1954-1955 | six dollars |
1953-1954 | eight dollars |
1952-1953 | ten dollars |
1951-1952 | twelve dollars |
1950-1951 | fourteen dollars |
1949-1950 | sixteen dollars |
1948-1949 | eighteen dollars |
1947-1948 | twenty dollars |
1946-1947 | twenty-one dollars |
1945-1946 | twenty-one dollars |
1944-1945 | twenty-one dollars |
1943-1944 | twenty-one dollars |
1942-1943 | twenty-two dollars |
1941-1942 | twenty-two dollars |
1940-1941 | twenty-two dollars |
Prior to September 2, 1940 | twenty-three dollars |
For the purposes of this schedule, the year of retirement shall extend from September second of any one year to September first inclusive of the following year. The supplemental pension allowance granted under the provisions of this section shall be paid from the supplemental pension fund established by this section, in so far as practicable, at the times and in the same manner as the regular retirement allowances, authorized and granted, under this chapter, are paid. Any retired teacher already receiving a supplemental pension under the provisions of the retirement and social security law or any other state or local law shall continue to receive such supplemental pension or shall receive the supplemental allowance provided under this section, whichever shall be greater.
a. (1) Except as provided in paragraph three of this subdivision a, any contributor who has been a member of the retirement system and has had five or more years of accredited service, who discontinues service in the schools or colleges of the city other than by death or retirement and who does not withdraw his or her accumulated deductions shall have a vested right to receive a deferred retirement allowance on attaining the age at which he or she would first be eligible for retirement had he or she remained in service but in no case, except as otherwise provided in paragraph two of this subdivision, prior to the date he or she attains the age of sixty years. Such member shall be known as a discontinued member.
(2) A discontinued member who has such vested right when he or she attains the age of fifty-five years and who was an age-fifty-five-increased benefits pension plan contributor when he or she discontinued service shall be entitled to receive a deferred retirement allowance under this section on the date when he or she attains the age of fifty-five years.
(3) The provisions of this section shall be inapplicable to a twenty-year pension plan contributor.
b. The deferred retirement allowance provided by this section shall vest automatically upon such discontinuance of service by such member and shall become payable on the day he or she reaches the age at which he or she would first be eligible for retirement had he or she remained in service but in no case prior to the date he or she attains age sixty, except as otherwise provided in paragraph two of subdivision a of this section.
c. (1) In the case of any discontinued member who was not an age-fifty-five-increased-benefits pension plan contributor when he or she discontinued service, the deferred retirement allowance provided for in this section shall be determined in accordance with the provisions of section 13-554, except that where the total service for any discontinued member whose retirement allowance is required to be determined pursuant to this paragraph one is less than twenty-five years, the pension shall be based on one per cent of this average salary for each year of accredited service.
(2) In the case of any discontinued member who was an age-fifty-five-increased-benefits pension plan contributor when he or she discontinued service, the deferred retirement allowance provided for in this section, shall, subject to the provisions of subdivision i of this section, be determined in accordance with the provisions of such section 13-554 governing the retirement allowance of an age-fifty-five-increased-benefits pension plan contributor, in the same manner as if he or she had retired for service on the date on which he or she attained the age of fifty-five years. In any case where, for the purpose of computing such retirement allowance, his or her average salary is required to be determined pursuant to subdivision eighteen of section 13-501 of this chapter, any reference in such subdivision to salary earnable during a period preceding the date of retirement shall, for the purposes of this paragraph two, be deemed to mean salary earnable during an equal period preceding the date of his or her discontinuance of service and any reference in such subdivision to selection of a period of service prior to the date of retirement, shall, for the purposes of this paragraph, be deemed to mean selection of such period prior to the date on which such discontinued member attains the age of fifty-five years.
d. Interest on the accumulated deductions and on the reserve-for-increased-take-home-pay of a discontinued member shall be credited after the discontinuance of service at the same rate as prior to the discontinuance.
e. If a member who has withdrawn from the service should die before becoming eligible for a deferred retirement allowance under this section his or her accumulated deductions and his or her reserve-for-increased-take-home-pay shall be paid to his or her beneficiary, and in the absence of a designated beneficiary, to his or her estate.
f. A member, who has withdrawn from the service in accordance with the provisions of this section, may elect any of the options available under the provisions of section 13-558 providing he or she files with the retirement board an application for such option prior to the day he or she becomes eligible for a deferred retirement allowance.
g. A member who has resigned from service may withdraw his or her accumulated contributions at any time subject to the limitations contained in section 13-541 of this chapter. The withdrawal of a member's accumulated contributions shall terminate his or her right to a vested deferred retirement allowance.
h. Subject to the provisions of section 13-549 of this chapter (relating to deferred eligibility of certain retirees, withdrawn contributors and discontinued members for benefits under certain pension plans), a member who has discontinued service but has not withdrawn his or her accumulated contributions and is subsequently restored to service in the city's schools or colleges, shall be entitled to the service credit and status to which he or she was entitled immediately prior to his or her withdrawal and shall also be credited with interest on his or her accumulated deductions and on his or her reserve-for-increased-take-home-pay between the time of his or her withdrawal and the time of his or her restoration to service.
i. (1) In any case where:
(a) a contributor:
(i) on or after July first, nineteen hundred sixty-nine, re-entered member-service (as defined in subdivision fifteen-a of section 13-501 of this chapter) or shall hereafter re-enter member-service; or
(ii) on or after July first, nineteen hundred seventy, first enters member-service; and
(b) such contributor, while an age-fifty-five-increased-benefits pension plan contributor and before completing four years of member-service after such re-entry or first entry into member-service, as the case may be, discontinued service so as to become a discontinued member; and
(c) his or her right to receive a deferred retirement allowance as a discontinued member is not terminated; the deferred retirement allowance to which he or she is entitled as a discontinued member shall be computed as provided for by paragraph two of subdivision c of this section, except as otherwise provided in paragraph two of this subdivision h.
(2) The pension component of such deferred retirement allowance shall not be as prescribed by paragraph two of such subdivision c, but shall instead be the larger of:
(a) a pension determined pursuant to the method of computation set forth in paragraphs one to five, inclusive, of subdivision f of section 13-549 of this chapter (relating to computation of the pension of certain retirees having deferred eligibility for benefits under certain pension plans); or
(b) the pension to which he or she would have been entitled under the provisions of paragraph one of subdivision c of this section, if he or she had not been an age-fifty-five-increased-benefits pension plan contributor when he or she discontinued service.
(3) The provisions of this subdivision (i) shall apply to any contributor who re-entered or shall re-enter member-service under the circumstances set forth in paragraph one of this subdivision, whether or not such re-entry was or shall be with credit for service and status at the termination of his or her prior membership in the retirement system.
j. Notwithstanding any other provision of law, a discontinued member with ten or more years of credited service in such system who dies before a retirement benefit becomes payable and who is otherwise not entitled to a death benefit from the system shall be deemed to have died on the last day that he or she was in service upon which his or her membership was based for purposes of eligibility for the payment of a death benefit pursuant to the provisions of section 13-542 or 13-543 of this title. The death benefit payable in such case shall be one-half of that which would have been payable had such member died on the last day that service was rendered.
Subject to such terms and conditions and to such rules and regulations as such board may adopt, any teacher may retire upon written application to such board after he or she has completed thirty years of service upon a retirement allowance consisting of:
1. An annuity which shall be the actuarial equivalent of his or her accumulated deductions; and, in addition thereto,
2. Such pension as shall be certified by the actuary of such board to have an actuarial value equivalent to the reserve which would be in the contingent reserve fund had the city contributed on account of such teacher from the date of his or her entrance into service in such manner as is provided for the city's contributions on behalf of new-entrants in section 13-527 of this chapter, the amount determined by the actuary of such board to be necessary to provide for the death benefit and for the pension reserve required at the time of retirement to pay the pension allowable by the city as provided in this chapter. In determining the amount of the reserve the actuary of such board shall base his or her calculations on the tables then in use as the basis for determining the rates of contribution required of the city on account of new-entrants and, in addition thereto,
3. A pension which is the actuarial equivalent of the reserve-for-increased-take-home-pay to which he or she may be entitled, if any.
a. A contributor may at any time file with such board his or her election to receive on retirement his or her benefits in a retirement allowance payable throughout life or to receive the actuarial equivalent of his or her annuity, his or her pension, or his or her retirement allowance in a lesser annuity, or a lesser pension, or a lesser retirement allowance, payable throughout life, with the provision that; Option I. If he or she dies before he or she has received in payments the present value of his or her annuity, his or her pension, or his or her retirement allowance, as it was at the time of his or her retirement, the balance shall be paid to his or her legal representative or to such person as he or she shall nominate by written designation duly acknowledged and filed with such board. The contributor may provide by written designation duly acknowledged and filed with such board, that if such balance shall be in the sum of ten thousand dollars or more, the same shall be paid to the person designated in accordance with one of the following options: Option Ia. Upon the death of the contributor such balance shall be paid to the person designated in the form of an annuity, in monthly installments, throughout his or her life. The annuity to the beneficiary, if payable, shall be calculated on the basis of regular interest and the mortality table for Option A; or Option Ib. Upon the death of the contributor such balance shall be paid in a lesser annuity in monthly installments to the person designated with a provision that should such beneficiary die before he or she has received the total actuarial value of such balance, the unused portion shall be paid to the estate of the contributor or to such other person as he or she shall nominate by written designation duly acknowledged and filed with such board. The lesser annuity to the beneficiary, if payable, shall be calculated on the basis of regular interest and the mortality table for Option B. In the event that the contributor has made no election of Option Ia or Option Ib, the designated beneficiary may elect to receive the balance payable upon the death of the contributor in a lump sum or he or she may elect to have such balance paid under any one of the above options in the same manner as if the contributor had designated the option under which such balance would have been paid. The beneficiary nominated in such designation may be changed by the contributor at any time either before or after retirement by a new designation or designations filed prior to the death of the contributor. Option II. Upon his or her death, his or her annuity, his or her pension, or his or her retirement allowance, shall be continued throughout the life of and paid to such person as he or she shall nominate by written designation duly acknowledged and filed with such board. Option III. Upon his or her death, one-half of his or her annuity, his or her pension, or his or her retirement allowance, shall be continued throughout the life of and paid to such person as he or she shall nominate by written designation duly acknowledged and filed with such board. Option IV. Some other benefit or benefits shall be paid either to the contributor or to such person or persons as he or she shall nominate, provided such other benefit or benefits together with such lesser annuity, or lesser pension, or lesser retirement allowance shall be certified by the actuary of such board to be of equivalent actuarial value and shall be approved by such board.
b. For purposes of this section, the words "pension" and "retirement allowance" shall be deemed to include the pension-providing-for-increased-take-home-pay.
c. Notwithstanding any other provision of this title to the contrary, a twenty-year pension plan contributor who has made an election, pursuant to subdivision a of this section, prior to the effective date to his or her retirement, may, at any time before his or her retirement allowance as such a contributor begins, change any such election made by or her to any other election authorized by such subdivision, by filing such changed election with the board. Any such changed election may, at any time before such retirement allowance begins, be further changed in the same manner to any other election authorized by such subdivision. Any such changed election last filed shall supersede all elections previously filed.
d. (1) The retirement board may adopt rules and regulations providing that in any case where a contributor or designated beneficiary authorized by the applicable provisions of this chapter to nominate a beneficiary to receive a lump sum benefit under this section represents to the retirement system that a specified person has been designated by such contributor or designated beneficiary as a trustee of an inter vivos or testamentary trust for the purpose of this subdivision d, such person shall (a) be eligible to be nominated to receive, in the capacity of trustee, a lump sum benefit under Option I and (b) be eligible to be nominated to receive, in the capacity of trustee, any benefit under Option IV which the retirement board shall deem appropriate.
(2) Any proceeds received by a trustee under this section shall not be subject to the debts of the member or to transfer or estate taxes to any greater extent than if such proceeds were payable to the beneficiaries named in the trust and not to the estate of the member.
(3) A payment made in good faith under this section (a) to a person so represented to the retirement system to be a trustee of an inter vivos trust, or (b) to a person who is designated as a successor trustee of an inter vivos trust and who provides a copy of his or her appointment, or (c) to a person who is designated as a trustee or successor trustee of a testamentary trust and who provides a copy of the letters of trusteeship, provided such payment is made to such payee in the capacity of trustee, shall be a complete discharge to the retirement system to the extent of the payment. Such discharge shall not be impaired or affected by an adjudication that a trust is invalid or that a person represented to be or designated as a trustee is not entitled to receive the proceeds, if payment is made in good faith under this section before notice to the retirement system of the claim of invalidity or lack of entitlement on which such adjudication is based.
(4) If no person to whom the retirement system is authorized to make payment in the capacity of trustee, as provided for in paragraph three of this subdivision d, claims the proceeds within eighteen months after the death of the retired member, payment shall be made to the deceased retired member's estate and such payment shall be a complete discharge to the retirement system to the extent of the payment.
(a) If satisfactory evidence is furnished within such period of eighteen months that there is or will be no trustee to receive the proceeds, payment shall be made to the deceased retired member's estate.
(5) In the event that after a person represented to have been designated as a trustee of an inter vivos or testamentary trust is nominated pursuant to rules and regulations adopted under paragraph one of this subdivision d, the contributor or designated beneficiary authorized to make a nomination shall, in compliance with the applicable provisions of this chapter, nominate for receipt of the same lump sum benefit:
(a) a beneficiary other than a person so represented to have been designated as a trustee; or
(b) a person represented to have been designated as a trustee under a different inter vivos or testamentary trust; a payment made in good faith under this section to the last such nominee as of the date of death, whether he or she is a beneficiary not represented to have been designated as trustee or a person represented to have been so designated, shall be a complete discharge to the retirement system to the extent of the payment, provided, however, that if payment is made to a person represented to have been designated as a trustee, the retirement system shall be so discharged if payment is made to such person in the capacity of trustee and if there is compliance with the requirements of paragraph three of this subdivision d with respect to submission of copies. In any case where the last such nominee is a person represented to have been designated as a trustee, the provisions of paragraph four of this subdivision d shall apply.
e. Notwithstanding section 13-565 and any other provision of this title, an option selection previously filed by a contributor or retired contributor may be changed no later than thirty days following the date of payability of his or her retirement allowance. A retired contributor who has been retired for disability may change an option selection previously filed no later than (1) thirty days following the date on which such contributor's application for disability retirement was approved by the retirement board or (2) thirty days following the date on which the contributor was retired for disability, whichever is later.
Where a contributor has elected an option in accordance with section 13-558 of this chapter and where such option provides that upon the death of the contributor after retirement a guaranteed lump sum payment in a stated dollar amount, or that a guaranteed lump sum payment of a specific number of variable annuity units equal to a stated dollar amount, or that a guaranteed lump sum payment of a specific number of variable annuity units shall be payable to a designated beneficiary, and where such designated beneficiary predeceases the retired contributor, then the retired contributor may file a fully certified request, upon a form provided by such board, that his or her optional election terminate. Upon such request, accompanied by evidence of the death of the designated beneficiary, the previously elected option shall be null and void, and the retirement allowance thereafter payable to such retired contributor shall be such greater amount that the actuary shall compute to be the equivalent of the benefits payable had no such option been filed.
a. The retirement board may by resolution direct that under such circumstances as are designated in such resolution, benefits under Option 1 which consist of or are derived from the pension component of a retirement allowance and which are payable to or on account of Tier I members who:
(1) became members prior to the date of enactment (as certified pursuant to section forty-one of the legislative law) of this section; and
(2) retired or retire, on or after August first, nineteen hundred eighty-three, for service or superannuation or for ordinary or accident disability, or on or after such August first, discontinued or discontinue service so as to become discontinued members; shall be determined under the modified Option 1 pension computation formula (as defined in subdivision fifty-nine of section 13-501 of the code).
b. If the retirement board makes a direction, pursuant to the provisions of subdivision a of this section, for use of such formula, it may also direct by resolution:
(1) that any member who is subject to the modified Option 1 pension computation formula may elect, at such time and in accordance with such procedures as are prescribed in such resolution, that such formula shall not apply to such member and that the initial reserve determined for the purpose of providing the benefits payable by reason of his or her selection of Option 1 and the pension component of his or her Option 1 retirement allowance shall be determined on the basis of gender-neutral mortality tables and regular interest of seven per centum per annum, compounded annually; and
(2) that the benefit payable upon the death of the member making such election, to his or her beneficiary or estate shall be the difference between such Option 1 initial reserve and the total of the payments of such pension component received by or payable to such member for the period prior to his or her death; and
(3) that if such Option 1 beneficiary's benefit is payable pursuant to Option 1a or Option 1b, the benefits payable to a beneficiary or estate by reason of selection of such Option 1a or Option 1b shall be the greatest of the three benefits computed for such beneficiary or estate in accordance with the methods of computation set forth in the applicable provisions of subparagraph (ii) or subparagraph (iii) of paragraph (e) of subdivision fifty-nine of section 13-501 of the code; and
(4) that where any member subject to the modified Option 1 pension computation formula retired before the effective date of a retirement board resolution adopted pursuant to subdivision a of this section, and where the retirement allowance of a discontinued member who is subject to such formula began before the effective date of such resolution, such retiree or discontinued member, within such period of time after such effective date and in accordance with such procedures as are prescribed in such resolution, may elect the method of Option 1 benefit determination set forth in the preceding paragraphs of this subdivision b.
c. In any case where, pursuant to retirement board resolution, a benefit is required to be determined under the modified Option 1 pension computation formula and the determination of such benefit is also required by a retirement board resolution adopted pursuant to sub-item (3) of item (A) of subparagraph (ii) of paragraph (g) of subdivision twenty-two of section 13-501 of the code to reflect different computations of separate portions of such benefit, the methods of computation under the modified Option 1 pension computation formula shall be appropriately adjusted so as to give effect to the provisions of such resolution adopted pursuant to such sub-item (3).
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