NY Ret & SS L § 75-G (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-G - Career Retirement Plan for Employees of Participating Employers.

§   75-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  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 and section 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  seventy-five-b and section 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 seventy-five-b  and  section  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 reserve payable pursuant to section 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  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 a 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 filing, provided, however, that a participating employer who elects to provide the benefits enumerated in section  seventy-five-i  of this article may specify the same effective date for this section.