N.Y. Retirement & Social Security Law § 375-f: Career retirement plan for state employees

§ 375-f. Career retirement plan for state employees. a. (1) A member

of the retirement system in the employ of the state who retires while in

such employ on or after April first, nineteen hundred sixty-nine, and

who is entitled to a service retirement benefit pursuant to section

three hundred seventy-five-c and section three hundred seventy-five-d of

this chapter, and who retires with twenty-five or more years of total

service, shall have his retirement allowance computed as provided under

section three hundred seventy-five-c and section three hundred

seventy-five-d, except that the fraction one-fiftieth shall be

substituted for the fraction one-sixtieth for each of the first

twenty-five years of such service, and that service rendered prior to

April first, nineteen hundred thirty-eight shall be included in such

computation.

(2) That portion of the pension provided pursuant to the provisions of

this section, which is in excess of the pension that the member would

have received had this section not been in effect, shall not be included

in computing any pension reserve payable pursuant to the provisions of

section three hundred sixty of this chapter.

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

April first, nineteen hundred sixty-nine, who thereafter enters or

reenters such employ, shall not be entitled to have his retirement

allowance computed pursuant to the provisions of this section unless:

(1) Such member renders five or more years of service in the employ of

the state after March thirty-first, nineteen hundred sixty-nine and

retires from such employ, or

(2) Immediately prior to service with the state, service was rendered

while a member of a retirement system maintained by the state or a

municipality thereof operating on a sound actuarial basis and subject to

the supervision of the department of financial services of this state in

a plan which provides service retirement benefits equal or superior to

those provided under this section and at the date of his retirement such

member would have been eligible for such benefits had he not separated

from service with such employer.

c. A member eligible for a vested retirement allowance pursuant to the

provisions of section three hundred seventy-six, who separates from the

employ of the state on or after April first, nineteen hundred sixty-nine

with twenty-five or more years of total service, and who would have been

eligible to have his retirement allowance computed pursuant to the

provisions of this section had he at the time of separation attained age

fifty-five, shall at the time he becomes eligible to receive the vested

retirement allowance, be entitled to have such allowance computed in the

manner prescribed by this section.

d. In addition to the retirement allowance provided pursuant to the

plans set forth in sections three hundred eighty-three, three hundred

eighty-three-a, three hundred eighty-three-b and three hundred

eighty-three-d of this article, a member of any such plan who retires on

or after April first, nineteen hundred sixty-nine with more than

twenty-five years of total service shall be entitled to receive, in

addition to the benefits provided pursuant to any such section and

notwithstanding the limitations of any such section, an additional

retirement allowance for such years of service rendered in excess of

twenty-five. The additional retirement allowance for such additional

years of service shall be computed as if such member had been eligible

to have his retirement allowance computed pursuant to the provisions of

subdivision b of section three hundred seventy-five-c and of paragraph

one of subdivision a of section three hundred seventy-five-d of this

title.

e. The benefits hereinabove provided shall be payable unless the

member would otherwise be entitled to a greater benefit under other

provisions of this chapter, in which event the greater benefit shall be

payable.

f. 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 or separating in vested status from

state service prior to July first, nineteen hundred seventy-four.