New York Laws
Title 9 - Special Retirement Plans Applicable to Specified Classes of Members
80 - Retirement of Members of the Legislature.

§ 80. Retirement of members of the legislature. a. As used in this
section the term "service as a member of the legislature" shall mean
service as a senator or assemblyman in the legislature of the state of
New York.

b. Any member of the legislature may elect to contribute to the
retirement system on the basis of retirement upon his completion of
twenty years of service as a member of the legislature on an allowance
of one-fortieth of his final average salary for each year of service as
a member of the legislature not in excess of twenty years. Such election
shall be in writing and shall be duly executed and filed with the
comptroller.

c. A member of the legislature who elects to contribute in accordance
with this section shall contribute, in lieu of the proportion of
compensation as provided in section twenty-one of this article, a
proportion similarly determined. Such latter proportion shall be
computed to provide, at the time when he shall first become eligible for
retirement under this section, a sum which together with contributions
previously made will provide an annuity equal to one-eightieth of his
final average salary for each year of service as a member of the
legislature rendered prior to the time when he shall first become
eligible for retirement in accordance with this section. Such member's
rate of contribution pursuant to this section shall be appropriately
reduced pursuant to section seventy-a of this article for such period of
time as his employer contributes pursuant to such section toward
pensions-providing-for-increased-take-home-pay provided, however, that
such member may by written notice duly acknowledged and filed with the
comptroller make an election to waive such reduction as provided by
subdivision j of section twenty-one of this article. One year or more
after the filing thereof, a member may withdraw any such election by
written notice duly acknowledged and filed with the comptroller. Such
member may discontinue contributions upon completion of twenty years of
service as a member of the legislature. At the time of his retirement,
such member may elect to make sufficient additional contributions
required to provide a retirement allowance of one-half of his final
average salary.

d. A member contributing on the basis of this section shall be
entitled to retire after the completion of twenty years of service as a
member of the legislature, by filing an application therefor in a manner
similar to that provided in section seventy of this article. He
thereupon shall receive on retirement a retirement allowance consisting
of:

1. An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of his retirement, plus

2. A pension which is the actuarial equivalent of the
reserve-for-increased-take-home-pay to which he may then be entitled, if
any, plus

3. A pension equal to one-quarter of his final average salary.

e. The increased pensions to any member as provided by this section,
shall be paid from additional contributions made by the state on account
of such members. The actuary of the retirement system shall compute the
additional contribution for each member who elects the special benefits
provided under this section. Such additional contribution shall be
computed on the basis of contributions during the prospective service of
such member which will cover the liability of the retirement system for
such extra pensions, and upon approval by the comptroller, the
additional contributions shall be certified by the comptroller and shall
be included in the annual appropriation to the pension accumulation fund

of the retirement system in the manner provided in section sixteen of
this article.

f. One year or more after the filing thereof, a member may withdraw
his election to contribute pursuant to this section on the basis of
retirement upon completion of twenty years of service as a member of the
legislature. Such withdrawal shall be by written notice duly
acknowledged and filed with the comptroller. Such member thereafter
shall contribute on the basis of his rate of normal contribution. Such
member, upon application at any time prior to retirement and with the
approval of the comptroller, shall be entitled to a refund of 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.

g. On and after April first, nineteen hundred sixty-eight, no election
may be made to contribute under this section.

h. The provisions of this section shall be controlling notwithstanding
any provision in this article to the contrary.