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

NY Ret & SS L § 375-H (2019) (N/A)
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(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.