(a) An annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement, and

(b) A pension which is the actuarial equivalent of the reserve-for-increased-take-home-pay to which he may then be entitled, if any, and

(c) A pension of one-one hundredth of his final average salary for each year of service as an officer or member of any such fire department, police force or police department, and

(d) An additional pension of one-one hundred fortieth of his final average salary for each year of member service for which he otherwise shall be entitled to credit and which was earned by him since he last become a member, and

(e) If he has had one or more years of service as a member, an additional pension which shall be equal to one-fiftieth of his final average salary for each year of prior service as an officer or member of any such fire department, police force or police department, plus one-seventieth of his final average salary for each year of prior service to which he otherwise shall be entitled to credit.

(f) Upon completion of twenty-five years service, an additional pension, if required, of such amount as shall be necessary to increase the total amount of the benefits provided herein to one-half of his final average salary. The pension provided by this sub-paragraph shall be payable only if a member retires from service on or before the last day of the calendar month next succeeding the calendar month in which he attains age sixty-two. Provided, however, that in the case of any member who attained the age of sixty-two on or before July first, nineteen hundred sixty-six, to be eligible for additional pension credit under this sub-paragraph, his service shall be terminated and he shall retire on or before December thirty-first, nineteen hundred sixty-seven. For the purpose only of determining the amount of the pension provided 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, and if it were not increased by the actuarial equivalent of any additional contributions, and if it were not reduced by reason of the member's election to decrease his annuity contributions to the retirement system in order to apply the amount of such reduction in payment of his contributions for old-age and survivors insurance coverage. 2. Computation of retirement allowance where employer has elected to pay all or part of the additional cost: A member who has elected to contribute pursuant to this section and who has made the contributions required by this section, and whose employer has by appropriate action elected to pay all or part of the additional cost of the benefits provided by this section, shall be entitled to retire on or after his completion of twenty-five years of service as an officer or member of any such fire department, police force or police department, or upon the attainment of age sixty with less than twenty-five years of such service, by filing an application therefor in a manner similar to that provided in section three hundred seventy of this article. He thereupon shall receive, upon retirement, a retirement allowance which shall not exceed one-half of his final average salary. Such retirement allowance shall consist of:

(a) An annuity which shall be the actuarial equivalent of his accumulated contributions at the time of his retirement, and

(b) A pension which the actuarial equivalent of the reserve-for-increased-take-home-pay to which he may then be entitled, if any, and

(c) A pension for each year of service as an officer or member of any such fire department, police force or police department, rendered on and after the effective date of the employer's election under this section, computed pursuant to the one of the following four formulae which is appropriate:

(1) If his employer elected to pay twenty-five per centum of the additional cost on account of such service rendered on and after the effective date of such election, such pension shall be six-seven hundredths (6/700) of his final average salary for each year of such service after such date, or

(2) If his employer elected to pay fifty per centum of the additional cost on account of such service rendered on and after the effective date of such election, such pension shall be one-one hundredth (1/100) of his final average salary for each year of such service after such date, or

(3) If his employer elected to pay seventy-five per centum of the additional cost on account of such service rendered on and after the effective date of such election, such pension shall be eight-seven hundredths (8/700) of his final average salary for each year of such service after such date, or

(4) If his employer elected to pay one hundred per centum of the additional cost on account of such service rendered on and after the effective date of such election, such pension shall be nine-seven hundredths (9/700) of his final average salary for each year of such service after such date, and

(d) An additional pension for such service, exclusive of prior service, rendered before the effective date of the employer's initial election under this section, of one-fiftieth of his final average salary for each year of such service, minus a sum equal to the annuity provided out of the normal contributions, with accumulated interest thereon, made by the member during such period and minus a sum which is the actuarial equivalent of the reduction in his contributions pursuant to the provisions of section three hundred seventy-a of this article, if any, during such period, with regular interest thereon, and

(e) An additional pension of one-one hundred fortieth of his final average salary for each year of member service for which he otherwise shall be entitled to credit and which was earned by him since he last became a member, and

(f) If he has had one or more years of service as a member, an additional pension which shall be equal to one-fiftieth of his final average salary for each year of such service, which is credited as prior service, plus one-seventieth of his final average salary for each year of prior service for which he otherwise shall be entitled to credit.

(g) Upon completion of twenty-five years service, an additional pension, if required, of such amount as shall be necessary to increase the total amount of the benefits provided herein to one-half of his final average salary. The pension provided by this sub-paragraph shall be payable only if a member retires from service on or before the last day of the calendar month next succeeding the calendar month in which he attains age sixty-two. Provided, however, that in the case of any member who attained the age of sixty-two before or within one month after his employer first elected to assume all or part of the additional cost of service as provided by paragraph two of subdivision d of this section, to be eligible for additional pension credit under this sub-paragraph, his service shall be terminated and he shall retire within three months after his employer so elects or on or before December thirty-first, nineteen hundred sixty-eight, whichever shall last occur. For the purpose only of determining the amount of the pension provided 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, and if it were not increased by the actuarial equivalent of any additional contributions, and if it were not reduced by reason of the member's election to decrease his annuity contributions to the retirement system in order to apply the amount of said reduction in payment of his contributions for old-age and survivors insurance coverage. f. In the event a member shall continue in service after twenty-five years of total creditable service, as defined in subdivision bb of this section, there shall be added to his pension upon retirement a sum equal to one-sixtieth of his final average salary for each completed additional year of service after twenty-five years. g. The increased pension provided for in subdivision f hereof shall be conditioned upon the participating employer electing in a manner similar to that provided in subdivision a of section three hundred thirty of this article to provide this added benefit and assuming the additional cost thereof on account of all of the officers and members of its organized fire department or organized police force or department who are contributing under the provisions of this section. Such increased pensions to the members in either department shall be paid from additional contributions made by the appropriate participating employer on account of such members. The actuary of the retirement system shall compute the additional contributions for each employer who elects to provide the special benefits provided under subdivision f of this section. Such additional contributions shall be computed on the basis of contributions during the prospective service of such members which will cover the liability of the retirement system for such extra pensions. Upon approval of the comptroller, such additional contributions shall be certified by him to the fiscal officer of the participating employer. The amount thereof shall be included in the annual appropriation of the participating employer for its police and fire departments. Such amount shall be paid on the warrant of the fiscal officer of the participating employer to the pension accumulation fund of the retirement system. h. Any officer or member of such organized fire department or organized police force or department, may, within one year after he becomes such officer or member or within one year after his employer assumes the additional cost therefor, whichever shall last occur, elect to receive the additional benefits provided for by subdivision f hereof. Any officer or member who elects to receive such benefits shall be separated from service on the first day of the calendar month next succeeding his attainment of age sixty-two and the completion of twenty-five years of service, provided, however, that in the case of any officer or member who attained the age of sixty-two before his employer assumed the additional cost therefor, or who attains the age of sixty-two within one month after his employer assumes the additional cost therefor, to be eligible for additional pension credit under subdivision f of this section, his service shall be terminated and he shall be retired within three months after his employer assumes the additional cost therefor or on or before December thirty-first, nineteen hundred sixty-eight, whichever shall last occur, and provided further that a member who is a chief or commanding officer of a police department or police force shall retire on the first day of the calendar month next succeeding his attainment of age sixty-five; a member who is a chief or commanding officer of a police department or police force, who attained age sixty-five before his employer elected to provide this added benefit and has rendered twenty-five years of total creditable service, shall retire on or before December thirty-first, nineteen hundred sixty-eight, or within one year after his employer assumes the additional cost therefor, whichever shall last occur. i. In lieu of the provisions of subdivisions f, g and h and in the event a member shall continue in service after twenty-five years of total creditable service, as defined in subdivision bb of this section, there shall be added to his pension upon retirement a sum equal to one-one hundred twentieth of his final average salary for each completed additional year of service after twenty-five years. j. The increased pension provided for in subdivision i hereof shall be conditioned upon the participating employer electing in a manner similar to that provided in subdivision a of section three hundred thirty of this article to provide this added benefit and assuming the additional cost thereof on account of all of the officers and members of its organized fire department or organized police force or department who are contributing under the provisions of this section. Such increased pensions to the members in either department shall be paid from additional contributions made by the appropriate participating employer on account of such members. The actuary of the retirement system shall compute the additional contributions for each employer who elects to provide the special benefits provided under subdivision i of this section. Such additional contributions shall be computed on the basis of contributions during the prospective service of such members which will cover the liability of the retirement system for such extra pensions. Upon approval of the comptroller, such additional contributions shall be certified by him to the fiscal officer of the participating employer. The amount thereof shall be included in the annual appropriation of the participating employer for its police and fire departments. Such amount shall be paid on the warrant of the fiscal officer of the participating employer to the pension accumulation fund of the retirement system. k. Any officer or member of such organized fire department or organized police force or department, may, within one year after he becomes such officer or member or within one year after his employer assumes the additional cost therefor, whichever shall last occur, elect to receive the additional benefits provided for by subdivision i hereof. Any officer or member who elects to receive such benefits shall be separated from service on the first day of the calendar month next succeeding his attainment of age sixty-two and the completion of twenty-five years of service, provided, however, that in the case of any officer or member who attained the age of sixty-two before his employer assumed the additional cost therefor, or who attains the age of sixty-two within one month after his employer assumes the additional cost therefor, to be eligible for additional pension credit under subdivision i of this section, his service shall be terminated and he shall be retired within three months after his employer assumes the additional cost therefor, or on or before December thirty-first, nineteen hundred sixty-eight, whichever shall last occur, and provided further that a member who is a chief or commanding officer of a police department or police force shall retire on the first day of the calendar month next succeeding his attainment of age sixty-five; a member who is a chief or commanding officer of a police department or police force, who attained age sixty-five before his employer elected to provide this added benefit and has rendered twenty-five years of total creditable service, shall retire on or before December thirty-first, nineteen hundred sixty-eight, or within one year after his employer assumes the additional cost therefor, whichever shall last occur. l. Upon retirement of any member pursuant to this section, any additional amounts credited to the member's annuity savings account pursuant to subdivision b of section three hundred thirty of this article shall be treated as excess contributions and shall be used to provide an annuity in addition to the annuity prescribed by this section. Any other amounts credited to the member's annuity savings account, except the amounts contributed or required to be contributed under this section and except such amounts as are required to produce the retirement allowance provided by subdivision e of this section, may at the option of the member at the time of retirement be withdrawn or used to provide an annuity in addition to the annuity prescribed by this section. m. Service in the division of state police in the executive department shall be considered allowable service in an organized fire department or an organized police force or police department for the purpose of this section, provided that the member pays or has paid the required contributions. n. Notwithstanding any provision of subdivision bb or g of this section, service as a fire chief-airport, firefighter-airport, and fire captain-airport of the county of Monroe shall be included for the purpose of computing police or fire service for retirement pursuant to this section, provided the county of Monroe has elected to participate in the New York state and local police and fire retirement system on the behalf of its fire chief-airport, firefighters-airport, and fire captains-airport and elects to provide the benefit of this section. * o. The benefits hereinabove provided shall be payable to a member, unless at the date of retirement, such member would otherwise be entitled to a greater benefit under other provisions of this article had he withdrawn from this section, in which event such greater benefits shall be payable. * NB There are 2 sb o's * o. Any member of the New York state and local police and fire retirement system who was a member of the New York city employees' retirement system while employed as a New York city police department trainee or a New York city transit officer trainee and whose membership therein was terminated by his attaining membership in the New York state and local police and fire retirement system, may purchase credit in the New York state and local police and fire retirement system for prior creditable service in the New York city employees' retirement system earned while employed as a police department trainee or transit officer trainee and shall have the period of such prior service credit counted as police service for the purpose of determining the amount of his pension and retirement allowance and period of service needed for retirement. In order to purchase credit pursuant to this subdivision, the member shall pay into the pension accumulation fund the contribution amount as determined by the comptroller, either in a lump sum or in installments, necessary to pay in full the cost of such previous service. If such payment be made in installments, the same shall be paid within a period no greater than the number of months of such member service granted. * NB There are 2 sb o's p. Notwithstanding any provision of this section, service as an aircraft rescue firefighter employed by the Niagara frontier transportation authority shall be included for the purpose of computing police or fire service for retirement pursuant to this section, provided such authority has elected to participate in the New York state and local police and fire retirement system on the behalf of its aircraft rescue firefighters and elects to provide the benefit of this section. q. The provisions of this section shall be controlling notwithstanding any provision of this article to the contrary.