N.Y. Retirement & Social Security Law § 553: Additional pension benefit for members of optional twenty year retirement plan

§ 553. Additional pension benefit for members of optional twenty year

retirement plan. a. A participating employer which has elected, or

which elects to provide the benefits of the optional twenty year

retirement plan for its employees as specified in section five hundred

fifty-two of this article may elect to make contributions for the

purpose of providing an additional pension pursuant to this section for

members in its employ who are entitled to a pension pursuant to section

five hundred fifty-two of this article. Every member employed by an

employer which participates in the retirement system and which has

elected the provisions of section five hundred fifty-two of this article

and this section may elect to be covered by the provisions of this

section by filing with the comptroller a duly executed and acknowledged

form prepared by the comptroller for that purpose.

b. Upon retirement, each such member shall receive, for each year of

service in excess of twenty, an additional pension which shall be equal

to one-sixtieth of his or her final average salary; provided, however, a

participating employer may elect to provide any service credit earned

with a public employer prior to services performed as a sheriff,

undersheriff or deputy sheriff towards the one-sixtieth allowance and

provided further that the total allowance payable pursuant to this

section shall not exceed three-quarters of such member's final average

salary. The additional benefit provided by this subdivision shall be

available to a member after his or her employer elects to make this

benefit available to all its members otherwise eligible to receive this

benefit.