N.Y. Retirement & Social Security Law § 80: Retirement of members of the legislature

§ 80. Retirement of members of the legislature. a. As used in this

section the term "service as a member of the legislature" shall mean

service as a senator or assemblyman in the legislature of the state of

New York.

b. Any member of the legislature may elect to contribute to the

retirement system on the basis of retirement upon his completion of

twenty years of service as a member of the legislature on an allowance

of one-fortieth of his final average salary for each year of service as

a member of the legislature not in excess of twenty years. Such election

shall be in writing and shall be duly executed and filed with the

comptroller.

c. A member of the legislature who elects to contribute in accordance

with this section shall contribute, in lieu of the proportion of

compensation as provided in section twenty-one of this article, a

proportion similarly determined. Such latter proportion shall be

computed to provide, at the time when he shall first become eligible for

retirement under this section, a sum which together with contributions

previously made will provide an annuity equal to one-eightieth of his

final average salary for each year of service as a member of the

legislature rendered prior to the time when he shall first become

eligible for retirement in accordance with this section. Such member's

rate of contribution pursuant to this section shall be appropriately

reduced pursuant to section seventy-a of this article for such period of

time as his employer contributes pursuant to such section toward

pensions-providing-for-increased-take-home-pay provided, however, that

such member may by written notice duly acknowledged and filed with the

comptroller make an election to waive such reduction as provided by

subdivision j of section twenty-one of this article. One year or more

after the filing thereof, a member may withdraw any such election by

written notice duly acknowledged and filed with the comptroller. Such

member may discontinue contributions upon completion of twenty years of

service as a member of the legislature. At the time of his retirement,

such member may elect to make sufficient additional contributions

required to provide a retirement allowance of one-half of his final

average salary.

d. A member contributing on the basis of this section shall be

entitled to retire after the completion of twenty years of service as a

member of the legislature, by filing an application therefor in a manner

similar to that provided in section seventy of this article. He

thereupon shall receive on retirement a retirement allowance consisting

of:

1. An annuity which shall be the actuarial equivalent of his

accumulated contributions at the time of his retirement, plus

2. A pension which is the actuarial equivalent of the

reserve-for-increased-take-home-pay to which he may then be entitled, if

any, plus

3. A pension equal to one-quarter of his final average salary.

e. The increased pensions to any member as provided by this section,

shall be paid from additional contributions made by the state on account

of such members. The actuary of the retirement system shall compute the

additional contribution for each member who elects the special benefits

provided under this section. Such additional contribution shall be

computed on the basis of contributions during the prospective service of

such member which will cover the liability of the retirement system for

such extra pensions, and upon approval by the comptroller, the

additional contributions shall be certified by the comptroller and shall

be included in the annual appropriation to the pension accumulation fund

of the retirement system in the manner provided in section sixteen of

this article.

f. One year or more after the filing thereof, a member may withdraw

his election to contribute pursuant to this section on the basis of

retirement upon completion of twenty years of service as a member of the

legislature. Such withdrawal shall be by written notice duly

acknowledged and filed with the comptroller. Such member thereafter

shall contribute on the basis of his rate of normal contribution. Such

member, upon application at any time prior to retirement and with the

approval of the comptroller, shall be entitled to a refund of the amount

of his contributions and regular interest thereon which is in excess of

the amount of the accumulated contributions which he would then have to

his credit had he been contributing on the basis of his rate of normal

contribution.

g. On and after April first, nineteen hundred sixty-eight, no election

may be made to contribute under this section.

h. The provisions of this section shall be controlling notwithstanding

any provision in this article to the contrary.