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-F - Career Retirement Plan for State Employees.

§  375-f.  Career retirement plan for state employees. a. (1) A member
of the retirement system in the employ of the state 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-c and section three hundred seventy-five-d 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-c  and   section   three   hundred
seventy-five-d,   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 the provisions of
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 reserve payable pursuant to the  provisions  of
section three hundred sixty of this chapter.
b. A member of the retirement system not in the employ of the state on
April  first,  nineteen  hundred  sixty-nine,  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
the  state  after  March  thirty-first,  nineteen hundred sixty-nine and
retires from such employ, 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.
c. A member eligible for a vested retirement allowance pursuant to the
provisions of section three hundred seventy-six, who separates from  the
employ of the state on or after April first, nineteen hundred sixty-nine
with twenty-five 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.
d.  In  addition  to the retirement allowance provided pursuant to the
plans set forth in sections three hundred  eighty-three,  three  hundred
eighty-three-a,   three   hundred   eighty-three-b   and  three  hundred
eighty-three-d of this article, a member of any such plan who retires on
or after  April  first,  nineteen  hundred  sixty-nine  with  more  than
twenty-five  years  of  total  service  shall be entitled to receive, in
addition to the benefits provided  pursuant  to  any  such  section  and
notwithstanding  the  limitations  of  any  such  section, an additional
retirement allowance for such years of service  rendered  in  excess  of
twenty-five.  The  additional  retirement  allowance for such additional
years of service shall be computed as if such member had  been  eligible
to  have his retirement allowance computed pursuant to the provisions of
subdivision b of section three hundred seventy-five-c and  of  paragraph
one  of  subdivision  a  of section three hundred seventy-five-d of this
title.
e. 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.
f.  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 or separating in vested status from
state service prior to July first, nineteen hundred seventy-four.