N.Y. Retirement & Social Security Law § 75-i: Improved career retirement plan for employees of participating employers

§ 75-i. Improved career retirement plan for employees of participating

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

elects, pursuant to section thirty, thirty-one, or thirty-two of this

article to provide the benefits of the career retirement plan for its

employees as specified in section seventy-five-g of this article may

elect pursuant to section 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 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.