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-H - Career Retirement Plan for State Employees; New Plan.

§  375-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.
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 three hundred 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  three  hundred  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.  In  addition  to the retirement allowance provided pursuant to the
plan set forth in section three hundred eighty-one an employee who is  a
member  of  such  plan,  but  is  not  a member of the state police, who

retires on or after April first, nineteen hundred seventy with more than
twenty-five years of total service shall  be  entitled  to  receive,  in
addition   to  the  benefits  provided  pursuant  to  such  section  and
notwithstanding   the   limitations   of  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 provisions of
subdivision b of section three hundred seventy-five-c and  of  paragraph
one  of  subdivision  a  of  section  three hundred seventy-five of this
chapter, provided, however, if such a member retires after attaining age
fifty-five the  fraction  one-fiftieth  shall  be  substituted  for  the
fraction one-sixtieth.
f. 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  three  hundred
seventy-five-f  of  this  chapter  if  a greater benefit would have been
provided under such provisions.
g. The benefits hereinabove provided shall be  payable  to  a  member,
including  a  member  covered by the provisions of section three hundred
eighty-three,   three   hundred   eighty-three-a   or   three    hundred
eighty-three-b  of this article who is not in the collective 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.
h. The pension provided pursuant to the provisions of this section, or
such  pension  when  combined with the pension payable pursuant to other
provisions of this article,  shall  in  no  event  result  in  a  member
receiving  a  pension  in excess of seventy-five per centum of his final
average salary.
i. The provisions of this section shall not apply to  members  of  the
state police.
j.  The  provisions of this section shall apply to members retiring or
separating in vested status from service of the state on or after  April
first, nineteen hundred seventy.