§ 375-H — Career retirement plan for state employees; new plan

§ 375-h. Career retirement plan for state employees; new plan. a. A\nmember of the retirement system in the employ of the state may retire on\nor after attainment of age fifty-five and receive a retirement allowance\nconsisting of the following, provided he has twenty or more years of\ntotal service:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, and\n 2. A pension of one-fiftieth of final average salary for each year of\nservice after March thirty-first, nineteen hundred sixty, and\n 3. A pension which, when added to the annuity which is the actuarial\nequivalent of the member's accumulated contributions attributable to\nyears of service prior to April first, nineteen hundred sixty computed\non the basis of his rate of normal contribution, shall provide a\nretirement allowance of one-fiftieth of final average salary for each\nyear of service prior to April first, nineteen hundred sixty. For the\npurpose of computing the pension described in this paragraph, the\nannuity shall be computed as it would be if it were not reduced by the\nactuarial 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 survivor's insurance coverage. For the purpose of computing\nthe annuity described in this paragraph the rate of normal contribution\nfor a member who (i) transferred into the retirement system shall not be\nless than the rate the member would have had if all his service had been\nrendered as a member of the retirement system, or (ii) is in a special\nservice plan, or transfers into this plan from a special service plan,\nshall be the rate established for him under such plan.\n b. That portion of the pension reserve provided pursuant to the\nprovisions of this section which is in excess of the pension reserve\nthat would have been established had this section not been in effect\nshall not be included in computing any pension reserve payable pursuant\nto the provisions of section three hundred sixty of this chapter.\n c. A member of the retirement system who enters or reenters the employ\nof the state on or after April first, nineteen hundred sixty-nine, shall\nnot be entitled to have his retirement allowance computed pursuant to\nthe provisions of this section unless:\n (1) Such member renders five or more years of service in the employ of\nthe state after such entry or reentry, 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\nto the supervision of the department of financial services of this\nstate, in a plan which provides service retirement benefits equal or\nsuperior 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 d. A member eligible for a vested retirement allowance pursuant to the\nprovisions of section three hundred seventy-six of this chapter who\nseparates from the employ of the state on or after April first, nineteen\nhundred seventy with twenty or more years of total service, and who\nwould have been eligible to have his retirement allowance computed\npursuant to the provisions of this section had he at the time of\nseparation attained age fifty-five, shall at the time he becomes\neligible to receive the vested retirement allowance be entitled to have\nsuch allowance computed in the manner prescribed by this section.\n e. In addition to the retirement allowance provided pursuant to the\nplan set forth in section three hundred eighty-one an employee who is a\nmember of such plan, but is not a member of the state police, who\nretires on or after April first, nineteen hundred seventy with more than\ntwenty-five years of total service shall be entitled to receive, in\naddition to the benefits provided pursuant to such section and\nnotwithstanding the limitations of 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 provisions of\nsubdivision b of section three hundred seventy-five-c and of paragraph\none of subdivision a of section three hundred seventy-five of this\nchapter, provided, however, if such a member retires after attaining age\nfifty-five the fraction one-fiftieth shall be substituted for the\nfraction one-sixtieth.\n f. A member in the employ of the state on March thirty-first, nineteen\nhundred seventy shall be entitled to have his retirement allowance\ncomputed on the basis of the provisions of section three hundred\nseventy-five-f of this chapter if a greater benefit would have been\nprovided under such provisions.\n g. The benefits hereinabove provided shall be payable to a member,\nincluding a member covered by the provisions of section three hundred\neighty-three, three hundred eighty-three-a or three hundred\neighty-three-b of this article who is not in the collective negotiating\nunit designated as the security services unit and established pursuant\nto article fourteen of the civil service law, unless such member would\notherwise be entitled to a greater benefit under such other provisions\nof this article, in which event such greater benefit shall be payable.\n h. The pension provided pursuant to the provisions of this section, or\nsuch pension when combined with the pension payable pursuant to other\nprovisions of this article, shall in no event result in a member\nreceiving a pension in excess of seventy-five per centum of his final\naverage salary.\n i. The provisions of this section shall not apply to members of the\nstate police.\n j. The provisions of this section shall apply to members retiring or\nseparating in vested status from service of the state on or after April\nfirst, nineteen hundred seventy.\n