Section 375-C. Non-contributory retirement plan benefits  


Latest version.
  • a. In addition to
      any  retirement allowance to which a member may be entitled for services
      rendered at any time other  than  expressly  provided  for  herein,  any
      member   covered   by   the   provisions   of   sections  three  hundred
      seventy-five-a or three hundred seventy-five-b  of  this  chapter  shall
      upon  retirement,  receive  a  service retirement pension for the herein
      provided period  of  service,  in  accordance  with  the  provisions  of
      subdivisions  b,  c  or  d hereof, as the case may be, which shall be in
      lieu  of  the  service  retirement   pension   and   the   pension   for
      increased-take-home-pay  provided  for  in  the sections of this chapter
      hereinafter referred to.
        b. 1. A member  who  had  been  contributing  for  service  retirement
      benefits  on  the  basis of any of the plans contained in sections three
      hundred  seventy-one,  three  hundred   seventy-one-a,   three   hundred
      seventy-two or three hundred seventy-five of this chapter, shall receive
      at  retirement,  for service rendered on and after April first, nineteen
      hundred sixty, a pension computed on the basis of  one-sixtieth  of  his
      final  average  salary for each year of such service; provided, however,
      persons who last became members on or after July first, nineteen hundred
      seventy-three shall receive such pension only for  service  rendered  on
      and  after  April first, nineteen hundred sixty and prior to July first,
      nineteen hundred seventy-four.
        2. A member who had been contributing for service retirement  benefits
      on  the  basis  of  any  of the plans contained in paragraph one hereof,
      shall receive at retirement, for service rendered  before  April  first,
      nineteen  hundred  sixty,  a  pension  computed  on the basis of one-one
      hundred twentieth of his final average salary for each year of  credited
      member  service  plus  one-sixtieth of his final average salary for each
      such year of credited prior service or service in war after world war I.
      Notwithstanding anything to the  contrary  contained  in  section  three
      hundred seventy-five of this chapter, a member who had been contributing
      as  aforesaid  shall  be  eligible  for  superannuation  retirement upon
      attainment of age fifty-five.
        c. A member contributing for service retirement benefits on the  basis
      of  any  of  the  plans contained in the sections numbered three hundred
      eighty-one, three hundred eighty-one-a, three hundred eighty-two,  three
      hundred   eighty-three,  three  hundred  eighty-three-a,  three  hundred
      eighty-four, three hundred eighty-five, three hundred eighty-six,  three
      hundred  eighty-seven,  three hundred eighty-eight, for service rendered
      on  and  after  April  first,  nineteen  hundred  sixty,  a  pension  of
      one-fiftieth  of his final average salary for each year of such credited
      service  during  this  period,  with  the  total   allowance   hereunder
      determined as defined and limited in the respective sections referred to
      in   this   paragraph  c  and  with  the  additional  proviso  that  any
      contributions made by the member during the period referred to  in  this
      paragraph c shall be used at retirement to provide an additional annuity
      over  and above the retirement allowance otherwise provided, except that
      persons who last became members on or after July first, nineteen hundred
      seventy-three shall receive such pension only for  service  rendered  on
      and  after April first, nineteen hundred sixty, and prior to July first,
      nineteen hundred seventy-four.
        d. A member who had been contributing for service retirement  benefits
      on   the  basis  of  the  plans  contained  in  sections  three  hundred
      eighty-four-b,   three   hundred   eighty-four-d   or   three    hundred
      eighty-five-a  of this chapter, shall receive at retirement, for service
      rendered on and after April first, nineteen hundred sixty a  pension  of
      one-fortieth  of his final average salary for each year of such credited
      service  during  this  period,  with  the  total   allowance   hereunder
    
      determined  as  defined  and  limited in the section referred to in this
      paragraph d and with the additional proviso that any contributions  made
      by the member during the period referred to in this paragraph d shall be
      used  at  retirement to provide an additional annuity over and above the
      retirement allowance otherwise provided, except that  persons  who  last
      became  members  on  or after July first, nineteen hundred seventy-three
      shall receive such pension only for service rendered on and after  April
      first,  nineteen hundred sixty and prior to July first, nineteen hundred
      seventy-four.
        e. In addition to the pension hereinabove  provided,  a  member  shall
      receive  an  annuity  which  shall  be  the  actuarial equivalent of his
      accumulated contributions at the time of retirement.
        f. The benefits hereinabove  provided  shall  be  payable  unless  the
      member  would otherwise under the provisions of this chapter be entitled
      to a greater benefit, in which  event,  the  greater  benefit  shall  be
      payable.