NY Ret & SS L § 375-E (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-E - Guaranteed Retirement Benefits for Employees of Participating Employers.

§ 375-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  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 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   subdivision   b   of   section   three   hundred   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 paragraph two,   subdivision b of section three hundred 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 three hundred 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.