N.Y. Retirement & Social Security Law § 75-g: Career retirement plan for employees of participating employers

§ 75-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 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 and section 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 seventy-five-b and section 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 seventy-five-b and section 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 reserve payable pursuant to section 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 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 a 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 filing, provided, however, that a participating employer who

elects to provide the benefits enumerated in section seventy-five-i of

this article may specify the same effective date for this section.