§ 75-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.

4. In no event shall the pension provided pursuant to the provisions
of this section exceed seventy-five per centum of a member's final
average salary.

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 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 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. 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 seventy-five-f of
this chapter if a greater benefit would have been provided under such
provisions.

f. The benefits hereinabove provided shall be payable to a member,
including a member covered by the provisions of section eighty-nine of
this article who is not in the 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.

g. The provisions of this section shall apply to members retiring or
separating in vested status from state service on or after April first,
nineteen hundred seventy.