§ 375-F — Career retirement plan for state employees

§ 375-f. Career retirement plan for state employees. a. (1) A member\nof the retirement system in the employ of the state who retires while in\nsuch employ on or after April first, nineteen hundred sixty-nine, and\nwho is entitled to a service retirement benefit pursuant to section\nthree hundred seventy-five-c and section three hundred seventy-five-d of\nthis chapter, and who retires with twenty-five or more years of total\nservice, shall have his retirement allowance computed as provided under\nsection three hundred seventy-five-c and section three hundred\nseventy-five-d, except that the fraction one-fiftieth shall be\nsubstituted for the fraction one-sixtieth for each of the first\ntwenty-five years of such service, and that service rendered prior to\nApril first, nineteen hundred thirty-eight shall be included in such\ncomputation.\n (2) That portion of the pension provided pursuant to the provisions of\nthis section, which is in excess of the pension that the member would\nhave received had this section not been in effect, shall not be included\nin computing any pension reserve payable pursuant to the provisions of\nsection three hundred sixty of this chapter.\n b. A member of the retirement system not in the employ of the state on\nApril first, nineteen hundred sixty-nine, who thereafter enters or\nreenters such employ, shall not be entitled to have his retirement\nallowance computed pursuant to the provisions of this section unless:\n (1) Such member renders five or more years of service in the employ of\nthe state after March thirty-first, nineteen hundred sixty-nine and\nretires from such employ, or\n (2) Immediately prior to service with the state, service was rendered\nwhile a member of a retirement system maintained by the state or a\nmunicipality thereof operating on a sound actuarial basis and subject to\nthe supervision of the department of financial services of this state in\na plan which provides service retirement benefits equal or superior to\nthose provided under this section and at the date of his retirement such\nmember would have been eligible for such benefits had he not separated\nfrom service with such employer.\n c. A member eligible for a vested retirement allowance pursuant to the\nprovisions of section three hundred seventy-six, who separates from the\nemploy of the state on or after April first, nineteen hundred sixty-nine\nwith twenty-five or more years of total service, and who would have been\neligible to have his retirement allowance computed pursuant to the\nprovisions of this section had he at the time of separation attained age\nfifty-five, shall at the time he becomes eligible to receive the vested\nretirement allowance, be entitled to have such allowance computed in the\nmanner prescribed by this section.\n d. In addition to the retirement allowance provided pursuant to the\nplans set forth in sections three hundred eighty-three, three hundred\neighty-three-a, three hundred eighty-three-b and three hundred\neighty-three-d of this article, a member of any such plan who retires on\nor after April first, nineteen hundred sixty-nine with more than\ntwenty-five years of total service shall be entitled to receive, in\naddition to the benefits provided pursuant to any such section and\nnotwithstanding the limitations of any such section, an additional\nretirement allowance for such years of service rendered in excess of\ntwenty-five. The additional retirement allowance for such additional\nyears of service shall be computed as if such member had been eligible\nto have his retirement allowance computed pursuant to the provisions of\nsubdivision b of section three hundred seventy-five-c and of paragraph\none of subdivision a of section three hundred seventy-five-d of this\ntitle.\n e. The benefits hereinabove provided shall be payable unless the\nmember would otherwise be entitled to a greater benefit under other\nprovisions of this chapter, in which event the greater benefit shall be\npayable.\n f. 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 or separating in vested status from\nstate service prior to July first, nineteen hundred seventy-four.\n