N.Y. Retirement & Social Security Law § 375-g: Career retirement plan for employees of participating employers

§ 375-g. Career retirement plan for employees of participating

employers. a. (1) By the adoption, filing and approval, where required,

of a resolution in a manner provided by section three hundred thirty or

three hundred thirty-one of this chapter, as the case may be, a

participating employer who previously elected to make contributions

under the provisions of section three hundred seventy-five-b and section

three hundred seventy-five-e of this chapter, may elect to make

contributions to the pension accumulation fund for the purpose of

providing the career retirement plan pursuant to this section. A member

of the retirement system in the employ of a participating employer who

has elected to provide the career retirement plan 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-b and section three hundred seventy-five-e 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-b and section three hundred

seventy-five-e, 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 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 payable pursuant to section three hundred sixty of this

chapter.

b. A member of the retirement system not in the employ of a

participating employer who has elected to provide the career retirement

plan on the date the employer's election to participate in this plan

pursuant to subdivision f of this section becomes effective 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

such participating employer after the date the employer's election to

participate in this plan pursuant to subdivision f of this section

becomes effective and retires from such employ, or

(2) Immediately prior to service with such participating employer,

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

section three hundred seventy-six, who, on or after April first,

nineteen hundred sixty-nine with twenty-five or more years of total

service, separates from the employ of a participating employer who has

elected to provide the career retirement plan 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. 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.

e. The provisions of this section shall apply to members who retire or

separate in vested status from service with the participating employer

who has elected to provide the career retirement plan; provided,

however, 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 prior to July first, nineteen hundred

seventy-four.

f. A participating employer who, within thirty days of the date this

section becomes law, files a resolution electing to make contributions

to the pension accumulation fund for the purpose of providing the career

retirement plan pursuant to this section may specify April first,

nineteen hundred sixty-nine as the date for the commencement of such

plan. A resolution filed more than thirty days after the date this

section becomes law shall specify an effective date for the commencement

of the career retirement plan, which effective date shall be on or after

the date of such filing, provided, however, that a participating

employer who elects to provide the benefits enumerated in section three

hundred seventy-five-i of this article may specify the same effective

date for this section.