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

§ 75-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 thirty, thirty-one or\nthirty-two of this chapter, as the case may be, a participating employer\nwho previously elected to make contributions under the provisions of\nsection seventy-five-b and section seventy-five-e of this chapter, may\nelect to make contributions to the pension accumulation fund for the\npurpose of providing the career retirement plan pursuant to this\nsection. A member of the retirement system in the employ of a\nparticipating employer, who has elected to provide the career retirement\nplan, who retires while in such employ on or after April first, nineteen\nhundred sixty-nine, and who is entitled to a service retirement benefit\npursuant to section seventy-five-b and section seventy-five-e of this\nchapter, and who retires with twenty-five or more years of total\nservice, shall have his retirement allowance computed as provided under\nsection seventy-five-b and section seventy-five-e, except that the\nfraction one-fiftieth shall be substituted for the fraction one-sixtieth\nfor each of the first twenty-five years of such service, and that\nservice rendered prior to April first, nineteen hundred thirty-eight\nshall be included in such computation.\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 reserve payable pursuant to section sixty of this chapter.\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 seventy-six, who, on or after April first, nineteen hundred\nsixty-nine with twenty-five or more years of total service, separates\nfrom the employ of a participating employer who has elected to provide\nthe career retirement plan and who would have been eligible to have his\nretirement allowance computed pursuant to the provisions of this section\nhad he at the time of separation attained age fifty-five, shall at the\ntime he becomes eligible to receive the vested retirement allowance, be\nentitled to have such allowance computed in the manner prescribed by\nthis 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 a participating employer who\nhas elected to provide the career retirement plan; provided, however, in\nthe case of persons who last became members on or after July first,\nnineteen hundred seventy-three, the provisions of this section shall\napply 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 filing, provided, however, that a participating employer who\nelects to provide the benefits enumerated in section seventy-five-i of\nthis article may specify the same effective date for this section.\n