N.Y. Retirement & Social Security Law § 375-d: Guaranteed retirement benefits for state employees

§ 375-d. Guaranteed retirement benefits for state employees. a. 1. A

member of the retirement system in the employ of the state on or after

January first, nineteen hundred sixty-eight and prior to April first,

nineteen hundred sixty-eight who retires from such employ on or after

April first, nineteen hundred sixty-eight, and who is entitled to a

pension pursuant to subdivision b of section three hundred

seventy-five-c of this chapter, shall receive such an additional pension

for member service rendered on or after April first, nineteen hundred

thirty-eight and prior to April first, nineteen hundred sixty, as will

provide, when added to the pension provided pursuant to paragraph two,

subdivision b of section three hundred seventy-five-c, and the annuity

which is the actuarial equivalent of the member's accumulated

contributions attributable to such period, computed on the basis of his

rate of normal contribution, a retirement allowance of one-sixtieth of

final average salary for each year of such service. Such annuity shall

be computed as it would be if it were not reduced by the actuarial

equivalent of any outstanding loan nor by reason of the member's

election to decrease his contributions toward retirement in order to

apply the resulting amount toward payment of contributions for old age

and survivors insurance coverage.

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

included in computing any pension reserve payable pursuant to the

provisions of section three hundred sixty of this chapter.

3. Any accumulated contributions in excess of the amount required to

provide the annuity computed pursuant to paragraph one of subdivision a

of this section shall be used to increase the member's retirement

allowance.

b. A member of the retirement system not in the employ of the state on

or after January first, nineteen hundred sixty-eight and prior to April

first, nineteen hundred sixty-eight, who thereafter enters or re-enters

such employ, shall not be entitled to the additional pension provided

under this section for any period of member service rendered on or after

April first, nineteen hundred thirty-eight and prior to April first,

nineteen hundred sixty, unless he renders two or more years of service

in the employ of the state after April first, nineteen hundred

sixty-eight, and retires from such employ, except that a member shall

retain such eligibility for the additional pension provided by this

section that accrued by reason of previous employment immediately prior

to employment with the state.

c. The benefits hereinabove provided shall be payable unless the

member would otherwise under the provisions of this chapter be entitled

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

payable.

d. In the case of persons who last became members on or after July

first, nineteen hundred seventy-three, the provisions of this section

shall apply only to those retiring from state service prior to July

first, nineteen hundred seventy-four.