§ 89-C — Retirement of members in New York state thruway authority service

New York § 89-C

• 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

* § 89-c. Retirement of members in New York state thruway authority\nservice.\n a. By the adoption, filing and approval of a resolution in the manner\nprovided by section thirty-one of this chapter, the New York state\nthruway authority may elect to make contributions to the pension\naccumulation fund for the purpose of providing guaranteed service\nretirement benefits pursuant to this section for members who are in its\nemploy at the time of their retirement. Such resolution shall specify\nthe effective date which shall be on or after the date of such filing\nfor the commencement of such guaranteed retirement benefits.\n b. As used in this section, the following words and phrases shall have\nthe following meanings unless a different meaning is plainly required by\nthe context:\n 1. "Authority." The New York state thruway authority.\n 2. "Authority employee." An employee of the New York state thruway\nauthority, who is such an employee immediately preceding the effective\ndate of his retirement or immediately preceding his discontinuance of\nservice as provided in paragraph (1) of subdivision e of this section;\nprovided, however, that:\n (1) he is an authority employee on the effective date provided in\nsubdivision a of this section; or,\n (2) he shall have rendered two or more years of service as an\nauthority employee after such effective date.\n c. (1) Any member who is or becomes an authority employee on or after\nthe effective date provided in subdivision a of this section may, by\nwritten notice duly acknowledged and filed with the comptroller on or\nbefore March thirty-first, nineteen hundred seventy, elect to remain a\nmember pursuant to the provisions of this section. Upon such election he\nshall be deemed to have accepted the service retirement and vesting\nprovisions of this section in lieu of the similar provisions otherwise\nprovided in this article.\n (2) Every such member shall be entitled to allowable service credit as\nprovided in section forty-one of this chapter, which shall be used in\ndetermining the benefits to be provided upon retirement under this\nsection.\n d. Any authority employee member may retire if he shall have attained\nthe age of fifty-five years or over upon compliance with the terms of\nsubdivision a of section seventy of this chapter. Any such member who\nattains age seventy shall be retired on the first day of the calendar\nmonth next succeeding such event, in accordance with the provisions of\nsubdivisions b and c of section seventy of this chapter. Upon such\nretirement, after the effective date specified in subdivision a of this\nsection and prior to April first, nineteen hundred seventy, he shall\nreceive a guaranteed service retirement benefit computed in accordance\nwith that one of the following paragraphs of this subdivision which is\napplicable to him.\n (a) If his total allowable service credit at the time of retirement is\nless than twenty-five years, his retirement benefit shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement.\n 2. For member service rendered on and after April first, nineteen\nhundred sixty and April first, nineteen hundred seventy, a pension\ncomputed on the basis of one-sixtieth of final average salary for each\nyear of such member service.\n 3. For member service rendered between April first, nineteen hundred\nthirty-eight and March thirty-first, nineteen hundred sixty, a pension\nwhich, together with the annuity which is the actuarial equivalent of\nthe member's accumulated contributions attributable to such period,\ncomputed on the basis of his rate of normal contribution, will provide a\nretirement allowance of one-sixtieth of final average salary for each\nyear of such member service.\n 4. For member service rendered prior to April first, nineteen hundred\nthirty-eight, a pension of one-one hundred twentieth of final average\nsalary for each year of such member service.\n 5. For each year of prior service, a pension of one-sixtieth of final\naverage salary.\n (b) If his total allowable service credit at the time of retirement is\ntwenty-five years or more but less than thirty years, his retirement\nallowance shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement.\n 2. For member service rendered on and after April first, nineteen\nhundred sixty, during his first twenty-five years of total service, a\npension computed on the basis of one-fiftieth of final average salary\nfor each year of such member service. For member service rendered on and\nafter April first, nineteen hundred sixty, during his service in excess\nof twenty-five years of total service, a pension computed on the basis\nof one-sixtieth of final average salary for each year of such member\nservice.\n 3. For member service rendered prior to April first, nineteen hundred\nsixty, during his first twenty-five years of total service, a pension\nwhich, together with the annuity which is the actuarial equivalent of\nthe member's accumulated contributions attributable to such period,\ncomputed on the basis of his rate of normal contribution, will provide a\nretirement allowance of one-fiftieth of final average salary for each\nyear of such member service. For member service rendered prior to April\nfirst, nineteen hundred sixty, during his service in excess of\ntwenty-five years of total service, a pension which, together with the\nannuity which is the actuarial equivalent of the member's accumulated\ncontributions attributable to such period, computed on the basis of his\nrate of normal contribution, will provide a retirement allowance of\none-sixtieth of final average salary for each year of such member\nservice.\n 4. For each year of prior service, during his first twenty-five years\nof total service, a pension computed on the basis of one-fiftieth of\nfinal average salary for each year of such service. For each year of\nprior service, during his service in excess of twenty-five years of\ntotal service, a pension computed on the basis of one-sixtieth of final\naverage salary for each year of such service.\n (c) If his total allowable service credit at the time of retirement is\nthirty years or more, his retirement allowance shall consist of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement.\n 2. For member service rendered on and after April first, nineteen\nhundred sixty, during his first thirty years of total service, a pension\ncomputed on the basis of one-fiftieth of final average salary for each\nyear of such service. For member service rendered on and after April\nfirst, nineteen hundred sixty, during his service in excess of thirty\nyears of total service, a pension computed on the basis of one-sixtieth\nof final average salary for each year of such member service.\n 3. For member service rendered prior to April first, nineteen hundred\nsixty, during his first thirty years of total service, a pension which,\ntogether with the annuity which is the actuarial equivalent of the\nmember's accumulated contributions attributable to such period, computed\non the basis of his rate of normal contribution, will provide a\nretirement allowance of one-fiftieth of final average salary for each\nyear of such member service. For member service rendered prior to April\nfirst, nineteen hundred sixty, during his service in excess of thirty\nyears of total service, a pension which, together with the annuity which\nis the actuarial equivalent of the member's accumulated contributions\nattributable to such period, computed on the basis of his rate of normal\ncontribution, will provide a retirement allowance of one-sixtieth of\nfinal average salary for each year of such member service.\n 4. For each year of prior service, during his first thirty years of\ntotal service, a pension computed on the basis of one-fiftieth of final\naverage salary for each year of such service. For each year of prior\nservice during his service in excess of thirty years of total service, a\npension computed on the basis of one-sixtieth of final average salary\nfor each year of such service.\n e. (1) Any authority employee member who discontinues service other\nthan by death or retirement, after the effective date specified in\nsubdivision a of this section and prior to April first, nineteen hundred\nseventy, who has credit for at least ten years of total service, and who\ndoes not withdraw his accumulated contributions, except as provided in\nparagraph (6) of this subdivision, shall be entitled to make application\nfor a vested retirement allowance on or after the first day of the month\nfollowing his attainment of fifty-five years of age. The retirement\nallowance provided by this section shall vest automatically upon such\ndiscontinuance of service by such member.\n (2) The vested retirement allowance provided by this subdivision shall\nbe computed in the same manner as the service retirement allowance\nprovided by subdivision d of this section. For purposes of this\nsubdivision e, the total service referred to in subdivision d shall be\nthe total service credit of the member at the time of his discontinuance\nof service. For purposes of this subdivision e, the final average salary\nreferred to in subdivision d of this section shall be the final average\nsalary at the time of such discontinuance. The annuity referred to in\nsubdivision d of this section shall be the actuarial equivalent of the\nmember's accumulated contributions at the time his retirement allowance\ncommences.\n (3) Any such member entitled to a vested retirement allowance shall\napply for such allowance in accordance with the provisions of\nsubdivision a of section seventy of this chapter.\n (4) In the event of the death of such member prior to the effective\ndate of his retirement, his accumulated contributions shall be paid to\nhis beneficiary or estate in accordance with section fifty-one of this\nchapter.\n (5) Any such member may withdraw his accumulated contributions at any\ntime, subject to the limitations contained in section fifty-one of this\nchapter. The withdrawal of a member's accumulated contributions shall\nterminate his right to a vested retirement allowance.\n (6) A member eligible for a vested retirement allowance under this\nsection who discontinues service other than by death or retirement and\nwho had been contributing on a basis other than retirement at age sixty\nmay, without adversely affecting his right to such vested retirement\nallowance, elect to withdraw the amount of his contributions and regular\ninterest thereon which is in excess of the amount of the accumulated\ncontributions which he would then have to his credit had he been\ncontributing on the basis of his rate of normal contribution. Such\nrefund shall be granted upon application to and with the approval of the\ncomptroller.\n f. The additional pensions provided under this section shall not be\nincluded in computing any pension reserve payable pursuant to the\nprovisions of section sixty of this chapter, which shall be computed as\nthough the member had not made the election provided in paragraph (1) of\nsubdivision c of this section.\n g. The increased pensions to authority employees provided by this\nsection shall be paid from additional contributions made by the\nauthority on account of each such member, in accordance with the\nprovisions of section seventeen of this chapter. Such additional\ncontributions shall be computed by the actuary on the basis of\ncontributions during the prospective service of such members which will\ncover the liability of the retirement system for such extra pensions.\n h. Nothing contained in this section shall impair the right of\npersons, who became members before August nineteenth, nineteen hundred\nsixty-six, to make contributions pursuant to subdivision i of section\ntwenty-one of this chapter.\n i. Any member who has elected to make contributions in accordance with\nthe provisions of subdivision j of section twenty-one of this chapter\nshall continue to make such contributions until his election under said\nsubdivision is withdrawn.\n j. The provisions of this section shall be controlling,\nnotwithstanding any provision in this chapter to the contrary.\n k. The provisions of this section shall become effective on the\neffective date specified in subdivision a of this section and shall\nremain in effect until March thirty-first, nineteen hundred seventy.\n * NB Expired March 31, 1970\n