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

§ 375-h. Career retirement plan for state employees; new plan. a. A

member of the retirement system in the employ of the state may retire on

or after attainment of age fifty-five and receive a retirement allowance

consisting of the following, provided he has twenty or more years of

total service:

1. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, and

2. A pension of one-fiftieth of final average salary for each year of

service after March thirty-first, nineteen hundred sixty, and

3. A pension which, when added to the annuity which is the actuarial

equivalent of the member's accumulated contributions attributable to

years of service prior to April first, nineteen hundred sixty computed

on the basis of his rate of normal contribution, shall provide a

retirement allowance of one-fiftieth of final average salary for each

year of service prior to April first, nineteen hundred sixty. For the

purpose of computing the pension described in this paragraph, the

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 survivor's insurance coverage. For the purpose of computing

the annuity described in this paragraph the rate of normal contribution

for a member who (i) transferred into the retirement system shall not be

less than the rate the member would have had if all his service had been

rendered as a member of the retirement system, or (ii) is in a special

service plan, or transfers into this plan from a special service plan,

shall be the rate established for him under such plan.

b. That portion of the pension reserve provided pursuant to the

provisions of this section which is in excess of the pension reserve

that would have been established 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.

c. A member of the retirement system who enters or reenters the employ

of the state on or after April first, nineteen hundred sixty-nine, 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 such entry or reentry, 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.

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

provisions of section three hundred seventy-six of this chapter who

separates from the employ of the state on or after April first, nineteen

hundred seventy with twenty 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.

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

plan set forth in section three hundred eighty-one an employee who is a

member of such plan, but is not a member of the state police, who

retires on or after April first, nineteen hundred seventy with more than

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

addition to the benefits provided pursuant to such section and

notwithstanding the limitations of 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 provisions of

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

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

chapter, provided, however, if such a member retires after attaining age

fifty-five the fraction one-fiftieth shall be substituted for the

fraction one-sixtieth.

f. A member in the employ of the state on March thirty-first, nineteen

hundred seventy shall be entitled to have his retirement allowance

computed on the basis of the provisions of section three hundred

seventy-five-f of this chapter if a greater benefit would have been

provided under such provisions.

g. The benefits hereinabove provided shall be payable to a member,

including a member covered by the provisions of section three hundred

eighty-three, three hundred eighty-three-a or three hundred

eighty-three-b of this article who is not in the collective negotiating

unit designated as the security services unit and established pursuant

to article fourteen of the civil service law, unless such member would

otherwise be entitled to a greater benefit under such other provisions

of this article, in which event such greater benefit shall be payable.

h. The pension provided pursuant to the provisions of this section, or

such pension when combined with the pension payable pursuant to other

provisions of this article, shall in no event result in a member

receiving a pension in excess of seventy-five per centum of his final

average salary.

i. The provisions of this section shall not apply to members of the

state police.

j. The provisions of this section shall apply to members retiring or

separating in vested status from service of the state on or after April

first, nineteen hundred seventy.