§ 375-g. Career retirement plan for employees of participating
employers. a. (1) By the adoption, filing and approval, where required,
of a resolution in a manner provided by section three hundred thirty or
three hundred thirty-one of this chapter, as the case may be, a
participating employer who previously elected to make contributions
under the provisions of section three hundred seventy-five-b and section
three hundred seventy-five-e of this chapter, may elect to make
contributions to the pension accumulation fund for the purpose of
providing the career retirement plan pursuant to this section. A member
of the retirement system in the employ of a participating employer who
has elected to provide the career retirement plan 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-b and section three hundred seventy-five-e 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-b and section three hundred
seventy-five-e, 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 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 payable pursuant to section three hundred sixty of this
chapter.

b. A member of the retirement system not in the employ of a
participating employer who has elected to provide the career retirement
plan on the date the employer's election to participate in this plan
pursuant to subdivision f of this section becomes effective 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
such participating employer after the date the employer's election to
participate in this plan pursuant to subdivision f of this section
becomes effective and retires from such employ, or

(2) Immediately prior to service with such participating employer,
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
section three hundred seventy-six, who, on or after April first,
nineteen hundred sixty-nine with twenty-five or more years of total
service, separates from the employ of a participating employer who has
elected to provide the career retirement plan 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. 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.

e. The provisions of this section shall apply to members who retire or
separate in vested status from service with the participating employer
who has elected to provide the career retirement plan; provided,
however, 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 prior to July first, nineteen hundred
seventy-four.

f. A participating employer who, within thirty days of the date this
section becomes law, files a resolution electing to make contributions
to the pension accumulation fund for the purpose of providing the career
retirement plan pursuant to this section may specify April first,
nineteen hundred sixty-nine as the date for the commencement of such
plan. A resolution filed more than thirty days after the date this
section becomes law shall specify an effective date for the commencement
of the career retirement plan, which effective date shall be on or after
the date of such filing, provided, however, that a participating
employer who elects to provide the benefits enumerated in section three
hundred seventy-five-i of this article may specify the same effective
date for this section.