§ 75-C — Non-contributory retirement plan benefits

New York § 75-C

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 8: General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally
• Art. 2: New York State Employees' Retirement System

Text

§ 75-c. Non-contributory retirement plan benefits. a. In addition to\nany retirement allowance to which a member may be entitled for services\nrendered at any time other than expressly provided for herein, any\nmember covered by the provisions of section seventy-five-a or\nseventy-five-b of this chapter shall upon retirement, receive a service\nretirement pension for the herein provided period of service, in\naccordance with the provisions of paragraphs one or two hereof, as the\ncase may be, which shall be in lieu of the service retirement pension\nand the pension for increased-take-home-pay provided for in the sections\nof this chapter hereinafter referred to.\n 1. (a) A member who had been contributing for service retirement\nbenefits on the basis of any of the plans contained in sections\nseventy-one, seventy-one-a, seventy-two or seventy-five of this chapter,\nshall receive at retirement, for service rendered on and after April\nfirst, nineteen hundred sixty, a pension computed on the basis of\none-sixtieth of his final average salary for each year of such service;\nprovided, however, persons who last became members on or after July\nfirst, nineteen hundred seventy-three shall receive such pension only\nfor service rendered on and after April first, nineteen hundred sixty,\nand prior to July first, nineteen hundred seventy-four.\n (b) A member who had been contributing for service retirement benefits\non the basis of any of the plans contained in subparagraph a hereof,\nshall receive at retirement, for service rendered before April first,\nnineteen hundred sixty, a pension computed on the basis of one-one\nhundred twentieth of his final average salary for each year of credited\nmember service plus one-sixtieth of his final average salary for each\nsuch year of credited prior service or service in war after world war I.\nNotwithstanding anything to the contrary contained in section\nseventy-five of this chapter, a member who had been contributing as\naforesaid shall be eligible for superannuation retirement upon\nattainment of age fifty-five.\n 2. A member who had been contributing for service retirement benefits\non the basis of the plan contained in section eighty of this chapter\nshall receive at retirement, for service rendered on or after April\nfirst, nineteen hundred sixty, a pension of one-fortieth of his final\naverage salary for each year of such credited service, provided,\nhowever, that the sum total of the retirement allowance payable shall\nnot exceed one-half of the member's final average salary.\n 3. A member who had been contributing under section eighty-nine shall\nreceive at retirement, for service rendered on and after April first,\nnineteen hundred sixty, a pension of one-fiftieth of his final average\nsalary for each year of such credited service, with the total allowance\nhereunder determined as defined and limited in the section referred to\nin this paragraph three and with the additional proviso that any\ncontributions made by the member during the period referred to in this\nparagraph three are to be used at retirement to provide an additional\nannuity over and above the retirement allowance otherwise provided,\nexcept that persons who last became members on or after July first,\nnineteen hundred seventy-three, shall receive such pension only for\nservice rendered on and after April first, nineteen hundred sixty, and\nprior to July first, nineteen hundred seventy-four.\n 4. A member who had been contributing under section eighty-nine-a\nshall receive at retirement, for service rendered on and after April\nfirst, nineteen hundred sixty, a pension of one-fiftieth of his final\naverage salary for each year of such credited service, with the total\nallowance hereunder determined as defined and limited in the section\nreferred to in this paragraph four and with the additional proviso that\nany contributions made by the member during the period referred to in\nthis paragraph four are to be used at retirement to provide an\nadditional annuity over and above the retirement allowance otherwise\nprovided; except that persons who last became members on or after July\nfirst, nineteen hundred seventy-three shall receive such pension only\nfor service rendered on and after April first, nineteen hundred sixty\nand prior to July first, nineteen hundred seventy-four.\n 5. In addition to the pension hereinabove provided, a member shall\nreceive an annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement.\n 6. The benefits hereinabove provided shall be payable unless the\nmember would otherwise under the provisions of this chapter be entitled\nto a greater benefit, in which event, the greater benefit shall be\npayable.\n 7. An act of the legislature of the year nineteen hundred sixty-eight\nwhich in form, adds or purports to add a new section or subdivision or\npurports to amend or repeal any section, subdivision or provision of\nthis chapter as in force and effect immediately prior to January first,\nnineteen hundred sixty-eight, shall be deemed and construed as having\nbeen added to this act and shall be given full effect according to its\ncontext as if the same had been added expressly and in terms of this\nact, and shall be deemed and construed to have been inserted in this act\nin the appropriate position in regard to and as modifying the effect of\nthe corresponding provision or provisions of this act to the end that\nthere will be no diminution or impairment of any of the benefits enacted\nby such session of the legislature.\n