NY Ret & SS L § 75-H (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-H - Career Retirement Plan for State Employees; New Plan.

§  75-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.   4. In no event shall the pension provided pursuant to  the  provisions of  this  section  exceed  seventy-five  per  centum of a member's final average salary.   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 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 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. 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 seventy-five-f of this chapter if a greater benefit would have been  provided  under  such provisions.   f.  The  benefits  hereinabove  provided shall be payable to a member, including a member covered by the provisions of section  eighty-nine  of this  article  who  is  not  in  the  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.   g. The provisions of this section shall apply to members  retiring  or separating  in vested status from state service on or after April first, nineteen hundred seventy.