N.Y. Retirement & Social Security Law § 89-c: Retirement of members in New York state thruway authority service

* § 89-c. Retirement of members in New York state thruway authority

service.

a. By the adoption, filing and approval of a resolution in the manner

provided by section thirty-one of this chapter, the New York state

thruway authority may elect to make contributions to the pension

accumulation fund for the purpose of providing guaranteed service

retirement benefits pursuant to this section for members who are in its

employ at the time of their retirement. Such resolution shall specify

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

for the commencement of such guaranteed retirement benefits.

b. As used in this section, the following words and phrases shall have

the following meanings unless a different meaning is plainly required by

the context:

1. "Authority." The New York state thruway authority.

2. "Authority employee." An employee of the New York state thruway

authority, who is such an employee immediately preceding the effective

date of his retirement or immediately preceding his discontinuance of

service as provided in paragraph (1) of subdivision e of this section;

provided, however, that:

(1) he is an authority employee on the effective date provided in

subdivision a of this section; or,

(2) he shall have rendered two or more years of service as an

authority employee after such effective date.

c. (1) Any member who is or becomes an authority employee on or after

the effective date provided in subdivision a of this section may, by

written notice duly acknowledged and filed with the comptroller on or

before March thirty-first, nineteen hundred seventy, elect to remain a

member pursuant to the provisions of this section. Upon such election he

shall be deemed to have accepted the service retirement and vesting

provisions of this section in lieu of the similar provisions otherwise

provided in this article.

(2) Every such member shall be entitled to allowable service credit as

provided in section forty-one of this chapter, which shall be used in

determining the benefits to be provided upon retirement under this

section.

d. Any authority employee member may retire if he shall have attained

the age of fifty-five years or over upon compliance with the terms of

subdivision a of section seventy of this chapter. Any such member who

attains age seventy shall be retired on the first day of the calendar

month next succeeding such event, in accordance with the provisions of

subdivisions b and c of section seventy of this chapter. Upon such

retirement, after the effective date specified in subdivision a of this

section and prior to April first, nineteen hundred seventy, he shall

receive a guaranteed service retirement benefit computed in accordance

with that one of the following paragraphs of this subdivision which is

applicable to him.

(a) If his total allowable service credit at the time of retirement is

less than twenty-five years, his retirement benefit shall consist of:

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

accumulated contributions at the time of his retirement.

2. For member service rendered on and after April first, nineteen

hundred sixty and April first, nineteen hundred seventy, a pension

computed on the basis of one-sixtieth of final average salary for each

year of such member service.

3. For member service rendered between April first, nineteen hundred

thirty-eight and March thirty-first, nineteen hundred sixty, a pension

which, together with 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 member service.

4. For member service rendered prior to April first, nineteen hundred

thirty-eight, a pension of one-one hundred twentieth of final average

salary for each year of such member service.

5. For each year of prior service, a pension of one-sixtieth of final

average salary.

(b) If his total allowable service credit at the time of retirement is

twenty-five years or more but less than thirty years, his retirement

allowance shall consist of:

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

accumulated contributions at the time of his retirement.

2. For member service rendered on and after April first, nineteen

hundred sixty, during his first twenty-five years of total service, a

pension computed on the basis of one-fiftieth of final average salary

for each year of such member service. For member service rendered on and

after April first, nineteen hundred sixty, during his service in excess

of twenty-five years of total service, a pension computed on the basis

of one-sixtieth of final average salary for each year of such member

service.

3. For member service rendered prior to April first, nineteen hundred

sixty, during his first twenty-five years of total service, a pension

which, together with 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-fiftieth of final average salary for each

year of such member service. For member service rendered prior to April

first, nineteen hundred sixty, during his service in excess of

twenty-five years of total service, a pension which, together with 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 member

service.

4. For each year of prior service, during his first twenty-five years

of total service, a pension computed on the basis of one-fiftieth of

final average salary for each year of such service. For each year of

prior service, during his service in excess of twenty-five years of

total service, a pension computed on the basis of one-sixtieth of final

average salary for each year of such service.

(c) If his total allowable service credit at the time of retirement is

thirty years or more, his retirement allowance shall consist of:

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

accumulated contributions at the time of his retirement.

2. For member service rendered on and after April first, nineteen

hundred sixty, during his first thirty years of total service, a pension

computed on the basis of one-fiftieth of final average salary for each

year of such service. For member service rendered on and after April

first, nineteen hundred sixty, during his service in excess of thirty

years of total service, a pension computed on the basis of one-sixtieth

of final average salary for each year of such member service.

3. For member service rendered prior to April first, nineteen hundred

sixty, during his first thirty years of total service, a pension which,

together with 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-fiftieth of final average salary for each

year of such member service. For member service rendered prior to April

first, nineteen hundred sixty, during his service in excess of thirty

years of total service, a pension which, together with 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 member service.

4. For each year of prior service, during his first thirty years of

total service, a pension computed on the basis of one-fiftieth of final

average salary for each year of such service. For each year of prior

service during his service in excess of thirty years of total service, a

pension computed on the basis of one-sixtieth of final average salary

for each year of such service.

e. (1) Any authority employee member who discontinues service other

than by death or retirement, after the effective date specified in

subdivision a of this section and prior to April first, nineteen hundred

seventy, who has credit for at least ten years of total service, and who

does not withdraw his accumulated contributions, except as provided in

paragraph (6) of this subdivision, shall be entitled to make application

for a vested retirement allowance on or after the first day of the month

following his attainment of fifty-five years of age. The retirement

allowance provided by this section shall vest automatically upon such

discontinuance of service by such member.

(2) The vested retirement allowance provided by this subdivision shall

be computed in the same manner as the service retirement allowance

provided by subdivision d of this section. For purposes of this

subdivision e, the total service referred to in subdivision d shall be

the total service credit of the member at the time of his discontinuance

of service. For purposes of this subdivision e, the final average salary

referred to in subdivision d of this section shall be the final average

salary at the time of such discontinuance. The annuity referred to in

subdivision d of this section shall be the actuarial equivalent of the

member's accumulated contributions at the time his retirement allowance

commences.

(3) Any such member entitled to a vested retirement allowance shall

apply for such allowance in accordance with the provisions of

subdivision a of section seventy of this chapter.

(4) In the event of the death of such member prior to the effective

date of his retirement, his accumulated contributions shall be paid to

his beneficiary or estate in accordance with section fifty-one of this

chapter.

(5) Any such member may withdraw his accumulated contributions at any

time, subject to the limitations contained in section fifty-one of this

chapter. The withdrawal of a member's accumulated contributions shall

terminate his right to a vested retirement allowance.

(6) A member eligible for a vested retirement allowance under this

section who discontinues service other than by death or retirement and

who had been contributing on a basis other than retirement at age sixty

may, without adversely affecting his right to such vested retirement

allowance, elect to withdraw 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. Such

refund shall be granted upon application to and with the approval of the

comptroller.

f. The additional pensions provided under this section shall not be

included in computing any pension reserve payable pursuant to the

provisions of section sixty of this chapter, which shall be computed as

though the member had not made the election provided in paragraph (1) of

subdivision c of this section.

g. The increased pensions to authority employees provided by this

section shall be paid from additional contributions made by the

authority on account of each such member, in accordance with the

provisions of section seventeen of this chapter. Such additional

contributions shall be computed by the actuary on the basis of

contributions during the prospective service of such members which will

cover the liability of the retirement system for such extra pensions.

h. Nothing contained in this section shall impair the right of

persons, who became members before August nineteenth, nineteen hundred

sixty-six, to make contributions pursuant to subdivision i of section

twenty-one of this chapter.

i. Any member who has elected to make contributions in accordance with

the provisions of subdivision j of section twenty-one of this chapter

shall continue to make such contributions until his election under said

subdivision is withdrawn.

j. The provisions of this section shall be controlling,

notwithstanding any provision in this chapter to the contrary.

k. The provisions of this section shall become effective on the

effective date specified in subdivision a of this section and shall

remain in effect until March thirty-first, nineteen hundred seventy.

* NB Expired March 31, 1970