Section 375-E. Guaranteed retirement benefits for employees of participating employers

a. By the adoption, filing and approval, where required, of
  a resolution in a manner provided by section  three  hundred  thirty  or
  three  hundred  thirty-one  of  this  chapter,  as  the  case  may be, a
  participating employer who  previously  elected  to  make  contributions
  under  the  provisions  of  section three hundred seventy-five-b of this
  chapter, may elect to make contributions  to  the  pension  accumulation
  fund  for  the  purpose  of  providing  guaranteed  retirement  benefits
  pursuant to this section for members in its employ who are entitled to a
  pension  pursuant  to   subdivision   b   of   section   three   hundred
  seventy-five-c  of  this  chapter.  Such  resolution  shall  specify  an
  effective date which shall be on or after the date of  such  filing  for
  the commencement of guaranteed retirement benefits.
    b. 1. The guaranteed retirement benefit shall consist of an additional
  pension  for  member  service rendered on or after April first, nineteen
  hundred thirty-eight and prior to April first, nineteen  hundred  sixty,
  which  when  added  to  the  pension provided pursuant to paragraph two,
  subdivision b of section three hundred seventy-five-c  and  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 service,  for
  members in its employ on the effective date of the aforesaid resolution.
  Such  annuity shall be computed as it would be if it were not reduced by
  the actuarial equivalent of any outstanding loan nor by  reason  of  the
  member's  election  to  decrease  his contributions toward retirement in
  order to apply the resulting amount toward payment of contributions  for
  old age and survivors insurance coverage.
    2.  The  additional  pension  provided under this section shall not be
  included in computing  any  pension  reserve  payable  pursuant  to  the
  provisions of section three hundred sixty of this chapter.
    3.  Any  accumulated contributions in excess of the amount required to
  provide  the  annuity  computed  pursuant  to  paragraph  one  of   this
  subdivision shall be used to increase the member's retirement allowance.
    c.  1.  A  member  of  the  retirement  system  in  the employ of such
  participating employer on  or  after  January  first,  nineteen  hundred
  sixty-eight  and prior to April first, nineteen hundred sixty-eight, who
  retires from such employ after  the  effective  date  of  the  aforesaid
  resolution,  shall be entitled to, if otherwise eligible, the additional
  pension provided under subdivision a of this section.
    2. A member of  the  retirement  system  not  in  the  employ  of  the
  participating  employer  on  or  after  January  first, nineteen hundred
  sixty-eight and prior to April first, nineteen hundred sixty-eight,  who
  thereafter enters or re-enters such employ, shall not be entitled to the
  additional  pension provided under this section for any period of member
  service rendered on or after April first, nineteen hundred  thirty-eight
  and  prior to April first, nineteen hundred sixty, unless he renders two
  or more years of service in the employ of  such  participating  employer
  after  the  effective  date  that  such  employer  elects to provide the
  benefits under this section, and retires from such employ, except that a
  member shall retain such eligibility for the additional pension provided
  by  this  section  that  accrued  by  reason  of   previous   employment
  immediately prior to employment with such participating employer.
    d.  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.

    e. The provisions of this section shall apply to members retiring from
  service with a participating employer after the effective date  of  such
  resolution;  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.