§ 375-E — Guaranteed retirement benefits for employees of participating employers

§ 375-e. Guaranteed retirement benefits for employees of participating\nemployers. a. By the adoption, filing and approval, where required, of\na resolution in a manner provided by section three hundred thirty or\nthree hundred thirty-one of this chapter, as the case may be, a\nparticipating employer who previously elected to make contributions\nunder the provisions of section three hundred seventy-five-b of this\nchapter, may elect to make contributions to the pension accumulation\nfund for the purpose of providing guaranteed retirement benefits\npursuant to this section for members in its employ who are entitled to a\npension pursuant to subdivision b of section three hundred\nseventy-five-c of this chapter. Such resolution shall specify an\neffective date which shall be on or after the date of such filing for\nthe commencement of guaranteed retirement benefits.\n b. 1. The guaranteed retirement benefit shall consist of an additional\npension for member service rendered on or after April first, nineteen\nhundred thirty-eight and prior to April first, nineteen hundred sixty,\nwhich 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, will provide a retirement allowance of\none-sixtieth of final average salary for each year of such service, for\nmembers in its employ on the effective date of the aforesaid resolution.\nSuch annuity shall be computed as it would be if it were not reduced by\nthe actuarial equivalent of any outstanding loan nor by reason of the\nmember's election to decrease his contributions toward retirement in\norder to apply the resulting amount toward payment of contributions for\nold age and 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 this\nsubdivision shall be used to increase the member's retirement allowance.\n c. 1. A member of the retirement system in the employ of such\nparticipating employer on or after January first, nineteen hundred\nsixty-eight and prior to April first, nineteen hundred sixty-eight, who\nretires from such employ after the effective date of the aforesaid\nresolution, shall be entitled to, if otherwise eligible, the additional\npension provided under subdivision a of this section.\n 2. A member of the retirement system not in the employ of the\nparticipating employer on or after January first, nineteen hundred\nsixty-eight and prior to April first, nineteen hundred sixty-eight, who\nthereafter enters or re-enters such employ, shall not be entitled to the\nadditional pension provided under this section for any period of member\nservice rendered on or after April first, nineteen hundred thirty-eight\nand prior to April first, nineteen hundred sixty, unless he renders two\nor more years of service in the employ of such participating employer\nafter the effective date that such employer elects to provide the\nbenefits under this section, and retires from such employ, except that a\nmember shall retain such eligibility for the additional pension provided\nby this section that accrued by reason of previous employment\nimmediately prior to employment with such participating employer.\n d. 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 e. The provisions of this section shall apply to members retiring from\nservice with a participating employer after the effective date of such\nresolution; provided, however, in the case of persons who last became\nmembers on or after July first, nineteen hundred seventy-three, the\nprovisions of this section shall apply only to those retiring prior to\nJuly first, nineteen hundred seventy-four.\n