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-D - Guaranteed Retirement Benefits for State Employees.

§  375-d. Guaranteed retirement benefits for state employees.  a. 1. A
  member of the retirement system in the employ of the state on  or  after
  January  first,  nineteen  hundred sixty-eight and prior to April first,
  nineteen hundred sixty-eight who retires from such employ  on  or  after
  April  first,  nineteen  hundred  sixty-eight,  and who is entitled to a
  pension  pursuant  to   subdivision   b   of   section   three   hundred
  seventy-five-c of this chapter, shall receive such an additional pension
  for  member  service  rendered on or after April first, nineteen hundred
  thirty-eight and prior to April first, nineteen hundred sixty,  as  will
  provide,  when  added to the pension provided pursuant to paragraph two,
  subdivision b of section three hundred 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, a retirement allowance of one-sixtieth of
  final average salary for each year of such service. 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 three hundred sixty of this chapter.
3.  Any  accumulated contributions in excess of the amount required to
  provide the annuity computed pursuant to paragraph one of subdivision  a
  of  this  section  shall  be  used  to  increase the member's retirement
  allowance.
b. A member of the retirement system not in the employ of the state 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  the  state  after  April  first,  nineteen  hundred
  sixty-eight, 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 the state.
c.  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.
d. 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 from  state  service  prior  to  July
  first, nineteen hundred seventy-four.