§ 375-G — Career retirement plan for employees of participating employers

§ 375-g. Career retirement plan for employees of participating\nemployers. a. (1) By the adoption, filing and approval, where required,\nof a 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 and section\nthree hundred seventy-five-e of this chapter, may elect to make\ncontributions to the pension accumulation fund for the purpose of\nproviding the career retirement plan pursuant to this section. A member\nof the retirement system in the employ of a participating employer who\nhas elected to provide the career retirement plan 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-b and section three hundred seventy-five-e 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-b and section three hundred\nseventy-five-e, 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 this section,\nwhich is in excess of the pension that the member would have received\nhad this section not been in effect, shall not be included in computing\nany pension payable pursuant to section three hundred sixty of this\nchapter.\n b. A member of the retirement system not in the employ of a\nparticipating employer who has elected to provide the career retirement\nplan on the date the employer's election to participate in this plan\npursuant to subdivision f of this section becomes effective who\nthereafter enters or reenters such employ, shall not be entitled to have\nhis retirement allowance computed pursuant to the provisions of this\nsection unless:\n (1) Such member renders five or more years of service in the employ of\nsuch participating employer after the date the employer's election to\nparticipate in this plan pursuant to subdivision f of this section\nbecomes effective and retires from such employ, or\n (2) Immediately prior to service with such participating employer,\nservice was rendered while a member of a retirement system maintained by\nthe state or a municipality thereof operating on a sound actuarial basis\nand subject to the supervision of the department of financial services\nof this state in a plan which provides service retirement benefits equal\nor superior to those provided under this section and at the date of his\nretirement such member would have been eligible for such benefits had he\nnot separated from service with such employer.\n c. A member eligible for a vested retirement allowance pursuant to\nsection three hundred seventy-six, who, on or after April first,\nnineteen hundred sixty-nine with twenty-five or more years of total\nservice, separates from the employ of a participating employer who has\nelected to provide the career retirement plan 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. 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 e. The provisions of this section shall apply to members who retire or\nseparate in vested status from service with the participating employer\nwho has elected to provide the career retirement plan; provided,\nhowever, 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 prior to July first, nineteen hundred\nseventy-four.\n f. A participating employer who, within thirty days of the date this\nsection becomes law, files a resolution electing to make contributions\nto the pension accumulation fund for the purpose of providing the career\nretirement plan pursuant to this section may specify April first,\nnineteen hundred sixty-nine as the date for the commencement of such\nplan. A resolution filed more than thirty days after the date this\nsection becomes law shall specify an effective date for the commencement\nof the career retirement plan, which effective date shall be on or after\nthe date of such filing, provided, however, that a participating\nemployer who elects to provide the benefits enumerated in section three\nhundred seventy-five-i of this article may specify the same effective\ndate for this section.\n