2023 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 › 80 - Retirement of Members of the Legislature.

§  80.  Retirement  of members of the legislature.  a. As used in this
  section the term "service as a member of  the  legislature"  shall  mean
  service  as  a senator or assemblyman in the legislature of the state of
  New York.
b. Any member of the  legislature  may  elect  to  contribute  to  the
  retirement  system  on  the  basis  of retirement upon his completion of
  twenty years of service as a member of the legislature on  an  allowance
  of  one-fortieth of his final average salary for each year of service as
  a member of the legislature not in excess of twenty years. Such election
  shall be in writing and shall  be  duly  executed  and  filed  with  the
  comptroller.
c.  A member of the legislature who elects to contribute in accordance
  with this section  shall  contribute,  in  lieu  of  the  proportion  of
  compensation  as  provided  in  section  twenty-one  of  this article, a
  proportion  similarly  determined.  Such  latter  proportion  shall   be
  computed to provide, at the time when he shall first become eligible for
  retirement  under  this section, a sum which together with contributions
  previously made will provide an annuity equal to  one-eightieth  of  his
  final  average  salary  for  each  year  of  service  as a member of the
  legislature rendered prior to  the  time  when  he  shall  first  become
  eligible  for retirement in accordance with this section.  Such member's
  rate of contribution pursuant to this  section  shall  be  appropriately
  reduced pursuant to section seventy-a of this article for such period of
  time  as  his  employer  contributes  pursuant  to  such  section toward
  pensions-providing-for-increased-take-home-pay provided,  however,  that
  such  member  may by written notice duly acknowledged and filed with the
  comptroller make an election to waive  such  reduction  as  provided  by
  subdivision  j  of  section twenty-one of this article. One year or more
  after the filing thereof, a member may withdraw  any  such  election  by
  written  notice  duly  acknowledged and filed with the comptroller. Such
  member may discontinue contributions upon completion of twenty years  of
  service  as  a member of the legislature. At the time of his retirement,
  such member  may  elect  to  make  sufficient  additional  contributions
  required  to  provide  a  retirement  allowance of one-half of his final
  average salary.
d. A member contributing  on  the  basis  of  this  section  shall  be
  entitled  to retire after the completion of twenty years of service as a
  member of the legislature, by filing an application therefor in a manner
  similar to  that  provided  in  section  seventy  of  this  article.  He
  thereupon  shall receive on retirement a retirement allowance consisting
  of:
1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
  accumulated contributions at the time of his retirement, plus
2.   A   pension   which   is   the   actuarial   equivalent   of  the
  reserve-for-increased-take-home-pay to which he may then be entitled, if
  any, plus
3. A pension equal to one-quarter of his final average salary.
e. The increased pensions to any member as provided by  this  section,
  shall be paid from additional contributions made by the state on account
  of  such members. The actuary of the retirement system shall compute the
  additional contribution for each member who elects the special  benefits
  provided  under  this  section.  Such  additional  contribution shall be
  computed on the basis of contributions during the prospective service of
  such member which will cover the liability of the retirement system  for
  such   extra  pensions,  and  upon  approval  by  the  comptroller,  the
  additional contributions shall be certified by the comptroller and shall
  be included in the annual appropriation to the pension accumulation fund

  of the retirement system in the manner provided in  section  sixteen  of
  this article.
f.  One  year  or more after the filing thereof, a member may withdraw
  his election to contribute pursuant to this  section  on  the  basis  of
  retirement upon completion of twenty years of service as a member of the
  legislature.   Such   withdrawal   shall   be  by  written  notice  duly
  acknowledged and filed with  the  comptroller.  Such  member  thereafter
  shall  contribute  on the basis of his rate of normal contribution. Such
  member, upon application at any time prior to retirement  and  with  the
  approval of the comptroller, shall be entitled to a refund of 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.
g. On and after April first, nineteen hundred sixty-eight, no election
  may be made to contribute under this section.
h. The provisions of this section shall be controlling notwithstanding
  any provision in this article to the contrary.