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-E - Guaranteed Retirement Benefits for Employees of Participating Employers.

§  75-e. Guaranteed retirement benefits for employees of participating
  employers.  a. 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  of this chapter may elect to make contributions
  to the pension accumulation fund for the purpose of providing guaranteed
  retirement benefits pursuant to this section for members in  its  employ
  who  are  entitled to a pension pursuant to paragraph one, subdivision a
  of section seventy-five-c of this chapter. Such resolution shall specify
  an effective date which shall be on or after the date of such filing for
  the commencement of guaranteed retirement benefits.
b. 1. The guaranteed retirement benefit shall consist of an additional
  pension for member service rendered on or after  April  first,  nineteen
  hundred  thirty-eight  and prior to April first, nineteen hundred sixty,
  which when added to the pension provided pursuant to  subparagraph  (b),
  paragraph  one,  subdivision a of section seventy-five-c and 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 service, for
  members in its employ on the effective date of the aforesaid resolution.
  Such 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 survivors insurance coverage.
2. The additional pension provided under this  section  shall  not  be
  included  in  computing  any  pension  reserve  payable  pursuant to the
  provisions of section sixty of this chapter.
3. Any accumulated contributions in excess of the amount  required  to
  provide   the  annuity  computed  pursuant  to  paragraph  one  of  this
  subdivision shall be used to increase the member's retirement allowance.
c. 1. A member  of  the  retirement  system  in  the  employ  of  such
  participating  employer  on  or  after  January  first, nineteen hundred
  sixty-eight and prior to April first, nineteen hundred sixty-eight,  who
  retires  from  such  employ  after  the  effective date of the aforesaid
  resolution, shall be entitled to, if otherwise eligible, the  additional
  pension provided under subdivision a of this section.
2.  A  member  of  the  retirement  system  not  in  the employ of the
  participating employer on  or  after  January  first,  nineteen  hundred
  sixty-eight  and prior to April first, nineteen hundred sixty-eight, who
  thereafter enters or re-enters such employ, shall not be entitled to the
  additional pension provided under this section for any period of  member
  service  rendered on or after April first, nineteen hundred thirty-eight
  and prior to April first, nineteen hundred sixty, unless he renders  two
  or  more  years  of service in the employ of such participating employer
  after the effective date  that  such  employer  elects  to  provide  the
  benefits under this section, and retires from such employ, except that a
  member shall retain such eligibility for the additional pension provided
  by   this   section  that  accrued  by  reason  of  previous  employment
  immediately prior to employment with such participating employer.
d. The benefits hereinabove  provided  shall  be  payable  unless  the
  member  would otherwise under the provisions of this chapter be entitled
  to a greater benefit, in which  event,  the  greater  benefit  shall  be
  payable.
e. The provisions of this section shall apply to members retiring from
  service  with  a participating employer after the effective date of such

  resolution; 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.