Section 431. Salary base for computing retirement benefits

Latest version.

In any
  retirement or pension plan to which the state  or  municipality  thereof
  contributes,  the salary base for the computation of retirement benefits
  shall in no event include any of the following earned or received, on or
  after April first, nineteen hundred seventy-two:
    1.  lump  sum  payments  for  deferred   compensation,   sick   leave,
  accumulated vacation or other credits for time not worked,
    2. any form of termination pay,
    3. any additional compensation paid in anticipation of retirement, or
    4.  that  portion  of  compensation  earned  during  any twelve months
  included in such salary base period which exceeds that of the  preceding
  twelve months by more than twenty per centum.

                    
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