New York Laws
Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally
375-I - Improved Career Retirement Plan for Employees of Participating Employers.

§ 375-i. Improved career retirement plan for employees of
participating employers. a. A participating employer which has elected,
or which elects, pursuant to section three hundred thirty or three
hundred thirty-one of this article to provide the benefits of the career
retirement plan for its employees as specified in section three hundred
seventy-five-g of this article may elect pursuant to section three
hundred thirty-three of this article to reduce the number of years of
total service required for career retirement benefits to twenty and have
the fraction one-fiftieth of final average salary used to calculate the
entire benefit for all years of credited service for such eligible
members, provided, however, the maximum pension payable pursuant to this
section shall not exceed three-quarters of final average salary. A
member eligible for a vested retirement allowance pursuant to the
provisions of section three hundred seventy-six of this chapter who
separates from employment 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.

b. 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.

c. In the case of persons who last became members on or after July
first, nineteen hundred seventy-three, the provisions of this section
shall be applicable only to those retiring or separating in vested
status prior to July first, nineteen hundred seventy-four.