N.Y. EDN Law § 537

§ 537. Lump sum payment of de minimis service retirement benefit.\nNotwithstanding any other law to the contrary, a member of the\nretirement system who is entitled to receive a retirement allowance,\nother than for disability, pursuant to this article or pursuant to\narticle eleven or fifteen of the retirement and social security law,\nwhich retirement allowance prior to optional modification is twenty-four\nhundred dollars per annum or less, may elect at retirement to receive,\nin lieu of such retirement allowance, a lump sum payment which has been\ncertified by the actuary to be of actuarial equivalent value to such\nretirement allowance and approved by the retirement board. Such lump sum\nshall be calculated using the interest rate on thirty year United States\ntreasury bonds as of January first of the calendar year in which the\nretirement becomes effective. Upon payment of such lump sum, any and all\nobligations of the retirement system to such member shall be totally\ndischarged. Commencing January first, two thousand four, the interest\nrate on ten year United States treasury obligations as of January first\nof the calendar year in which the retirement becomes effective shall be\nused. Commencing January first, two thousand sixteen, the average annual\ninterest rate on ten year United States treasury obligations for the\ndays during the calendar year that precedes the calendar year in which\nthe retirement becomes effective shall be used.\n