NY Ret & SS L § 89-C (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 9 - Special Retirement Plans Applicable to Specified Classes of Members 89-C - Retirement of Members in New York State Thruway Authority Service.

*  §  89-c.  Retirement of members in New York state thruway authority service.   a. By the adoption, filing and approval of a resolution in the  manner provided  by  section  thirty-one  of  this  chapter, the New York state thruway authority  may  elect  to  make  contributions  to  the  pension accumulation  fund  for  the  purpose  of  providing  guaranteed service retirement benefits pursuant to this section for members who are in  its employ  at  the  time of their retirement. Such resolution shall specify the effective date which shall be on or after the date  of  such  filing for the commencement of such guaranteed retirement benefits.   b. As used in this section, the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:   1. "Authority." The New York state thruway authority.   2.  "Authority  employee."  An  employee of the New York state thruway authority, who is such an employee immediately preceding  the  effective date  of  his  retirement or immediately preceding his discontinuance of service as provided in paragraph (1) of subdivision e of  this  section; provided, however, that:  (1)  he  is  an  authority  employee on the effective date provided in subdivision a of this section; or,  (2) he shall have  rendered  two  or  more  years  of  service  as  an authority employee after such effective date.   c.  (1) Any member who is or becomes an authority employee on or after the effective date provided in subdivision a of  this  section  may,  by written  notice  duly  acknowledged and filed with the comptroller on or before March thirty-first, nineteen hundred seventy, elect to  remain  a member pursuant to the provisions of this section. Upon such election he shall  be  deemed  to  have  accepted the service retirement and vesting provisions of this section in lieu of the similar  provisions  otherwise provided in this article.  (2) Every such member shall be entitled to allowable service credit as provided  in  section  forty-one of this chapter, which shall be used in determining the benefits to  be  provided  upon  retirement  under  this section.   d.  Any authority employee member may retire if he shall have attained the age of fifty-five years or over upon compliance with  the  terms  of subdivision  a  of  section seventy of this chapter. Any such member who attains age seventy shall be retired on the first day  of  the  calendar month  next  succeeding such event, in accordance with the provisions of subdivisions b and c of section seventy of  this  chapter.    Upon  such retirement,  after the effective date specified in subdivision a of this section and prior to April first, nineteen  hundred  seventy,  he  shall receive  a  guaranteed service retirement benefit computed in accordance with that one of the following paragraphs of this subdivision  which  is applicable to him.  (a) If his total allowable service credit at the time of retirement is less than twenty-five years, his retirement benefit shall consist of:   1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his accumulated contributions at the time of his retirement.   2. For member service rendered on  and  after  April  first,  nineteen hundred  sixty  and  April  first,  nineteen  hundred seventy, a pension computed on the basis of one-sixtieth of final average salary  for  each year of such member service.   3.  For  member service rendered between April first, nineteen hundred thirty-eight and March thirty-first, nineteen hundred sixty,  a  pension which,  together  with  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 member service.   4.  For member service rendered prior to April first, nineteen hundred thirty-eight, a pension of one-one hundred twentieth  of  final  average salary for each year of such member service.   5.  For each year of prior service, a pension of one-sixtieth of final average salary.  (b) If his total allowable service credit at the time of retirement is twenty-five years or more but less than  thirty  years,  his  retirement allowance shall consist of:   1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his accumulated contributions at the time of his retirement.   2. For member service rendered on  and  after  April  first,  nineteen hundred  sixty,  during  his first twenty-five years of total service, a pension computed on the basis of one-fiftieth of  final  average  salary for each year of such member service. For member service rendered on and after  April first, nineteen hundred sixty, during his service in excess of twenty-five years of total service, a pension computed on  the  basis of  one-sixtieth  of  final  average salary for each year of such member service.   3. For member service rendered prior to April first, nineteen  hundred sixty,  during  his  first twenty-five years of total service, a pension which, together with 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-fiftieth of final average  salary  for  each year  of such member service. For member service rendered prior to April first,  nineteen  hundred  sixty,  during  his  service  in  excess   of twenty-five  years  of total service, a pension which, together with 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 member service.   4. For each year of prior service, during his first twenty-five  years of  total  service,  a  pension computed on the basis of one-fiftieth of final average salary for each year of such service.  For  each  year  of prior  service,  during  his  service  in excess of twenty-five years of total service, a pension computed on the basis of one-sixtieth of  final average salary for each year of such service.  (c) If his total allowable service credit at the time of retirement is thirty years or more, his retirement allowance shall consist of:   1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his accumulated contributions at the time of his retirement.   2. For member service rendered on  and  after  April  first,  nineteen hundred sixty, during his first thirty years of total service, a pension computed  on  the basis of one-fiftieth of final average salary for each year of such service. For member service rendered  on  and  after  April first,  nineteen  hundred  sixty, during his service in excess of thirty years of total service, a pension computed on the basis of  one-sixtieth of final average salary for each year of such member service.   3.  For member service rendered prior to April first, nineteen hundred sixty, during his first thirty years of total service, a pension  which, together  with  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-fiftieth of final average salary for each  year of such member service. For member service rendered prior to  April first,  nineteen  hundred  sixty, during his service in excess of thirty years of total service, a pension which, together with 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 member service.   4.  For  each  year of prior service, during his first thirty years of total service, a pension computed on the basis of one-fiftieth of  final average  salary  for  each year of such service.  For each year of prior service during his service in excess of thirty years of total service, a pension computed on the basis of one-sixtieth of  final  average  salary for each year of such service.   e.  (1)  Any  authority employee member who discontinues service other than by death or retirement,  after  the  effective  date  specified  in subdivision a of this section and prior to April first, nineteen hundred seventy, who has credit for at least ten years of total service, and who does  not  withdraw his accumulated contributions, except as provided in paragraph (6) of this subdivision, shall be entitled to make application for a vested retirement allowance on or after the first day of the month following his attainment of fifty-five  years  of  age.  The  retirement allowance  provided  by  this section shall vest automatically upon such discontinuance of service by such member.  (2) The vested retirement allowance provided by this subdivision shall be computed in the same  manner  as  the  service  retirement  allowance provided  by  subdivision  d  of  this  section.  For  purposes  of this subdivision e, the total service referred to in subdivision d  shall  be the total service credit of the member at the time of his discontinuance of service. For purposes of this subdivision e, the final average salary referred  to in subdivision d of this section shall be the final average salary at the time of such discontinuance. The annuity  referred  to  in subdivision  d  of this section shall be the actuarial equivalent of the member's accumulated contributions at the time his retirement  allowance commences.  (3)  Any  such  member entitled to a vested retirement allowance shall apply  for  such  allowance  in  accordance  with  the   provisions   of subdivision a of section seventy of this chapter.  (4)  In  the  event of the death of such member prior to the effective date of his retirement, his accumulated contributions shall be  paid  to his  beneficiary  or estate in accordance with section fifty-one of this chapter.  (5) Any such member may withdraw his accumulated contributions at  any time,  subject to the limitations contained in section fifty-one of this chapter. The withdrawal of a member's  accumulated  contributions  shall terminate his right to a vested retirement allowance.  (6)  A  member  eligible  for a vested retirement allowance under this section who discontinues service other than by death or  retirement  and who  had been contributing on a basis other than retirement at age sixty may, without adversely affecting his right  to  such  vested  retirement allowance, elect to withdraw the amount of his contributions and regular interest  thereon  which  is  in excess of the amount of the accumulated contributions which he would  then  have  to  his  credit  had  he  been contributing  on  the  basis  of  his  rate of normal contribution. Such refund shall be granted upon application to and with the approval of the comptroller.   f. The additional pensions provided under this section  shall  not  be included  in  computing  any  pension  reserve  payable  pursuant to the provisions of section sixty of this chapter, which shall be computed  as  though the member had not made the election provided in paragraph (1) of subdivision c of this section.   g.  The  increased  pensions  to  authority employees provided by this section  shall  be  paid  from  additional  contributions  made  by  the authority  on  account  of  each  such  member,  in  accordance with the provisions  of  section  seventeen  of  this  chapter.  Such  additional contributions  shall  be  computed  by  the  actuary  on  the  basis  of contributions during the prospective service of such members which  will cover the liability of the retirement system for such extra pensions.   h.  Nothing  contained  in  this  section  shall  impair  the right of persons, who became members before August nineteenth,  nineteen  hundred sixty-six,  to  make  contributions pursuant to subdivision i of section twenty-one of this chapter.   i. Any member who has elected to make contributions in accordance with the provisions of subdivision j of section twenty-one  of  this  chapter shall  continue to make such contributions until his election under said subdivision is withdrawn.   j.  The   provisions   of   this   section   shall   be   controlling, notwithstanding any provision in this chapter to the contrary.   k.  The  provisions  of  this  section  shall  become effective on the effective date specified in subdivision a  of  this  section  and  shall remain in effect until March thirty-first, nineteen hundred seventy.   * NB Expired March 31, 1970