NY Ret & SS L § 80 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 9 - Special Retirement Plans Applicable to Specified Classes of Members 80 - Retirement of Members of the Legislature.

§  80.  Retirement  of members of the legislature.  a. As used in this   section the term "service as a member of  the  legislature"  shall  mean   service  as  a senator or assemblyman in the legislature of the state of   New York.b. Any member of the  legislature  may  elect  to  contribute  to  the   retirement  system  on  the  basis  of retirement upon his completion of   twenty years of service as a member of the legislature on  an  allowance   of  one-fortieth of his final average salary for each year of service as   a member of the legislature not in excess of twenty years. Such election   shall be in writing and shall  be  duly  executed  and  filed  with  the   comptroller.c.  A member of the legislature who elects to contribute in accordance   with this section  shall  contribute,  in  lieu  of  the  proportion  of   compensation  as  provided  in  section  twenty-one  of  this article, a   proportion  similarly  determined.  Such  latter  proportion  shall   be   computed to provide, at the time when he shall first become eligible for   retirement  under  this section, a sum which together with contributions   previously made will provide an annuity equal to  one-eightieth  of  his   final  average  salary  for  each  year  of  service  as a member of the   legislature rendered prior to  the  time  when  he  shall  first  become   eligible  for retirement in accordance with this section.  Such member's   rate of contribution pursuant to this  section  shall  be  appropriately   reduced pursuant to section seventy-a of this article for such period of   time  as  his  employer  contributes  pursuant  to  such  section toward   pensions-providing-for-increased-take-home-pay provided,  however,  that   such  member  may by written notice duly acknowledged and filed with the   comptroller make an election to waive  such  reduction  as  provided  by   subdivision  j  of  section twenty-one of this article. One year or more   after the filing thereof, a member may withdraw  any  such  election  by   written  notice  duly  acknowledged and filed with the comptroller. Such   member may discontinue contributions upon completion of twenty years  of   service  as  a member of the legislature. At the time of his retirement,   such member  may  elect  to  make  sufficient  additional  contributions   required  to  provide  a  retirement  allowance of one-half of his final   average salary.d. A member contributing  on  the  basis  of  this  section  shall  be   entitled  to retire after the completion of twenty years of service as a   member of the legislature, by filing an application therefor in a manner   similar to  that  provided  in  section  seventy  of  this  article.  He   thereupon  shall receive on retirement a retirement allowance consisting   of:1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his   accumulated contributions at the time of his retirement, plus2.   A   pension   which   is   the   actuarial   equivalent   of  the   reserve-for-increased-take-home-pay to which he may then be entitled, if   any, plus3. A pension equal to one-quarter of his final average salary.e. The increased pensions to any member as provided by  this  section,   shall be paid from additional contributions made by the state on account   of  such members. The actuary of the retirement system shall compute the   additional contribution for each member who elects the special  benefits   provided  under  this  section.  Such  additional  contribution shall be   computed on the basis of contributions during the prospective service of   such member which will cover the liability of the retirement system  for   such   extra  pensions,  and  upon  approval  by  the  comptroller,  the   additional contributions shall be certified by the comptroller and shall   be included in the annual appropriation to the pension accumulation fund    of the retirement system in the manner provided in  section  sixteen  of   this article.f.  One  year  or more after the filing thereof, a member may withdraw   his election to contribute pursuant to this  section  on  the  basis  of   retirement upon completion of twenty years of service as a member of the   legislature.   Such   withdrawal   shall   be  by  written  notice  duly   acknowledged and filed with  the  comptroller.  Such  member  thereafter   shall  contribute  on the basis of his rate of normal contribution. Such   member, upon application at any time prior to retirement  and  with  the   approval of the comptroller, shall be entitled to a refund of the amount   of  his contributions and regular interest thereon which is in excess of   the amount of the accumulated contributions which he would then have  to   his  credit  had he been contributing on the basis of his rate of normal   contribution.g. On and after April first, nineteen hundred sixty-eight, no election   may be made to contribute under this section.h. The provisions of this section shall be controlling notwithstanding   any provision in this article to the contrary.