§ 533 — Non-contributory retirement plan

§ 533. Non-contributory retirement plan. a. Any other provision of\nlaw to the contrary notwithstanding, no further contributions to the\nretirement system, as provided in sections five hundred eleven-a or five\nhundred sixteen of this article, shall be required of any member.\n b. Contributions shall be made to the pension accumulation fund, as\nprovided in section five hundred seventeen of this article, at a rate\ncomputed by the actuary and approved by the retirement board, which\nshall be computed to be sufficient to provide the benefits established\nby this section.\n c. Nothing contained in this section shall impair the right of any\nmember to make contributions pursuant to sections five hundred eleven-a\nand five hundred sixteen of this article. Any member may elect to\ncontribute pursuant to sections five hundred eleven-a and five hundred\nsixteen of this article, by written notice duly acknowledged and filed\nwith the retirement board on or before June thirtieth, nineteen hundred\nsixty-nine or within one year after he last became a member, whichever\nis later. Where a member makes an election to contribute, as provided\nherein, he shall contribute to the retirement system as otherwise\nprovided in this article. One year or more after the filing of the\nnotice of the election to contribute, the member may withdraw such\nelection and elect not to contribute.\n d. 1. On and after July first, nineteen hundred sixty-eight a member\nshall be eligible for service retirement when he meets the conditions\nset forth in sections five hundred ten or five hundred eleven-a of this\narticle, by the filing of a statement with the retirement board as\nrequired by subdivision one of section five hundred ten of this article.\nFor the purposes of this section, all members shall be deemed to have\nmade the election for special service retirement under section five\nhundred eleven-a of this article.\n 2. A member who retires on or after July first, nineteen hundred\nsixty-eight, under the provisions of this section, shall receive a\nservice retirement pension which shall be in lieu of the service\nretirement pension and the pension-for-increased-take-home-pay otherwise\nauthorized under this article, subject to any adjustments made pursuant\nto subdivision g of this section. Such pension, for the period of\ncredited state service rendered prior to July first, nineteen hundred\nfifty-nine, and for all credited out-of-state service, shall be computed\nas provided in section five hundred ten of this article. Such pension,\nfor the period of credited state service rendered on and after July\nfirst, nineteen hundred fifty-nine, shall be one-fiftieth of final\naverage salary for each year of such service rendered during the first\ntwenty-five years of the member's total service, plus one-sixtieth of\nfinal average salary for each year of such service rendered during that\nportion of the member's total service which is in excess of twenty-five\nyears but not in excess of thirty-five years, plus one-seventieth of\nfinal average salary for each year of such service rendered during that\nportion of the member's total state service which is in excess of\nthirty-five years.\n 3. In addition to the retirement allowance provided in paragraph two\nof this subdivision, a member who has at least twenty years of credited\nstate service and retires during the month of July, nineteen hundred\nsixty-eight, shall receive an added pension allowance equal to sixteen\nper cent of the pension otherwise provided in this article. For persons\nretiring subsequent to July, nineteen hundred sixty-eight, the added\npension authorized hereunder shall be reduced at the rate of one-sixth\nof one per cent for each month thereafter.\n 4. The additional pension provided under this section shall not be\nincluded in computing any pension reserve payable pursuant to the\nprovisions of paragraph three of subdivision b of section five hundred\ntwelve of this article.\n e. In addition to the pension hereinabove provided, a member shall\nreceive an annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, in accordance\nwith section five hundred sixteen of this article.\n f. The benefits hereinabove provided shall be payable unless the\nmember would otherwise under the provisions of this article be entitled\nto a greater benefit, in which event the greater benefit shall be\npayable.\n g. If at the time of retirement any portion of the employer's\ncontribution has been committed by election of the member toward\npurchase of a variable annuity, the retirement board shall deduct from\nthe member's pension allowance as otherwise computed under this section,\nan amount equal to the actuarial equivalent of the amounts so committed,\nplus regular and additional interest thereon to the date of retirement.\n