Section 89-C. Retirement of members in New York state thruway authority service

a. By the adoption, filing and approval of a resolution in the  manner
  provided  by  section  thirty-one  of  this  chapter, the New York state
  thruway authority  may  elect  to  make  contributions  to  the  pension
  accumulation  fund  for  the  purpose  of  providing  guaranteed service
  retirement benefits pursuant to this section for members who are in  its
  employ  at  the  time of their retirement. Such resolution shall specify
  the effective date which shall be on or after the date  of  such  filing
  for the commencement of such guaranteed retirement benefits.
    b. 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. "Authority." The New York state thruway authority.
    2.  "Authority  employee."  An  employee of the New York state thruway
  authority, who is such an employee immediately preceding  the  effective
  date  of  his  retirement or immediately preceding his discontinuance of
  service as provided in paragraph (1) of subdivision e of  this  section;
  provided, however, that:
    (1)  he  is  an  authority  employee on the effective date provided in
  subdivision a of this section; or,
    (2) he shall have  rendered  two  or  more  years  of  service  as  an
  authority employee after such effective date.
    c.  (1) Any member who is or becomes an authority employee on or after
  the effective date provided in subdivision a of  this  section  may,  by
  written  notice  duly  acknowledged and filed with the comptroller on or
  before March thirty-first, nineteen hundred seventy, elect to  remain  a
  member pursuant to the provisions of this section. Upon such election he
  shall  be  deemed  to  have  accepted the service retirement and vesting
  provisions of this section in lieu of the similar  provisions  otherwise
  provided in this article.
    (2) Every such member shall be entitled to allowable service credit as
  provided  in  section  forty-one of this chapter, which shall be used in
  determining the benefits to  be  provided  upon  retirement  under  this
  section.
    d.  Any authority employee member may retire if he shall have attained
  the age of fifty-five years or over upon compliance with  the  terms  of
  subdivision  a  of  section seventy of this chapter. Any such member who
  attains age seventy shall be retired on the first day  of  the  calendar
  month  next  succeeding such event, in accordance with the provisions of
  subdivisions b and c of section seventy of  this  chapter.    Upon  such
  retirement,  after the effective date specified in subdivision a of this
  section and prior to April first, nineteen  hundred  seventy,  he  shall
  receive  a  guaranteed service retirement benefit computed in accordance
  with that one of the following paragraphs of this subdivision  which  is
  applicable to him.
    (a) If his total allowable service credit at the time of retirement is
  less than twenty-five years, his retirement benefit shall consist of:
    1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
  accumulated contributions at the time of his retirement.
    2. For member service rendered on  and  after  April  first,  nineteen
  hundred  sixty  and  April  first,  nineteen  hundred seventy, a pension
  computed on the basis of one-sixtieth of final average salary  for  each
  year of such member service.
    3.  For  member service rendered between April first, nineteen hundred
  thirty-eight and March thirty-first, nineteen hundred sixty,  a  pension
  which,  together  with  the annuity which is the actuarial equivalent of
  the member's accumulated  contributions  attributable  to  such  period,

  computed on the basis of his rate of normal contribution, will provide a
  retirement  allowance  of  one-sixtieth of final average salary for each
  year of such member service.
    4.  For member service rendered prior to April first, nineteen hundred
  thirty-eight, a pension of one-one hundred twentieth  of  final  average
  salary for each year of such member service.
    5.  For each year of prior service, a pension of one-sixtieth of final
  average salary.
    (b) If his total allowable service credit at the time of retirement is
  twenty-five years or more but less than  thirty  years,  his  retirement
  allowance shall consist of:
    1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
  accumulated contributions at the time of his retirement.
    2. For member service rendered on  and  after  April  first,  nineteen
  hundred  sixty,  during  his first twenty-five years of total service, a
  pension computed on the basis of one-fiftieth of  final  average  salary
  for each year of such member service. For member service rendered on and
  after  April first, nineteen hundred sixty, during his service in excess
  of twenty-five years of total service, a pension computed on  the  basis
  of  one-sixtieth  of  final  average salary for each year of such member
  service.
    3. For member service rendered prior to April first, nineteen  hundred
  sixty,  during  his  first twenty-five years of total service, a pension
  which, together with the annuity which is the  actuarial  equivalent  of
  the  member's  accumulated  contributions  attributable  to such period,
  computed on the basis of his rate of normal contribution, will provide a
  retirement allowance of one-fiftieth of final average  salary  for  each
  year  of such member service. For member service rendered prior to April
  first,  nineteen  hundred  sixty,  during  his  service  in  excess   of
  twenty-five  years  of total service, a pension which, together with the
  annuity which is the actuarial equivalent of  the  member's  accumulated
  contributions  attributable to such period, computed on the basis of his
  rate of normal contribution, will  provide  a  retirement  allowance  of
  one-sixtieth  of  final  average  salary  for  each  year of such member
  service.
    4. For each year of prior service, during his first twenty-five  years
  of  total  service,  a  pension computed on the basis of one-fiftieth of
  final average salary for each year of such service.  For  each  year  of
  prior  service,  during  his  service  in excess of twenty-five years of
  total service, a pension computed on the basis of one-sixtieth of  final
  average salary for each year of such service.
    (c) If his total allowable service credit at the time of retirement is
  thirty years or more, his retirement allowance shall consist of:
    1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
  accumulated contributions at the time of his retirement.
    2. For member service rendered on  and  after  April  first,  nineteen
  hundred sixty, during his first thirty years of total service, a pension
  computed  on  the basis of one-fiftieth of final average salary for each
  year of such service. For member service rendered  on  and  after  April
  first,  nineteen  hundred  sixty, during his service in excess of thirty
  years of total service, a pension computed on the basis of  one-sixtieth
  of final average salary for each year of such member service.
    3.  For member service rendered prior to April first, nineteen hundred
  sixty, during his first thirty years of total service, a pension  which,
  together  with  the  annuity  which  is  the actuarial equivalent of the
  member's accumulated contributions attributable to such period, computed
  on the basis  of  his  rate  of  normal  contribution,  will  provide  a
  retirement  allowance  of  one-fiftieth of final average salary for each

  year of such member service. For member service rendered prior to  April
  first,  nineteen  hundred  sixty, during his service in excess of thirty
  years of total service, a pension which, together with the annuity which
  is  the  actuarial  equivalent of the member's accumulated contributions
  attributable to such period, computed on the basis of his rate of normal
  contribution, will provide a retirement  allowance  of  one-sixtieth  of
  final average salary for each year of such member service.
    4.  For  each  year of prior service, during his first thirty years of
  total service, a pension computed on the basis of one-fiftieth of  final
  average  salary  for  each year of such service.  For each year of prior
  service during his service in excess of thirty years of total service, a
  pension computed on the basis of one-sixtieth of  final  average  salary
  for each year of such service.
    e.  (1)  Any  authority employee member who discontinues service other
  than by death or retirement,  after  the  effective  date  specified  in
  subdivision a of this section and prior to April first, nineteen hundred
  seventy, who has credit for at least ten years of total service, and who
  does  not  withdraw his accumulated contributions, except as provided in
  paragraph (6) of this subdivision, shall be entitled to make application
  for a vested retirement allowance on or after the first day of the month
  following his attainment of fifty-five  years  of  age.  The  retirement
  allowance  provided  by  this section shall vest automatically upon such
  discontinuance of service by such member.
    (2) The vested retirement allowance provided by this subdivision shall
  be computed in the same  manner  as  the  service  retirement  allowance
  provided  by  subdivision  d  of  this  section.  For  purposes  of this
  subdivision e, the total service referred to in subdivision d  shall  be
  the total service credit of the member at the time of his discontinuance
  of service. For purposes of this subdivision e, the final average salary
  referred  to in subdivision d of this section shall be the final average
  salary at the time of such discontinuance. The annuity  referred  to  in
  subdivision  d  of this section shall be the actuarial equivalent of the
  member's accumulated contributions at the time his retirement  allowance
  commences.
    (3)  Any  such  member entitled to a vested retirement allowance shall
  apply  for  such  allowance  in  accordance  with  the   provisions   of
  subdivision a of section seventy of this chapter.
    (4)  In  the  event of the death of such member prior to the effective
  date of his retirement, his accumulated contributions shall be  paid  to
  his  beneficiary  or estate in accordance with section fifty-one of this
  chapter.
    (5) Any such member may withdraw his accumulated contributions at  any
  time,  subject to the limitations contained in section fifty-one of this
  chapter. The withdrawal of a member's  accumulated  contributions  shall
  terminate his right to a vested retirement allowance.
    (6)  A  member  eligible  for a vested retirement allowance under this
  section who discontinues service other than by death or  retirement  and
  who  had been contributing on a basis other than retirement at age sixty
  may, without adversely affecting his right  to  such  vested  retirement
  allowance, elect to withdraw 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. Such
  refund shall be granted upon application to and with the approval of the
  comptroller.
    f. The additional pensions provided under this section  shall  not  be
  included  in  computing  any  pension  reserve  payable  pursuant to the
  provisions of section sixty of this chapter, which shall be computed  as

  though the member had not made the election provided in paragraph (1) of
  subdivision c of this section.
    g.  The  increased  pensions  to  authority employees provided by this
  section  shall  be  paid  from  additional  contributions  made  by  the
  authority  on  account  of  each  such  member,  in  accordance with the
  provisions  of  section  seventeen  of  this  chapter.  Such  additional
  contributions  shall  be  computed  by  the  actuary  on  the  basis  of
  contributions during the prospective service of such members which  will
  cover the liability of the retirement system for such extra pensions.
    h.  Nothing  contained  in  this  section  shall  impair  the right of
  persons, who became members before August nineteenth,  nineteen  hundred
  sixty-six,  to  make  contributions pursuant to subdivision i of section
  twenty-one of this chapter.
    i. Any member who has elected to make contributions in accordance with
  the provisions of subdivision j of section twenty-one  of  this  chapter
  shall  continue to make such contributions until his election under said
  subdivision is withdrawn.
    j.  The   provisions   of   this   section   shall   be   controlling,
  notwithstanding any provision in this chapter to the contrary.
    k.  The  provisions  of  this  section  shall  become effective on the
  effective date specified in subdivision a  of  this  section  and  shall
  remain in effect until March thirty-first, nineteen hundred seventy.
    * NB Expired March 31, 1970