§ 80 — Retirement of members of the legislature

New York § 80

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 9: Special Retirement Plans Applicable to Specified Classes of Members
• Art. 2: New York State Employees' Retirement System

Text

§ 80. Retirement of members of the legislature. a. As used in this\nsection the term "service as a member of the legislature" shall mean\nservice as a senator or assemblyman in the legislature of the state of\nNew York.\n b. Any member of the legislature may elect to contribute to the\nretirement system on the basis of retirement upon his completion of\ntwenty years of service as a member of the legislature on an allowance\nof one-fortieth of his final average salary for each year of service as\na member of the legislature not in excess of twenty years. Such election\nshall be in writing and shall be duly executed and filed with the\ncomptroller.\n c. A member of the legislature who elects to contribute in accordance\nwith this section shall contribute, in lieu of the proportion of\ncompensation as provided in section twenty-one of this article, a\nproportion similarly determined. Such latter proportion shall be\ncomputed to provide, at the time when he shall first become eligible for\nretirement under this section, a sum which together with contributions\npreviously made will provide an annuity equal to one-eightieth of his\nfinal average salary for each year of service as a member of the\nlegislature rendered prior to the time when he shall first become\neligible for retirement in accordance with this section. Such member's\nrate of contribution pursuant to this section shall be appropriately\nreduced pursuant to section seventy-a of this article for such period of\ntime as his employer contributes pursuant to such section toward\npensions-providing-for-increased-take-home-pay provided, however, that\nsuch member may by written notice duly acknowledged and filed with the\ncomptroller make an election to waive such reduction as provided by\nsubdivision j of section twenty-one of this article. One year or more\nafter the filing thereof, a member may withdraw any such election by\nwritten notice duly acknowledged and filed with the comptroller. Such\nmember may discontinue contributions upon completion of twenty years of\nservice as a member of the legislature. At the time of his retirement,\nsuch member may elect to make sufficient additional contributions\nrequired to provide a retirement allowance of one-half of his final\naverage salary.\n d. A member contributing on the basis of this section shall be\nentitled to retire after the completion of twenty years of service as a\nmember of the legislature, by filing an application therefor in a manner\nsimilar to that provided in section seventy of this article. He\nthereupon shall receive on retirement a retirement allowance consisting\nof:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, plus\n 2. A pension which is the actuarial equivalent of the\nreserve-for-increased-take-home-pay to which he may then be entitled, if\nany, plus\n 3. A pension equal to one-quarter of his final average salary.\n e. The increased pensions to any member as provided by this section,\nshall be paid from additional contributions made by the state on account\nof such members. The actuary of the retirement system shall compute the\nadditional contribution for each member who elects the special benefits\nprovided under this section. Such additional contribution shall be\ncomputed on the basis of contributions during the prospective service of\nsuch member which will cover the liability of the retirement system for\nsuch extra pensions, and upon approval by the comptroller, the\nadditional contributions shall be certified by the comptroller and shall\nbe included in the annual appropriation to the pension accumulation fund\nof the retirement system in the manner provided in section sixteen of\nthis article.\n f. One year or more after the filing thereof, a member may withdraw\nhis election to contribute pursuant to this section on the basis of\nretirement upon completion of twenty years of service as a member of the\nlegislature. Such withdrawal shall be by written notice duly\nacknowledged and filed with the comptroller. Such member thereafter\nshall contribute on the basis of his rate of normal contribution. Such\nmember, upon application at any time prior to retirement and with the\napproval of the comptroller, shall be entitled to a refund of the amount\nof his contributions and regular interest thereon which is in excess of\nthe amount of the accumulated contributions which he would then have to\nhis credit had he been contributing on the basis of his rate of normal\ncontribution.\n g. On and after April first, nineteen hundred sixty-eight, no election\nmay be made to contribute under this section.\n h. The provisions of this section shall be controlling notwithstanding\nany provision in this article to the contrary.\n