Legislation
SECTION 89-C
Retirement of members in New York state thruway authority service
Retirement & Social Security (RSS) CHAPTER 51-A, ARTICLE 2, TITLE 9
* § 89-c. Retirement of members in New York state thruway authority
service.
a. By the adoption, filing and approval of a resolution in the manner
provided by section thirty-one of this chapter, the New York state
thruway authority may elect to make contributions to the pension
accumulation fund for the purpose of providing guaranteed service
retirement benefits pursuant to this section for members who are in its
employ at the time of their retirement. Such resolution shall specify
the effective date which shall be on or after the date of such filing
for the commencement of such guaranteed retirement benefits.
b. As used in this section, the following words and phrases shall have
the following meanings unless a different meaning is plainly required by
the context:
1. "Authority." The New York state thruway authority.
2. "Authority employee." An employee of the New York state thruway
authority, who is such an employee immediately preceding the effective
date of his retirement or immediately preceding his discontinuance of
service as provided in paragraph (1) of subdivision e of this section;
provided, however, that:
(1) he is an authority employee on the effective date provided in
subdivision a of this section; or,
(2) he shall have rendered two or more years of service as an
authority employee after such effective date.
c. (1) Any member who is or becomes an authority employee on or after
the effective date provided in subdivision a of this section may, by
written notice duly acknowledged and filed with the comptroller on or
before March thirty-first, nineteen hundred seventy, elect to remain a
member pursuant to the provisions of this section. Upon such election he
shall be deemed to have accepted the service retirement and vesting
provisions of this section in lieu of the similar provisions otherwise
provided in this article.
(2) Every such member shall be entitled to allowable service credit as
provided in section forty-one of this chapter, which shall be used in
determining the benefits to be provided upon retirement under this
section.
d. Any authority employee member may retire if he shall have attained
the age of fifty-five years or over upon compliance with the terms of
subdivision a of section seventy of this chapter. Any such member who
attains age seventy shall be retired on the first day of the calendar
month next succeeding such event, in accordance with the provisions of
subdivisions b and c of section seventy of this chapter. Upon such
retirement, after the effective date specified in subdivision a of this
section and prior to April first, nineteen hundred seventy, he shall
receive a guaranteed service retirement benefit computed in accordance
with that one of the following paragraphs of this subdivision which is
applicable to him.
(a) If his total allowable service credit at the time of retirement is
less than twenty-five years, his retirement benefit shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement.
2. For member service rendered on and after April first, nineteen
hundred sixty and April first, nineteen hundred seventy, a pension
computed on the basis of one-sixtieth of final average salary for each
year of such member service.
3. For member service rendered between April first, nineteen hundred
thirty-eight and March thirty-first, nineteen hundred sixty, a pension
which, together with the annuity which is the actuarial equivalent of
the member's accumulated contributions attributable to such period,
computed on the basis of his rate of normal contribution, will provide a
retirement allowance of one-sixtieth of final average salary for each
year of such member service.
4. For member service rendered prior to April first, nineteen hundred
thirty-eight, a pension of one-one hundred twentieth of final average
salary for each year of such member service.
5. For each year of prior service, a pension of one-sixtieth of final
average salary.
(b) If his total allowable service credit at the time of retirement is
twenty-five years or more but less than thirty years, his retirement
allowance shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement.
2. For member service rendered on and after April first, nineteen
hundred sixty, during his first twenty-five years of total service, a
pension computed on the basis of one-fiftieth of final average salary
for each year of such member service. For member service rendered on and
after April first, nineteen hundred sixty, during his service in excess
of twenty-five years of total service, a pension computed on the basis
of one-sixtieth of final average salary for each year of such member
service.
3. For member service rendered prior to April first, nineteen hundred
sixty, during his first twenty-five years of total service, a pension
which, together with the annuity which is the actuarial equivalent of
the member's accumulated contributions attributable to such period,
computed on the basis of his rate of normal contribution, will provide a
retirement allowance of one-fiftieth of final average salary for each
year of such member service. For member service rendered prior to April
first, nineteen hundred sixty, during his service in excess of
twenty-five years of total service, a pension which, together with the
annuity which is the actuarial equivalent of the member's accumulated
contributions attributable to such period, computed on the basis of his
rate of normal contribution, will provide a retirement allowance of
one-sixtieth of final average salary for each year of such member
service.
4. For each year of prior service, during his first twenty-five years
of total service, a pension computed on the basis of one-fiftieth of
final average salary for each year of such service. For each year of
prior service, during his service in excess of twenty-five years of
total service, a pension computed on the basis of one-sixtieth of final
average salary for each year of such service.
(c) If his total allowable service credit at the time of retirement is
thirty years or more, his retirement allowance shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement.
2. For member service rendered on and after April first, nineteen
hundred sixty, during his first thirty years of total service, a pension
computed on the basis of one-fiftieth of final average salary for each
year of such service. For member service rendered on and after April
first, nineteen hundred sixty, during his service in excess of thirty
years of total service, a pension computed on the basis of one-sixtieth
of final average salary for each year of such member service.
3. For member service rendered prior to April first, nineteen hundred
sixty, during his first thirty years of total service, a pension which,
together with the annuity which is the actuarial equivalent of the
member's accumulated contributions attributable to such period, computed
on the basis of his rate of normal contribution, will provide a
retirement allowance of one-fiftieth of final average salary for each
year of such member service. For member service rendered prior to April
first, nineteen hundred sixty, during his service in excess of thirty
years of total service, a pension which, together with the annuity which
is the actuarial equivalent of the member's accumulated contributions
attributable to such period, computed on the basis of his rate of normal
contribution, will provide a retirement allowance of one-sixtieth of
final average salary for each year of such member service.
4. For each year of prior service, during his first thirty years of
total service, a pension computed on the basis of one-fiftieth of final
average salary for each year of such service. For each year of prior
service during his service in excess of thirty years of total service, a
pension computed on the basis of one-sixtieth of final average salary
for each year of such service.
e. (1) Any authority employee member who discontinues service other
than by death or retirement, after the effective date specified in
subdivision a of this section and prior to April first, nineteen hundred
seventy, who has credit for at least ten years of total service, and who
does not withdraw his accumulated contributions, except as provided in
paragraph (6) of this subdivision, shall be entitled to make application
for a vested retirement allowance on or after the first day of the month
following his attainment of fifty-five years of age. The retirement
allowance provided by this section shall vest automatically upon such
discontinuance of service by such member.
(2) The vested retirement allowance provided by this subdivision shall
be computed in the same manner as the service retirement allowance
provided by subdivision d of this section. For purposes of this
subdivision e, the total service referred to in subdivision d shall be
the total service credit of the member at the time of his discontinuance
of service. For purposes of this subdivision e, the final average salary
referred to in subdivision d of this section shall be the final average
salary at the time of such discontinuance. The annuity referred to in
subdivision d of this section shall be the actuarial equivalent of the
member's accumulated contributions at the time his retirement allowance
commences.
(3) Any such member entitled to a vested retirement allowance shall
apply for such allowance in accordance with the provisions of
subdivision a of section seventy of this chapter.
(4) In the event of the death of such member prior to the effective
date of his retirement, his accumulated contributions shall be paid to
his beneficiary or estate in accordance with section fifty-one of this
chapter.
(5) Any such member may withdraw his accumulated contributions at any
time, subject to the limitations contained in section fifty-one of this
chapter. The withdrawal of a member's accumulated contributions shall
terminate his right to a vested retirement allowance.
(6) A member eligible for a vested retirement allowance under this
section who discontinues service other than by death or retirement and
who had been contributing on a basis other than retirement at age sixty
may, without adversely affecting his right to such vested retirement
allowance, elect to withdraw the amount of his contributions and regular
interest thereon which is in excess of the amount of the accumulated
contributions which he would then have to his credit had he been
contributing on the basis of his rate of normal contribution. Such
refund shall be granted upon application to and with the approval of the
comptroller.
f. The additional pensions provided under this section shall not be
included in computing any pension reserve payable pursuant to the
provisions of section sixty of this chapter, which shall be computed as
though the member had not made the election provided in paragraph (1) of
subdivision c of this section.
g. The increased pensions to authority employees provided by this
section shall be paid from additional contributions made by the
authority on account of each such member, in accordance with the
provisions of section seventeen of this chapter. Such additional
contributions shall be computed by the actuary 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.
h. Nothing contained in this section shall impair the right of
persons, who became members before August nineteenth, nineteen hundred
sixty-six, to make contributions pursuant to subdivision i of section
twenty-one of this chapter.
i. Any member who has elected to make contributions in accordance with
the provisions of subdivision j of section twenty-one of this chapter
shall continue to make such contributions until his election under said
subdivision is withdrawn.
j. The provisions of this section shall be controlling,
notwithstanding any provision in this chapter to the contrary.
k. The provisions of this section shall become effective on the
effective date specified in subdivision a of this section and shall
remain in effect until March thirty-first, nineteen hundred seventy.
* NB Expired March 31, 1970
service.
a. By the adoption, filing and approval of a resolution in the manner
provided by section thirty-one of this chapter, the New York state
thruway authority may elect to make contributions to the pension
accumulation fund for the purpose of providing guaranteed service
retirement benefits pursuant to this section for members who are in its
employ at the time of their retirement. Such resolution shall specify
the effective date which shall be on or after the date of such filing
for the commencement of such guaranteed retirement benefits.
b. As used in this section, the following words and phrases shall have
the following meanings unless a different meaning is plainly required by
the context:
1. "Authority." The New York state thruway authority.
2. "Authority employee." An employee of the New York state thruway
authority, who is such an employee immediately preceding the effective
date of his retirement or immediately preceding his discontinuance of
service as provided in paragraph (1) of subdivision e of this section;
provided, however, that:
(1) he is an authority employee on the effective date provided in
subdivision a of this section; or,
(2) he shall have rendered two or more years of service as an
authority employee after such effective date.
c. (1) Any member who is or becomes an authority employee on or after
the effective date provided in subdivision a of this section may, by
written notice duly acknowledged and filed with the comptroller on or
before March thirty-first, nineteen hundred seventy, elect to remain a
member pursuant to the provisions of this section. Upon such election he
shall be deemed to have accepted the service retirement and vesting
provisions of this section in lieu of the similar provisions otherwise
provided in this article.
(2) Every such member shall be entitled to allowable service credit as
provided in section forty-one of this chapter, which shall be used in
determining the benefits to be provided upon retirement under this
section.
d. Any authority employee member may retire if he shall have attained
the age of fifty-five years or over upon compliance with the terms of
subdivision a of section seventy of this chapter. Any such member who
attains age seventy shall be retired on the first day of the calendar
month next succeeding such event, in accordance with the provisions of
subdivisions b and c of section seventy of this chapter. Upon such
retirement, after the effective date specified in subdivision a of this
section and prior to April first, nineteen hundred seventy, he shall
receive a guaranteed service retirement benefit computed in accordance
with that one of the following paragraphs of this subdivision which is
applicable to him.
(a) If his total allowable service credit at the time of retirement is
less than twenty-five years, his retirement benefit shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement.
2. For member service rendered on and after April first, nineteen
hundred sixty and April first, nineteen hundred seventy, a pension
computed on the basis of one-sixtieth of final average salary for each
year of such member service.
3. For member service rendered between April first, nineteen hundred
thirty-eight and March thirty-first, nineteen hundred sixty, a pension
which, together with the annuity which is the actuarial equivalent of
the member's accumulated contributions attributable to such period,
computed on the basis of his rate of normal contribution, will provide a
retirement allowance of one-sixtieth of final average salary for each
year of such member service.
4. For member service rendered prior to April first, nineteen hundred
thirty-eight, a pension of one-one hundred twentieth of final average
salary for each year of such member service.
5. For each year of prior service, a pension of one-sixtieth of final
average salary.
(b) If his total allowable service credit at the time of retirement is
twenty-five years or more but less than thirty years, his retirement
allowance shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement.
2. For member service rendered on and after April first, nineteen
hundred sixty, during his first twenty-five years of total service, a
pension computed on the basis of one-fiftieth of final average salary
for each year of such member service. For member service rendered on and
after April first, nineteen hundred sixty, during his service in excess
of twenty-five years of total service, a pension computed on the basis
of one-sixtieth of final average salary for each year of such member
service.
3. For member service rendered prior to April first, nineteen hundred
sixty, during his first twenty-five years of total service, a pension
which, together with the annuity which is the actuarial equivalent of
the member's accumulated contributions attributable to such period,
computed on the basis of his rate of normal contribution, will provide a
retirement allowance of one-fiftieth of final average salary for each
year of such member service. For member service rendered prior to April
first, nineteen hundred sixty, during his service in excess of
twenty-five years of total service, a pension which, together with the
annuity which is the actuarial equivalent of the member's accumulated
contributions attributable to such period, computed on the basis of his
rate of normal contribution, will provide a retirement allowance of
one-sixtieth of final average salary for each year of such member
service.
4. For each year of prior service, during his first twenty-five years
of total service, a pension computed on the basis of one-fiftieth of
final average salary for each year of such service. For each year of
prior service, during his service in excess of twenty-five years of
total service, a pension computed on the basis of one-sixtieth of final
average salary for each year of such service.
(c) If his total allowable service credit at the time of retirement is
thirty years or more, his retirement allowance shall consist of:
1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement.
2. For member service rendered on and after April first, nineteen
hundred sixty, during his first thirty years of total service, a pension
computed on the basis of one-fiftieth of final average salary for each
year of such service. For member service rendered on and after April
first, nineteen hundred sixty, during his service in excess of thirty
years of total service, a pension computed on the basis of one-sixtieth
of final average salary for each year of such member service.
3. For member service rendered prior to April first, nineteen hundred
sixty, during his first thirty years of total service, a pension which,
together with the annuity which is the actuarial equivalent of the
member's accumulated contributions attributable to such period, computed
on the basis of his rate of normal contribution, will provide a
retirement allowance of one-fiftieth of final average salary for each
year of such member service. For member service rendered prior to April
first, nineteen hundred sixty, during his service in excess of thirty
years of total service, a pension which, together with the annuity which
is the actuarial equivalent of the member's accumulated contributions
attributable to such period, computed on the basis of his rate of normal
contribution, will provide a retirement allowance of one-sixtieth of
final average salary for each year of such member service.
4. For each year of prior service, during his first thirty years of
total service, a pension computed on the basis of one-fiftieth of final
average salary for each year of such service. For each year of prior
service during his service in excess of thirty years of total service, a
pension computed on the basis of one-sixtieth of final average salary
for each year of such service.
e. (1) Any authority employee member who discontinues service other
than by death or retirement, after the effective date specified in
subdivision a of this section and prior to April first, nineteen hundred
seventy, who has credit for at least ten years of total service, and who
does not withdraw his accumulated contributions, except as provided in
paragraph (6) of this subdivision, shall be entitled to make application
for a vested retirement allowance on or after the first day of the month
following his attainment of fifty-five years of age. The retirement
allowance provided by this section shall vest automatically upon such
discontinuance of service by such member.
(2) The vested retirement allowance provided by this subdivision shall
be computed in the same manner as the service retirement allowance
provided by subdivision d of this section. For purposes of this
subdivision e, the total service referred to in subdivision d shall be
the total service credit of the member at the time of his discontinuance
of service. For purposes of this subdivision e, the final average salary
referred to in subdivision d of this section shall be the final average
salary at the time of such discontinuance. The annuity referred to in
subdivision d of this section shall be the actuarial equivalent of the
member's accumulated contributions at the time his retirement allowance
commences.
(3) Any such member entitled to a vested retirement allowance shall
apply for such allowance in accordance with the provisions of
subdivision a of section seventy of this chapter.
(4) In the event of the death of such member prior to the effective
date of his retirement, his accumulated contributions shall be paid to
his beneficiary or estate in accordance with section fifty-one of this
chapter.
(5) Any such member may withdraw his accumulated contributions at any
time, subject to the limitations contained in section fifty-one of this
chapter. The withdrawal of a member's accumulated contributions shall
terminate his right to a vested retirement allowance.
(6) A member eligible for a vested retirement allowance under this
section who discontinues service other than by death or retirement and
who had been contributing on a basis other than retirement at age sixty
may, without adversely affecting his right to such vested retirement
allowance, elect to withdraw the amount of his contributions and regular
interest thereon which is in excess of the amount of the accumulated
contributions which he would then have to his credit had he been
contributing on the basis of his rate of normal contribution. Such
refund shall be granted upon application to and with the approval of the
comptroller.
f. The additional pensions provided under this section shall not be
included in computing any pension reserve payable pursuant to the
provisions of section sixty of this chapter, which shall be computed as
though the member had not made the election provided in paragraph (1) of
subdivision c of this section.
g. The increased pensions to authority employees provided by this
section shall be paid from additional contributions made by the
authority on account of each such member, in accordance with the
provisions of section seventeen of this chapter. Such additional
contributions shall be computed by the actuary 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.
h. Nothing contained in this section shall impair the right of
persons, who became members before August nineteenth, nineteen hundred
sixty-six, to make contributions pursuant to subdivision i of section
twenty-one of this chapter.
i. Any member who has elected to make contributions in accordance with
the provisions of subdivision j of section twenty-one of this chapter
shall continue to make such contributions until his election under said
subdivision is withdrawn.
j. The provisions of this section shall be controlling,
notwithstanding any provision in this chapter to the contrary.
k. The provisions of this section shall become effective on the
effective date specified in subdivision a of this section and shall
remain in effect until March thirty-first, nineteen hundred seventy.
* NB Expired March 31, 1970