This text of New York § 75-H (Career retirement plan for state employees; new plan) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 75-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
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§ 75-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 4. In no event shall the pension provided pursuant to the provisions\nof this section exceed seventy-five per centum of a member's final\naverage salary.\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 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 seventy-six of this chapter who separates from the\nemploy of the state on or after April first, nineteen hundred seventy\nwith twenty or more years of total service, and who would have been\neligible 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 e. 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 seventy-five-f of\nthis chapter if a greater benefit would have been provided under such\nprovisions.\n f. The benefits hereinabove provided shall be payable to a member,\nincluding a member covered by the provisions of section eighty-nine of\nthis article who is not in the negotiating unit designated as the\nsecurity services unit and established pursuant to article fourteen of\nthe civil service law, unless such member would otherwise be entitled to\na greater benefit under such other provisions of this article, in which\nevent such greater benefit shall be payable.\n g. The provisions of this section shall apply to members retiring or\nseparating in vested status from state service on or after April first,\nnineteen hundred seventy.\n