2023 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.