Section 80-A. Legislative and executive retirement plan; new plan

a. 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.   "Legislative   and   executive   member".   A   person   who   is
  lieutenant-governor,  comptroller,  attorney-general,  a   senator,   an
  assemblyman  or  an  annual  or session employee of the legislature, and
  elects to come under the provisions of this section.
    1-a. "Legislative employee" means (a) an officer or  employee  of  the
  senate;  (b)  an  officer or employee of the assembly; (c) an officer or
  employee of a joint legislative  employer.  For  the  purposes  of  this
  subdivision,   the   term   "joint   legislative  employer"  shall  mean
  legislative  commissions,  committees,  task  forces  (irrespective   of
  intended or actual duration), joint legislative commissions, councils or
  similar  bodies  whose  membership  is  comprised  of  both senators and
  assembly members, or which consist of commissioners, or the majority  of
  whose  membership  is  appointed  by  one  or more of the following: the
  temporary president of the senate, the  speaker  of  the  assembly,  the
  minority  leader  of  the  senate  and/or  the  minority  leader  of the
  assembly, and shall include officers and employees  of  the  legislative
  library,  legislative  health service, legislative messenger service and
  including components of the senate or assembly that  are  so  identified
  pursuant  to the legislative law; and further shall include officers and
  employees of a joint legislative employer  which  at  the  time  of  the
  service   satisfies  the  foregoing  definition  of  "joint  legislative
  employer".  "Legislative service" or "legislative employment" shall mean
  service or employment as a legislative employee as defined herein.
    2. "Annual employee". A person  employed  by  the  legislature  on  an
  annual  payroll  for not less than twenty-six weeks in any calendar year
  (exclusive of employees of joint  legislative  committees  or  temporary
  commissions)  regardless  of  whether or not such service is consecutive
  and regardless of whether rendered before or after the effective date of
  this act.
    3.  "Session employee". A person employed  by  the  legislature  on  a
  session  payroll  during  the  entire period of a regular session of the
  legislature. For the purposes of this paragraph, the entire period of  a
  regular  session of the legislature shall mean the period covered by the
  session  payroll  schedule  adopted  for  administrative  purposes   and
  certified  to by the temporary president of the senate or the speaker of
  the assembly, as the case may be,  at  the  commencement  of  a  regular
  session of the legislature.
    4.   "Final   average   salary".  The  average  yearly  and/or  annual
  compensation earned during any three  consecutive  years  of  creditable
  service, as selected by such member at the time of retirement.
    5.  "Yearly  compensation".  The  total  salary or wages and statutory
  allowance paid in any  calendar  year  for  creditable  service  to  the
  lieutenant-governor,   comptroller,   attorney-general,  a  senator,  an
  assemblyman or an annual or session employee of the legislature for  any
  purpose, and/or while a delegate, officer or employee of the conventions
  to  revise and amend the constitution of the state in the years nineteen
  hundred thirty-eight or nineteen hundred sixty-seven, or both.
    6. "Annual compensation". The  total  salary  or  wages  paid  in  any
  calendar year to a person for any creditable service under this section,
  other     than     service    as    lieutenant-governor,    comptroller,
  attorney-general, a senator, an assemblyman  or  an  annual  or  session
  employee of the legislature.
    7.  "Creditable  service".  Regardless  of  whether rendered before or
  after  the  effective  date  of  this  section,  service   rendered   as

  lieutenant-governor,   comptroller,   attorney-general,  a  senator,  an
  assemblyman or an annual or session employee  of  the  legislature,  and
  service  rendered  to  the state, any political subdivision thereof or a
  public  benefit  corporation  for  which  credit  is  granted  under the
  provisions of this or any other section of this  chapter,  and  military
  service.  A  senator  or an assemblyman or a session employee who serves
  during an entire regular legislative session, and an annual employee who
  serves not less than twenty-six weeks during any calendar year shall  be
  credited with service for the entire year. Notwithstanding the foregoing
  provisions  of  this  paragraph,  service  rendered  to  the  state, any
  political subdivision thereof or a public benefit corporation for  which
  credit  is  granted  under  the  provisions of any other section of this
  chapter shall not be deemed to be creditable service, as herein defined,
  if rendered by a person who becomes a member  under  the  provisions  of
  this section on and after July first, nineteen hundred seventy-two.
    8.  "Military  service".  (a)  Prior  military  service  as defined in
  paragraphs d and e of subdivision twenty-four of  section  two  of  this
  chapter; and
    (b)  Service  in  war  after  world  war  I as defined in subdivisions
  twenty-nine, twenty-nine-a, thirty, and thirty-one  of  section  two  of
  this chapter; and
    (c) In the case of a senator or assemblyman, service, not in excess of
  three  years and not otherwise creditable under subparagraph (b) of this
  paragraph eight, rendered on active duty in  the  armed  forces  of  the
  United  States during the period commencing July first, nineteen hundred
  forty,  and  terminating   December   thirty-first,   nineteen   hundred
  forty-six,  by  a  person who was a resident of the state at the time of
  entry into service and at the time of being discharged  therefrom  under
  honorable circumstances.
    9.  "Service fraction". The fraction by which a member's final average
  salary times his years  of  service  is  multiplied  to  determine  such
  member's pension.
    b.    Any    person    who    is   lieutenant-governor,   comptroller,
  attorney-general, a senator, an assemblyman  or  an  annual  or  session
  employee  of  the  legislature may elect to come under the provisions of
  this section by filing an application therefor with the  comptroller  on
  or  before  April  first, nineteen hundred sixty-nine or within one year
  after    he    last    becomes     lieutenant-governor,     comptroller,
  attorney-general,  a  senator,  an  assemblyman  or an annual or session
  employee of the legislature, whichever is later. 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.
    c. 1. A legislative and executive member who, while a member  of  this
  retirement  system  under  the  provisions  of any other section of this
  chapter,  elected,  prior  to  August   nineteenth,   nineteen   hundred
  sixty-seven,  to  contribute  at  a  rate  of contribution determined in
  accordance with the  provisions  of  such  section,  shall  continue  to
  contribute  at such rate until such election is withdrawn as provided in
  subdivision e of section seventy-five-a of this chapter.
    2. No contribution may be made by a legislative and  executive  member
  under the provisions of this section who:
    (a)  becomes  a  member  of  the  retirement system on and after April
  first, nineteen hundred sixty-eight; or
    (b) was a non-contributory member of the retirement system at the time
  he elects to come under the provisions of this section.
    3. In addition, every person who  was  a  member  of  this  retirement
  system  prior to August nineteenth, nineteen hundred sixty-six may elect

  or may continue to make  contributions  pursuant  to  subdivision  i  of
  section twenty-one of this chapter.
    d.  1.  A  legislative  and executive member who does not withdraw his
  contributions made prior to April first, nineteen hundred  sixty,  shall
  be  entitled  to  retire,  subject to the provisions of subdivision h of
  this section, upon his:
    (a) Completion of twenty years  of  service  as  a  state  senator  or
  assemblyman,  which  may include service credited under subparagraph (c)
  of paragraph eight of subdivision a of this section, or
    (b) Completion of at least five years of service as a legislative  and
  executive member, and
    (c)  Completion  of  at  least  five  additional  years  of creditable
  service, and
    (d) Attainment of age fifty-five,
  by filing an application therefor in a manner similar to  that  provided
  in section seventy of this article.
    2.  (a) Upon completion of such service and upon retirement, each such
  legislative and executive member shall receive a pension for  creditable
  service  prior  to  April  first, nineteen hundred sixty which, together
  with an annuity, if any, which shall be the actuarial equivalent of  his
  accumulated  normal  contributions  attributable  to the period prior to
  April first, nineteen hundred sixty, and accumulated contributions  paid
  to  receive  credit for military service as defined in subparagraph c of
  paragraph eight of subdivision a of this section, shall be sufficient to
  provide him with a retirement allowance equal  to  one-fortieth  of  his
  final average salary for each year of such service.
    For  the  purpose  only  of  determining  the  amount  of such pension
  provided for in this subparagraph (a), the annuity shall be computed  as
  it  would  be  if it were not reduced by the actuarial equivalent of any
  outstanding loan,  and  if  it  were  not  increased  by  the  actuarial
  equivalent  of  other  than  normal  contributions,  and  if it were not
  reduced by reason of the legislative and executive member's election  to
  decrease  his annuity contributions to the retirement system in order to
  apply the amount of such reduction in payment of his  contributions  for
  old age and survivors insurance coverage.
    (b)  In  addition,  each  such  legislative and executive member shall
  receive:  (1)  An  additional  annuity  which  shall  be  the  actuarial
  equivalent  of  his  accumulated contributions other than those required
  pursuant to subparagraph (a) of paragraph two  of  this  subdivision  or
  made on and after April first, nineteen hundred sixty to this retirememt
  system,  or  to  a  local  pension  system  in  the case of a member who
  transfers his membership to this retirement system  on  and  after  such
  date pursuant to section forty-three of this chapter; and
    (2)  An  additional  pension  of  one-fortieth  of such member's final
  average salary for each year of creditable service  after  April  first,
  nineteen hundred sixty.
    3.  In no event shall the sum total of the pensions payable under this
  section to any member exceed seventy-five  per  cent  of  such  member's
  final average salary.
    e.  Any  legislative  and  executive  member  who was a member of this
  retirement system pursuant to the provisions of  any  other  section  of
  this  chapter, and/or who was a member of a local pension system and who
  receives or received service credit therefor in this  retirement  system
  pursuant  to  section forty-three of this chapter, and/or who renders or
  rendered military service, shall receive full credit under this  section
  for  such service. In addition to credit for military service previously
  granted or subsequently granted pursuant to  other  provisions  of  this
  chapter,  credit  for military service as defined in subparagraph (c) of

  paragraph eight of subdivision a of this section shall be  granted  upon
  payment  by  the  member  of both the amount of contributions which such
  member would have been required to pay into the annuity savings fund and
  the  amount  which  the  state  would have been required to pay into the
  pension accumulation fund if such service had been  legislative  service
  pursuant  to  section eighty of this chapter. No credit shall be allowed
  for military service if, but for the member's failure to  avail  himself
  of  the privilege of transfer within the time and in the manner provided
  in section forty-three of this article, credit for  such  service  could
  have been obtained upon transfer from another retirement system pursuant
  to  such  section, nor shall such credit for military service as defined
  in subparagraph (c) of paragraph eight of subdivision a of this  section
  be  allowed  if  application for such credit is made later than one year
  after first becoming a member of the legislative and executive plan  set
  forth in this section. Such contributions shall be paid in a lump sum or
  in  such  installments  as  the  comptroller shall approve, and shall be
  reduced by the amount of  applicable  contributions,  if  any,  made  or
  transferred  to this retirement system under any section of this chapter
  for such service.
    f. 1. A legislative and  executive  member  who  discontinues  service
  other  than  by  death  or retirement after March thirty-first, nineteen
  hundred sixty-eight and who has received credit for service on the basis
  of the plan contained in this section for at least  ten  years  and  who
  does  not withdraw his contributions made prior to April first, nineteen
  hundred sixty shall be eligible to retire on the date  when  the  member
  would  have  otherwise been eligible to retire pursuant to subdivision d
  of this section had he continued in the service covered by this section,
  and shall receive a retirement allowance computed in accordance with the
  provisions of paragraph two of this subdivision.
    2. (a) Such vested retirement allowance shall consist of a pension for
  creditable service prior to April first, nineteen hundred  sixty  which,
  together  with  an  annuity,  if  any,  which  shall  be  the  actuarial
  equivalent of his accumulated normal contributions attributable  to  the
  period  prior  to  April  first,  nineteen hundred sixty and accumulated
  contributions paid to receive credit for military service as defined  in
  subparagraph  c  of  paragraph  eight  of subdivision a of this section,
  shall be sufficient to provide him with a retirement allowance equal  to
  one-fortieth of his final average salary for each year of such service.
    For  the  purpose  only  of  determining  the  amount  of such pension
  provided for in this subparagraph (a), the annuity shall be computed  as
  it  would  be  if it were not reduced by the actuarial equivalent of any
  outstanding loan,  and  if  it  were  not  increased  by  the  actuarial
  equivalent  of  other  than  normal  contributions,  and  if it were not
  reduced by reason of the legislative and executive member's election  to
  decrease  his annuity contributions to the retirement system in order to
  apply the amount of such reduction in payment of his  contributions  for
  old age and survivors insurance coverage.
    (b) In addition, such vested retirement allowance shall include:
    (1)  an  additional annuity which shall be the actuarial equivalent of
  his accumulated contributions other  than  those  required  pursuant  to
  subparagraph a of paragraph two of this subdivision or made on and after
  April  first, nineteen hundred sixty, to this retirement system, or to a
  local pension  system  in  the  case  of  a  member  who  transfers  his
  membership  to this retirement system on and after such date pursuant to
  section forty-three of this chapter, and
    (2) an additional pension  of  one-fortieth  of  such  member's  final
  average  salary  for  each year of creditable service after April first,
  nineteen hundred sixty.

    g. 1. Any legislative and executive  member,  who  has  vested  rights
  under  subdivision  f  of this section, who terminates his employment as
  lieutenant-governor,  comptroller,  attorney-general,  a   senator,   an
  assemblyman or an annual or session employee of the legislature, and who
  obtains  other  employment  in  the  service  of  the state, a political
  subdivision thereof or a public  benefit  corporation  participating  in
  this  retirement system or maintaining a local pension system from or to
  which a person may transfer pursuant  to  section  forty-three  of  this
  chapter,  may elect to continue to be a legislative and executive member
  and be covered by,  and  make  contributions  in  accordance  with,  the
  provisions  of  this  section in the same manner as during his period of
  service  as  lieutenant-governor,   comptroller,   attorney-general,   a
  senator,  an  assemblyman  or  an  annual  or  session  employee  of the
  legislature. In such case, notwithstanding the provisions of item (2) of
  subparagraph (b) of paragraph two of subdivision  d,  and  item  (2)  of
  subparagraph  (b)  of  paragraph  two  of  subdivision f, the additional
  pension earned under this subdivision g shall be computed by multiplying
  the member's final average salary for each such year of service  by  the
  service  fraction  applicable  to  the  section of this chapter or local
  pension system which  otherwise  would  have  been  applicable  to  such
  member.
    2. Notwithstanding any general, special or local law, charter or code,
  any  such  member  who  makes  the election provided in this subdivision
  shall not be  eligible  for  membership  in  the  local  pension  system
  maintained by the political subdivision or public benefit corporation by
  which he is employed.
    3.  Every  political  subdivision  or public benefit corporation which
  employs any such member shall  make  contributions  to  this  retirement
  system  on  behalf  of  such member equal to the amount of contributions
  otherwise required  of  the  political  subdivision  or  public  benefit
  corporation  by  this  retirement  system in the case of a participating
  employer,  or  by  the  local  pension  system  in   the   case   of   a
  non-participating  employer.  Such contributions shall be transferred to
  this retirement system at such times and in  such  manner  as  shall  be
  prescribed by the comptroller.
    h.  1.  No  member shall be eligible to retire under the provisions of
  subdivision d of this section unless he was a legislative and  executive
  member  and/or  elected  to  be continued as a legislative and executive
  member pursuant to subdivision g of this  section  for  at  least  three
  years  immediately  prior to his date of retirement, or was a senator or
  assemblyman for at least two years immediately  prior  to  his  date  of
  retirement.
    2.  No  member  shall  be  eligible  to retire under the provisions of
  subdivision f of this section unless he was a legislative and  executive
  member  and/or  elected  to  be continued as a legislative and executive
  member pursuant to subdivision g of this  section  for  at  least  three
  years  immediately  prior  to  his  discontinuance  of  service or was a
  senator or assemblyman for at least two years immediately prior  to  his
  discontinuance of service.
    i.  Whenever any death benefit, based upon eligibility for retirement,
  is granted by any other provision of this chapter or any other law,  any
  legislative  and  executive plan member shall be considered to have been
  eligible to retire after the completion of twenty  years  of  creditable
  service   as  defined  in  this  section,  including  five  years  as  a
  legislative and executive member, notwithstanding any other  requirement
  contained in this section respecting minimum age for retirement.
    j.  On and after July first, nineteen hundred seventy-three, no person
  may elect to be covered under the provisions of this section.

    k. The provisions of this section shall be controlling notwithstanding
  any provision of this chapter to the contrary.