New York § 384-E Additional pension benefit for members of optional twenty year retirement plan

New York Statutes

§ 384-E — Additional pension benefit for members of optional twenty year retirement plan

New York § 384-E

Law RSSRetirement & Social Security

Title 10Special Retirement Plans Applicable to Specified Classes of Members

Art. 8New York State and Local Police and Fire Retirement System

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Bluebook

N.Y. Retirement & Social Security § 384-E (2026).

Text

§ 384-e. Additional pension benefit for members of optional twenty\nyear retirement plan.

a.A participating employer which has elected, or\nwhich elects, pursuant to section three hundred thirty or three hundred\nthirty-one of this article, to provide the benefits of the optional\ntwenty year retirement plan for its employees as specified in section\nthree hundred eighty-four-d of this article may elect, pursuant to\nsection three hundred thirty-three of this article, to make\ncontributions for the purpose of providing an additional pension\npursuant to this section for members in its employ who are entitled to a\npension pursuant to section three hundred eighty-four-d of this article.\n b. Upon retirement, each such member shall receive, for each year of\nservice in excess of twenty,

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§ 384-e. Additional pension benefit for members of optional twenty\nyear retirement plan. a. A participating employer which has elected, or\nwhich elects, pursuant to section three hundred thirty or three hundred\nthirty-one of this article, to provide the benefits of the optional\ntwenty year retirement plan for its employees as specified in section\nthree hundred eighty-four-d of this article may elect, pursuant to\nsection three hundred thirty-three of this article, to make\ncontributions for the purpose of providing an additional pension\npursuant to this section for members in its employ who are entitled to a\npension pursuant to section three hundred eighty-four-d of this article.\n b. Upon retirement, each such member shall receive, for each year of\nservice in excess of twenty, an additional pension which shall be equal\nto one-sixtieth of his or her final average salary; a participating\nemployer may elect to provide any service credit earned with a public\nemployer prior to service performed as a police officer or firefighter;\nprovided, however, that the total allowance payable pursuant to this\nsection shall not exceed three-quarters of such member's final average\nsalary.\n c. A demand in collective negotiations for the additional pension\nbenefit provided by this section shall not be subject to the provisions\nof paragraph (b) or (c) of subdivision four of section two hundred nine\nof the civil service law.\n