NY Ret & SS L § 375-G (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-G - Career Retirement Plan for Employees of Participating Employers.

§  375-g.  Career  retirement  plan  for  employees  of  participating employers. a. (1) By the adoption, filing and approval, where  required, of  a resolution in a manner provided by section three hundred thirty or three hundred thirty-one  of  this  chapter,  as  the  case  may  be,  a participating  employer  who  previously  elected  to make contributions under the provisions of section three hundred seventy-five-b and section three  hundred  seventy-five-e  of  this  chapter,  may  elect  to  make contributions  to  the  pension  accumulation  fund  for  the purpose of providing the career retirement plan pursuant to this section. A  member of  the  retirement system in the employ of a participating employer who has elected to provide the career retirement plan 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-b and section three hundred seventy-five-e 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-b  and  section  three  hundred seventy-five-e,  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  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  payable  pursuant  to  section three hundred sixty of this chapter.   b. A  member  of  the  retirement  system  not  in  the  employ  of  a participating  employer who has elected to provide the career retirement plan on the date the employer's election to  participate  in  this  plan pursuant  to  subdivision  f  of  this  section  becomes  effective  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 such  participating  employer  after the date the employer's election to participate in this plan pursuant  to  subdivision  f  of  this  section becomes effective and retires from such employ, or  (2)  Immediately  prior  to  service with such participating employer, 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 section  three  hundred  seventy-six,  who,  on  or  after  April first, nineteen hundred sixty-nine with twenty-five  or  more  years  of  total service,  separates  from the employ of a participating employer who has elected to provide the career retirement plan 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.  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.   e. The provisions of this section shall apply to members who retire or separate  in  vested status from service with the participating employer who has  elected  to  provide  the  career  retirement  plan;  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.   f. A participating employer who, within thirty days of the  date  this section  becomes  law, files a resolution electing to make contributions to the pension accumulation fund for the purpose of providing the career retirement plan pursuant  to  this  section  may  specify  April  first, nineteen  hundred  sixty-nine  as  the date for the commencement of such plan. A resolution filed more than  thirty  days  after  the  date  this section becomes law shall specify an effective date for the commencement of the career retirement plan, which effective date shall be on or after the  date  of  such  filing,  provided,  however,  that  a participating employer who elects to provide the benefits enumerated in section  three hundred  seventy-five-i  of  this article may specify the same effective date for this section.