Section 375-H. Career retirement plan for state employees; new plan

a. A
  member of the retirement system in the employ of the state may retire on
  or after attainment of age fifty-five and receive a retirement allowance
  consisting of the following, provided he has twenty  or  more  years  of
  total service:
    1.  An  annuity  which  shall  be  the  actuarial  equivalent  of  his
  accumulated contributions at the time of his retirement, and
    2. A pension of one-fiftieth of final average salary for each year  of
  service after March thirty-first, nineteen hundred sixty, and
    3.  A  pension which, when added to the annuity which is the actuarial
  equivalent of the member's  accumulated  contributions  attributable  to
  years  of  service prior to April first, nineteen hundred sixty computed
  on the basis of  his  rate  of  normal  contribution,  shall  provide  a
  retirement  allowance  of  one-fiftieth of final average salary for each
  year of service prior to April first, nineteen hundred  sixty.  For  the
  purpose  of  computing  the  pension  described  in  this paragraph, the
  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 survivor's insurance coverage. For the purpose of  computing
  the  annuity described in this paragraph the rate of normal contribution
  for a member who (i) transferred into the retirement system shall not be
  less than the rate the member would have had if all his service had been
  rendered as a member of the retirement system, or (ii) is in  a  special
  service  plan,  or transfers into this plan from a special service plan,
  shall be the rate established for him under such plan.
    b. That portion of  the  pension  reserve  provided  pursuant  to  the
  provisions  of  this  section  which is in excess of the pension reserve
  that would have been established had this section  not  been  in  effect
  shall  not be included in computing any pension reserve payable pursuant
  to the provisions of section three hundred sixty of this chapter.
    c. A member of the retirement system who enters or reenters the employ
  of the state on or after April first, nineteen hundred sixty-nine, 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
  the state after such entry or reentry, or
    (2)  Immediately prior to service with the state, 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.
    d. A member eligible for a vested retirement allowance pursuant to the
  provisions of section three hundred  seventy-six  of  this  chapter  who
  separates from the employ of the state on or after April first, nineteen
  hundred  seventy  with  twenty  or  more years of total service, 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.
    e. In addition to the retirement allowance provided  pursuant  to  the
  plan  set forth in section three hundred eighty-one an employee who is a
  member of such plan, but is not  a  member  of  the  state  police,  who

  retires on or after April first, nineteen hundred seventy with more than
  twenty-five  years  of  total  service  shall be entitled to receive, in
  addition  to  the  benefits  provided  pursuant  to  such  section   and
  notwithstanding   the   limitations   of  such  section,  an  additional
  retirement allowance for such years of service  rendered  in  excess  of
  twenty-five.  The  additional  retirement  allowance for such additional
  years of service shall be computed as if such member had  been  eligible
  to  have  his  retirement  allowance  computed pursuant to provisions of
  subdivision b of section three hundred seventy-five-c and  of  paragraph
  one  of  subdivision  a  of  section  three hundred seventy-five of this
  chapter, provided, however, if such a member retires after attaining age
  fifty-five the  fraction  one-fiftieth  shall  be  substituted  for  the
  fraction one-sixtieth.
    f. A member in the employ of the state on March thirty-first, nineteen
  hundred  seventy  shall  be  entitled  to  have his retirement allowance
  computed on the  basis  of  the  provisions  of  section  three  hundred
  seventy-five-f  of  this  chapter  if  a greater benefit would have been
  provided under such provisions.
    g. The benefits hereinabove provided shall be  payable  to  a  member,
  including  a  member  covered by the provisions of section three hundred
  eighty-three,   three   hundred   eighty-three-a   or   three    hundred
  eighty-three-b  of this article who is not in the collective negotiating
  unit designated as the security services unit and  established  pursuant
  to  article  fourteen of the civil service law, unless such member would
  otherwise be entitled to a greater benefit under such  other  provisions
  of this article, in which event such greater benefit shall be payable.
    h. The pension provided pursuant to the provisions of this section, or
  such  pension  when  combined with the pension payable pursuant to other
  provisions of this article,  shall  in  no  event  result  in  a  member
  receiving  a  pension  in excess of seventy-five per centum of his final
  average salary.
    i. The provisions of this section shall not apply to  members  of  the
  state police.
    j.  The  provisions of this section shall apply to members retiring or
  separating in vested status from service of the state on or after  April
  first, nineteen hundred seventy.