Section 75-G. Career retirement plan for employees of participating employers

a. (1) By the adoption, filing and approval, where required,
  of a resolution in a manner provided by section  thirty,  thirty-one  or
  thirty-two of this chapter, as the case may be, a participating employer
  who  previously  elected  to  make contributions under the provisions of
  section seventy-five-b and section seventy-five-e of this  chapter,  may
  elect  to  make  contributions  to the pension accumulation fund for the
  purpose of  providing  the  career  retirement  plan  pursuant  to  this
  section.  A  member  of  the  retirement  system  in  the  employ  of  a
  participating employer, who has elected to provide the career retirement
  plan, who retires while in such employ on or after April first, nineteen
  hundred sixty-nine, and who is entitled to a service retirement  benefit
  pursuant  to  section  seventy-five-b and section seventy-five-e of this
  chapter, and who  retires  with  twenty-five  or  more  years  of  total
  service,  shall have his retirement allowance computed as provided under
  section seventy-five-b  and  section  seventy-five-e,  except  that  the
  fraction one-fiftieth shall be substituted for the fraction one-sixtieth
  for  each  of  the  first  twenty-five  years  of such service, and that
  service rendered prior to April  first,  nineteen  hundred  thirty-eight
  shall be included in such computation.
    (2)  That  portion  of  the pension provided pursuant to this section,
  which is in excess of the pension that the member  would  have  received
  had  this section not been in effect, shall not be included in computing
  any pension reserve payable pursuant to section sixty of this chapter.
    b. A  member  of  the  retirement  system  not  in  the  employ  of  a
  participating  employer who has elected to provide the career retirement
  plan on the date the employer's election to  participate  in  this  plan
  pursuant  to  subdivision  f  of  this  section  becomes  effective  who
  thereafter enters or reenters such employ, 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
  such  participating  employer  after the date the employer's election to
  participate in this plan pursuant  to  subdivision  f  of  this  section
  becomes effective and retires from such employ, or
    (2)  Immediately  prior  to  service with such participating employer,
  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 insurance department 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.
    c.  A  member  eligible  for a vested retirement allowance pursuant to
  section seventy-six, who, on or  after  April  first,  nineteen  hundred
  sixty-nine  with  twenty-five  or more years of total service, separates
  from the employ of a participating employer who has elected  to  provide
  the  career retirement plan 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.
    d.  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.

    e. The provisions of this section shall apply to members who retire or
  separate in vested status from service with a participating employer who
  has elected to provide the career retirement plan; provided, however, in
  the case of persons who last became members  on  or  after  July  first,
  nineteen  hundred  seventy-three,  the  provisions of this section shall
  apply only to those retiring  prior  to  July  first,  nineteen  hundred
  seventy-four.
    f.  A  participating employer who, within thirty days of the date this
  section becomes law, files a resolution electing to  make  contributions
  to the pension accumulation fund for the purpose of providing the career
  retirement  plan  pursuant  to  this  section  may  specify April first,
  nineteen hundred sixty-nine as the date for  the  commencement  of  such
  plan.  A  resolution  filed  more  than  thirty days after the date this
  section becomes law shall specify an effective date for the commencement
  of the career retirement plan, which effective date shall be on or after
  the date of filing, provided, however, that a participating employer who
  elects to provide the benefits enumerated in section  seventy-five-i  of
  this article may specify the same effective date for this section.