N.Y. Education Law § 533: Non-contributory retirement plan

§ 533. Non-contributory retirement plan. a. Any other provision of

law to the contrary notwithstanding, no further contributions to the

retirement system, as provided in sections five hundred eleven-a or five

hundred sixteen of this article, shall be required of any member.

b. Contributions shall be made to the pension accumulation fund, as

provided in section five hundred seventeen of this article, at a rate

computed by the actuary and approved by the retirement board, which

shall be computed to be sufficient to provide the benefits established

by this section.

c. Nothing contained in this section shall impair the right of any

member to make contributions pursuant to sections five hundred eleven-a

and five hundred sixteen of this article. Any member may elect to

contribute pursuant to sections five hundred eleven-a and five hundred

sixteen of this article, by written notice duly acknowledged and filed

with the retirement board on or before June thirtieth, nineteen hundred

sixty-nine or within one year after he last became a member, whichever

is later. Where a member makes an election to contribute, as provided

herein, he shall contribute to the retirement system as otherwise

provided in this article. One year or more after the filing of the

notice of the election to contribute, the member may withdraw such

election and elect not to contribute.

d. 1. On and after July first, nineteen hundred sixty-eight a member

shall be eligible for service retirement when he meets the conditions

set forth in sections five hundred ten or five hundred eleven-a of this

article, by the filing of a statement with the retirement board as

required by subdivision one of section five hundred ten of this article.

For the purposes of this section, all members shall be deemed to have

made the election for special service retirement under section five

hundred eleven-a of this article.

2. A member who retires on or after July first, nineteen hundred

sixty-eight, under the provisions of this section, shall receive a

service retirement pension which shall be in lieu of the service

retirement pension and the pension-for-increased-take-home-pay otherwise

authorized under this article, subject to any adjustments made pursuant

to subdivision g of this section. Such pension, for the period of

credited state service rendered prior to July first, nineteen hundred

fifty-nine, and for all credited out-of-state service, shall be computed

as provided in section five hundred ten of this article. Such pension,

for the period of credited state service rendered on and after July

first, nineteen hundred fifty-nine, shall be one-fiftieth of final

average salary for each year of such service rendered during the first

twenty-five years of the member's total service, plus one-sixtieth of

final average salary for each year of such service rendered during that

portion of the member's total service which is in excess of twenty-five

years but not in excess of thirty-five years, plus one-seventieth of

final average salary for each year of such service rendered during that

portion of the member's total state service which is in excess of

thirty-five years.

3. In addition to the retirement allowance provided in paragraph two

of this subdivision, a member who has at least twenty years of credited

state service and retires during the month of July, nineteen hundred

sixty-eight, shall receive an added pension allowance equal to sixteen

per cent of the pension otherwise provided in this article. For persons

retiring subsequent to July, nineteen hundred sixty-eight, the added

pension authorized hereunder shall be reduced at the rate of one-sixth

of one per cent for each month thereafter.

4. The additional pension provided under this section shall not be

included in computing any pension reserve payable pursuant to the

provisions of paragraph three of subdivision b of section five hundred

twelve of this article.

e. In addition to the pension hereinabove provided, a member shall

receive an annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, in accordance

with section five hundred sixteen of this article.

f. The benefits hereinabove provided shall be payable unless the

member would otherwise under the provisions of this article be entitled

to a greater benefit, in which event the greater benefit shall be

payable.

g. If at the time of retirement any portion of the employer's

contribution has been committed by election of the member toward

purchase of a variable annuity, the retirement board shall deduct from

the member's pension allowance as otherwise computed under this section,

an amount equal to the actuarial equivalent of the amounts so committed,

plus regular and additional interest thereon to the date of retirement.