§ 375-D — Guaranteed retirement benefits for state employees

§ 375-d. Guaranteed retirement benefits for state employees. a. 1. A\nmember of the retirement system in the employ of the state on or after\nJanuary first, nineteen hundred sixty-eight and prior to April first,\nnineteen hundred sixty-eight who retires from such employ on or after\nApril first, nineteen hundred sixty-eight, and who is entitled to a\npension pursuant to subdivision b of section three hundred\nseventy-five-c of this chapter, shall receive such an additional pension\nfor member service rendered on or after April first, nineteen hundred\nthirty-eight and prior to April first, nineteen hundred sixty, as will\nprovide, when added to the pension provided pursuant to paragraph two,\nsubdivision b of section three hundred seventy-five-c, and the annuity\nwhich is the actuarial equivalent of the member's accumulated\ncontributions attributable to such period, computed on the basis of his\nrate of normal contribution, a retirement allowance of one-sixtieth of\nfinal average salary for each year of such service. Such annuity shall\nbe computed as it would be if it were not reduced by the actuarial\nequivalent of any outstanding loan nor by reason of the member's\nelection to decrease his contributions toward retirement in order to\napply the resulting amount toward payment of contributions for old age\nand survivors insurance coverage.\n 2. The additional pension provided under this section shall not be\nincluded in computing any pension reserve payable pursuant to the\nprovisions of section three hundred sixty of this chapter.\n 3. Any accumulated contributions in excess of the amount required to\nprovide the annuity computed pursuant to paragraph one of subdivision a\nof this section shall be used to increase the member's retirement\nallowance.\n b. A member of the retirement system not in the employ of the state on\nor after January first, nineteen hundred sixty-eight and prior to April\nfirst, nineteen hundred sixty-eight, who thereafter enters or re-enters\nsuch employ, shall not be entitled to the additional pension provided\nunder this section for any period of member service rendered on or after\nApril first, nineteen hundred thirty-eight and prior to April first,\nnineteen hundred sixty, unless he renders two or more years of service\nin the employ of the state after April first, nineteen hundred\nsixty-eight, and retires from such employ, except that a member shall\nretain such eligibility for the additional pension provided by this\nsection that accrued by reason of previous employment immediately prior\nto employment with the state.\n c. The benefits hereinabove provided shall be payable unless the\nmember would otherwise under the provisions of this chapter be entitled\nto a greater benefit, in which event, the greater benefit shall be\npayable.\n d. In the case of persons who last became members on or after July\nfirst, nineteen hundred seventy-three, the provisions of this section\nshall apply only to those retiring from state service prior to July\nfirst, nineteen hundred seventy-four.\n