Sec. 301.1. Background

Section 447 of the Retirement and Social Security Law authorizes two new retirement options, each the actuarial equivalent of the retirement allowance without optional modification, for members who join the retirement systems on or after July 1, 1973. The five-year certain option provides payment to the pensioner for life, with guaranteed payment for a minimum of five years following retirement, and the ten-year certain option provides payment to the pensioner for life, with guaranteed payment for a minimum of 10 years following retirement. The following rules establish the terms and conditions for selecting either the five-year certain option or ten-year certain option.