N.Y. Retirement & Social Security Law § 375-i: Improved career retirement plan for employees of participating employers

§ 375-i. Improved career retirement plan for employees of

participating employers. a. A participating employer which has elected,

or which elects, pursuant to section three hundred thirty or three

hundred thirty-one of this article to provide the benefits of the career

retirement plan for its employees as specified in section three hundred

seventy-five-g of this article may elect pursuant to section three

hundred thirty-three of this article to reduce the number of years of

total service required for career retirement benefits to twenty and have

the fraction one-fiftieth of final average salary used to calculate the

entire benefit for all years of credited service for such eligible

members, provided, however, the maximum pension payable pursuant to this

section shall not exceed three-quarters of final average salary. A

member eligible for a vested retirement allowance pursuant to the

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

separates from employment 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.

b. 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.

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

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

shall be applicable only to those retiring or separating in vested

status prior to July first, nineteen hundred seventy-four.