NY Ret & SS L § 375-H (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-H - Career Retirement Plan for State Employees; New Plan.

§  375-h.  Career  retirement plan for state employees; new plan. a. A member of the retirement system in the employ of the state may retire on or after attainment of age fifty-five and receive a retirement allowance consisting of the following, provided he has twenty  or  more  years  of total service:   1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his accumulated contributions at the time of his retirement, and   2. A pension of one-fiftieth of final average salary for each year  of service after March thirty-first, nineteen hundred sixty, and   3.  A  pension which, when added to the annuity which is the actuarial equivalent of the member's  accumulated  contributions  attributable  to years  of  service prior to April first, nineteen hundred sixty computed on the basis of  his  rate  of  normal  contribution,  shall  provide  a retirement  allowance  of  one-fiftieth of final average salary for each year of service prior to April first, nineteen hundred  sixty.  For  the purpose  of  computing  the  pension  described  in  this paragraph, the 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 survivor's insurance coverage. For the purpose of  computing the  annuity described in this paragraph the rate of normal contribution for a member who (i) transferred into the retirement system shall not be less than the rate the member would have had if all his service had been rendered as a member of the retirement system, or (ii) is in  a  special service  plan,  or transfers into this plan from a special service plan, shall be the rate established for him under such plan.   b. That portion of  the  pension  reserve  provided  pursuant  to  the provisions  of  this  section  which is in excess of the pension reserve that would have been established 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.   c. A member of the retirement system who enters or reenters the employ of the state on or after April first, nineteen hundred sixty-nine, 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 such entry or reentry, 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.   d. A member eligible for a vested retirement allowance pursuant to the provisions  of  section  three  hundred  seventy-six of this chapter who separates from the employ of the state on or after April first, nineteen hundred seventy with twenty 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.   e.  In  addition  to the retirement allowance provided pursuant to the plan set forth in section three hundred eighty-one an employee who is  a member  of  such  plan,  but  is  not  a member of the state police, who  retires on or after April first, nineteen hundred seventy with more than twenty-five years of total service shall  be  entitled  to  receive,  in addition   to  the  benefits  provided  pursuant  to  such  section  and notwithstanding   the   limitations   of  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 provisions of subdivision b of section three hundred seventy-five-c and  of  paragraph one  of  subdivision  a  of  section  three hundred seventy-five of this chapter, provided, however, if such a member retires after attaining age fifty-five the  fraction  one-fiftieth  shall  be  substituted  for  the fraction one-sixtieth.   f. A member in the employ of the state on March thirty-first, nineteen hundred  seventy  shall  be  entitled  to  have his retirement allowance computed on the  basis  of  the  provisions  of  section  three  hundred seventy-five-f  of  this  chapter  if  a greater benefit would have been provided under such provisions.   g. The benefits hereinabove provided shall be  payable  to  a  member, including  a  member  covered by the provisions of section three hundred eighty-three,   three   hundred   eighty-three-a   or   three    hundred eighty-three-b  of this article who is not in the collective negotiating unit designated as the security services unit and  established  pursuant to  article  fourteen of the civil service law, unless such member would otherwise be entitled to a greater benefit under such  other  provisions of this article, in which event such greater benefit shall be payable.   h. The pension provided pursuant to the provisions of this section, or such  pension  when  combined with the pension payable pursuant to other provisions of this article,  shall  in  no  event  result  in  a  member receiving  a  pension  in excess of seventy-five per centum of his final average salary.   i. The provisions of this section shall not apply to  members  of  the state police.   j.  The  provisions of this section shall apply to members retiring or separating in vested status from service of the state on or after  April first, nineteen hundred seventy.