N.Y. Retirement & Social Security Law § 75-e: Guaranteed retirement benefits for employees of participating employers

§ 75-e. Guaranteed retirement benefits for employees of participating

employers. a. By the adoption, filing and approval, where required, of

a resolution in a manner provided by section thirty, thirty-one or

thirty-two of this chapter, as the case may be, a participating employer

who previously elected to make contributions under the provisions of

section seventy-five-b of this chapter may elect to make contributions

to the pension accumulation fund for the purpose of providing guaranteed

retirement benefits pursuant to this section for members in its employ

who are entitled to a pension pursuant to paragraph one, subdivision a

of section seventy-five-c of this chapter. Such resolution shall specify

an effective date which shall be on or after the date of such filing for

the commencement of guaranteed retirement benefits.

b. 1. The guaranteed retirement benefit shall consist of an additional

pension for member service rendered on or after April first, nineteen

hundred thirty-eight and prior to April first, nineteen hundred sixty,

which when added to the pension provided pursuant to subparagraph (b),

paragraph one, subdivision a of section seventy-five-c and the annuity

which is the actuarial equivalent of the member's accumulated

contributions attributable to such period, computed on the basis of his

rate of normal contribution, will provide a retirement allowance of

one-sixtieth of final average salary for each year of such service, for

members in its employ on the effective date of the aforesaid resolution.

Such 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 survivors insurance coverage.

2. The additional pension provided under this section shall not be

included in computing any pension reserve payable pursuant to the

provisions of section sixty of this chapter.

3. Any accumulated contributions in excess of the amount required to

provide the annuity computed pursuant to paragraph one of this

subdivision shall be used to increase the member's retirement allowance.

c. 1. A member of the retirement system in the employ of such

participating employer on or after January first, nineteen hundred

sixty-eight and prior to April first, nineteen hundred sixty-eight, who

retires from such employ after the effective date of the aforesaid

resolution, shall be entitled to, if otherwise eligible, the additional

pension provided under subdivision a of this section.

2. A member of the retirement system not in the employ of the

participating employer on or after January first, nineteen hundred

sixty-eight and prior to April first, nineteen hundred sixty-eight, who

thereafter enters or re-enters such employ, shall not be entitled to the

additional pension provided under this section for any period of member

service rendered on or after April first, nineteen hundred thirty-eight

and prior to April first, nineteen hundred sixty, unless he renders two

or more years of service in the employ of such participating employer

after the effective date that such employer elects to provide the

benefits under this section, and retires from such employ, except that a

member shall retain such eligibility for the additional pension provided

by this section that accrued by reason of previous employment

immediately prior to employment with such participating employer.

d. The benefits hereinabove provided shall be payable unless the

member would otherwise under the provisions of this chapter be entitled

to a greater benefit, in which event, the greater benefit shall be

payable.

e. The provisions of this section shall apply to members retiring from

service with a participating employer after the effective date of such

resolution; 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.