2023 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-G - Career Retirement Plan for Employees of Participating Employers.

§  375-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 three hundred thirty or
three hundred thirty-one  of  this  chapter,  as  the  case  may  be,  a
participating  employer  who  previously  elected  to make contributions
under the provisions of section three hundred seventy-five-b and section
three  hundred  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
three hundred seventy-five-b and section three hundred 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   three   hundred   seventy-five-b  and  section  three  hundred
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  payable  pursuant  to  section three hundred 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  three  hundred  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 the 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  such  filing,  provided,  however,  that  a participating
employer who elects to provide the benefits enumerated in section  three
hundred  seventy-five-i  of  this article may specify the same effective
date for this section.