NY Ret & SS L § 75-E (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 8 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 75-E - Guaranteed Retirement Benefits for Employees of Participating Employers.

§  75-e. Guaranteed retirement benefits for employees of participating   employers.  a. By the adoption, filing and approval, where required,  of   a  resolution  in  a  manner  provided  by section thirty, thirty-one or   thirty-two of this chapter, as the case may be, a participating employer   who previously elected to make contributions  under  the  provisions  of   section  seventy-five-b  of this chapter may elect to make contributions   to the pension accumulation fund for the purpose of providing guaranteed   retirement benefits pursuant to this section for members in  its  employ   who  are  entitled to a pension pursuant to paragraph one, subdivision a   of section seventy-five-c of this chapter. Such resolution shall specify   an effective date which shall be on or after the date of such filing for   the commencement of guaranteed retirement benefits.b. 1. The guaranteed retirement benefit shall consist of an additional   pension for member service rendered on or after  April  first,  nineteen   hundred  thirty-eight  and prior to April first, nineteen hundred sixty,   which when added to the pension provided pursuant to  subparagraph  (b),   paragraph  one,  subdivision a of section seventy-five-c and the annuity   which  is  the  actuarial  equivalent  of   the   member's   accumulated   contributions  attributable to such period, computed on the basis of his   rate of normal contribution, will  provide  a  retirement  allowance  of   one-sixtieth  of final average salary for each year of such service, for   members in its employ on the effective date of the aforesaid resolution.   Such annuity shall be computed as it would be if it were not reduced  by   the  actuarial  equivalent  of any outstanding loan nor by reason of the   member's election to decrease his  contributions  toward  retirement  in   order  to apply the resulting amount toward payment of contributions for   old age and survivors insurance coverage.2. The additional pension provided under this  section  shall  not  be   included  in  computing  any  pension  reserve  payable  pursuant to the   provisions of section sixty of this chapter.3. Any accumulated contributions in excess of the amount  required  to   provide   the  annuity  computed  pursuant  to  paragraph  one  of  this   subdivision shall be used to increase the member's retirement allowance.c. 1. A member  of  the  retirement  system  in  the  employ  of  such   participating  employer  on  or  after  January  first, nineteen hundred   sixty-eight and prior to April first, nineteen hundred sixty-eight,  who   retires  from  such  employ  after  the  effective date of the aforesaid   resolution, shall be entitled to, if otherwise eligible, the  additional   pension provided under subdivision a of this section.2.  A  member  of  the  retirement  system  not  in  the employ of the   participating employer on  or  after  January  first,  nineteen  hundred   sixty-eight  and prior to April first, nineteen hundred sixty-eight, who   thereafter enters or re-enters such employ, shall not be entitled to the   additional pension provided under this section for any period of  member   service  rendered on or after April first, nineteen hundred thirty-eight   and prior to April first, nineteen hundred sixty, unless he renders  two   or  more  years  of service in the employ of such participating employer   after the effective date  that  such  employer  elects  to  provide  the   benefits under this section, and retires from such employ, except that a   member shall retain such eligibility for the additional pension provided   by   this   section  that  accrued  by  reason  of  previous  employment   immediately prior to employment with such participating employer.d. The benefits hereinabove  provided  shall  be  payable  unless  the   member  would otherwise under the provisions of this chapter be entitled   to a greater benefit, in which  event,  the  greater  benefit  shall  be   payable.e. The provisions of this section shall apply to members retiring from   service  with  a participating employer after the effective date of such    resolution; provided, however, 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  prior  to   July first, nineteen hundred seventy-four.