New York Education Law Section 514 - Benefits to participants in old retirement fund.

 514. Benefits to participants in old retirement fund.  All annuities
  of  annuitants  on  the rolls of the retirement fund on the thirty-first
  day of July, nineteen hundred twenty-one, shall be paid thereafter  from
  the  pension  accumulation  fund created by this article.  The amount of
  the annuity of any annuitant on the rolls of such  retirement  fund,  at
  such time, who retired on a full annuity shall be not less than one-half
  of  his final average salary, and not less than four hundred dollars per
  annum; nor shall the allowance of any annuitant  on  such  roll  retired
  from disability be less than a proportionate amount of such minima based
  on the annuitant's years of service.

Last modified: February 3, 2019