NY Ret & SS L § 375-F (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 375-F - Career Retirement Plan for State Employees.

§  375-f.  Career retirement plan for state employees. a. (1) A member of the retirement system in the employ of the state who retires while in such employ on or after April first, nineteen  hundred  sixty-nine,  and who  is  entitled  to  a  service retirement benefit pursuant to section three hundred seventy-five-c and section three hundred seventy-five-d of this chapter, and who retires with twenty-five or more  years  of  total service,  shall have his retirement allowance computed as provided under section  three  hundred  seventy-five-c  and   section   three   hundred seventy-five-d,   except   that   the  fraction  one-fiftieth  shall  be substituted  for  the  fraction  one-sixtieth  for  each  of  the  first twenty-five  years  of  such service, and that service rendered prior to April first, nineteen hundred thirty-eight shall  be  included  in  such computation.  (2) That portion of the pension provided pursuant to the provisions of this  section,  which  is in excess of the pension that the member would have received had this section not been in effect, shall not be included in computing any pension reserve payable pursuant to the  provisions  of section three hundred sixty of this chapter.   b. A member of the retirement system not in the employ of the state on April  first,  nineteen  hundred  sixty-nine,  who  thereafter enters or reenters such employ, shall not  be  entitled  to  have  his  retirement allowance computed pursuant to the provisions of this section unless:  (1) Such member renders five or more years of service in the employ of the  state  after  March  thirty-first,  nineteen hundred sixty-nine and retires from such employ, or  (2) Immediately prior to service with the state, service was  rendered while  a  member  of  a  retirement  system maintained by the state or a municipality thereof operating on a sound actuarial basis and subject to the supervision of the department of financial services of this state in a plan which provides service retirement benefits equal or  superior  to those provided under this section and at the date of his retirement such member  would  have been eligible for such benefits had he not separated from service with such employer.   c. A member eligible for a vested retirement allowance pursuant to the provisions of section three hundred seventy-six, who separates from  the employ of the state on or after April first, nineteen hundred sixty-nine with twenty-five or more years of total service, and who would have been eligible  to  have  his  retirement  allowance  computed pursuant to the provisions of this section had he at the time of separation attained age fifty-five, shall at the time he becomes eligible to receive the  vested retirement allowance, be entitled to have such allowance computed in the manner prescribed by this section.   d.  In  addition  to the retirement allowance provided pursuant to the plans set forth in sections three hundred  eighty-three,  three  hundred eighty-three-a,   three   hundred   eighty-three-b   and  three  hundred eighty-three-d of this article, a member of any such plan who retires on or after  April  first,  nineteen  hundred  sixty-nine  with  more  than twenty-five  years  of  total  service  shall be entitled to receive, in addition to the benefits provided  pursuant  to  any  such  section  and notwithstanding  the  limitations  of  any  such  section, an additional retirement allowance for such years of service  rendered  in  excess  of twenty-five.  The  additional  retirement  allowance for such additional years of service shall be computed as if such member had  been  eligible to  have his retirement allowance computed pursuant to the provisions of subdivision b of section three hundred seventy-five-c and  of  paragraph one  of  subdivision  a  of section three hundred seventy-five-d of this title.    e. The benefits hereinabove  provided  shall  be  payable  unless  the member  would  otherwise  be  entitled  to a greater benefit under other provisions of this chapter, in which event the greater benefit shall  be payable.   f.  In  the  case  of persons who last became members on or after July first, nineteen hundred seventy-three, the provisions  of  this  section shall  apply  only to those retiring or separating in vested status from state service prior to July first, nineteen hundred seventy-four.