Section 375-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 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 and section
  three  hundred  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
  three hundred seventy-five-b and section three hundred 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  three  hundred  seventy-five-b  and   section   three   hundred
  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 payable pursuant to section  three  hundred  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  three  hundred  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 the 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  such  filing,  provided,  however,  that  a participating
  employer who elects to provide the benefits enumerated in section  three
  hundred  seventy-five-i  of  this article may specify the same effective
  date for this section.