New York § 75-I Improved career retirement plan for employees of participating employers

New York Statutes

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

New York § 75-I

Law RSSRetirement & Social Security

Title 8General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally

Art. 2New York State Employees' Retirement System

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Bluebook

N.Y. Retirement & Social Security § 75-I (2026).

Text

§ 75-i. Improved career retirement plan for employees of participating\nemployers.

a.A participating employer which has elected, or which\nelects, pursuant to section thirty, thirty-one, or thirty-two of this\narticle to provide the benefits of the career retirement plan for its\nemployees as specified in section seventy-five-g of this article may\nelect pursuant to section thirty-three of this article to reduce the\nnumber of years of total service required for career retirement benefits\nto twenty and have the fraction one-fiftieth of final average salary\nused to calculate the entire benefit for all years of credited service\nfor such eligible members, provided, however, the maximum pension\npayable pursuant to this section shall not exceed three-quarters of\nfinal average salary. A

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§ 75-i. Improved career retirement plan for employees of participating\nemployers. a. A participating employer which has elected, or which\nelects, pursuant to section thirty, thirty-one, or thirty-two of this\narticle to provide the benefits of the career retirement plan for its\nemployees as specified in section seventy-five-g of this article may\nelect pursuant to section thirty-three of this article to reduce the\nnumber of years of total service required for career retirement benefits\nto twenty and have the fraction one-fiftieth of final average salary\nused to calculate the entire benefit for all years of credited service\nfor such eligible members, provided, however, the maximum pension\npayable pursuant to this section shall not exceed three-quarters of\nfinal average salary. A member eligible for a vested retirement\nallowance pursuant to the provisions of section seventy-six of this\nchapter who separates from employment on or after April first, nineteen\nhundred seventy with twenty or more years of total service, and who\nwould have been eligible to have his retirement allowance computed\npursuant to the provisions of this section had he at the time of\nseparation attained age fifty-five, shall at the time he becomes\neligible to receive the vested retirement allowance be entitled to have\nsuch allowance computed in the manner 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