§ 375-I — Improved career retirement plan for employees of participating employers

New York § 375-I

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 9: General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally
• Art. 8: New York State and Local Police and Fire Retirement System

Text

§ 375-i. Improved career retirement plan for employees of\nparticipating employers. a. A participating employer which has elected,\nor which elects, pursuant to section three hundred thirty or three\nhundred thirty-one of this article to provide the benefits of the career\nretirement plan for its employees as specified in section three hundred\nseventy-five-g of this article may elect pursuant to section three\nhundred thirty-three of this article to reduce the number of years of\ntotal service required for career retirement benefits to twenty and have\nthe fraction one-fiftieth of final average salary used to calculate the\nentire benefit for all years of credited service for such eligible\nmembers, provided, however, the maximum pension payable pursuant to this\nsection shall not exceed three-quarters of final average salary. A\nmember eligible for a vested retirement allowance pursuant to the\nprovisions of section three hundred seventy-six of this chapter who\nseparates from employment on or after April first, nineteen hundred\nseventy with twenty or more years of total service, and who would have\nbeen eligible 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 b. 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 c. In the case of persons who last became members on or after July\nfirst, nineteen hundred seventy-three, the provisions of this section\nshall be applicable only to those retiring or separating in vested\nstatus prior to July first, nineteen hundred seventy-four.\n