Section 375-I. Improved career retirement plan for employees of participating employers

a. A participating employer which has elected,
  or which elects, pursuant to  section  three  hundred  thirty  or  three
  hundred thirty-one of this article to provide the benefits of the career
  retirement  plan for its employees as specified in section three hundred
  seventy-five-g of this article  may  elect  pursuant  to  section  three
  hundred  thirty-three  of  this article to reduce the number of years of
  total service required for career retirement benefits to twenty and have
  the fraction one-fiftieth of final average salary used to calculate  the
  entire  benefit  for  all  years  of  credited service for such eligible
  members, provided, however, the maximum pension payable pursuant to this
  section shall not exceed  three-quarters  of  final  average  salary.  A
  member  eligible  for  a  vested  retirement  allowance  pursuant to the
  provisions of section three hundred  seventy-six  of  this  chapter  who
  separates  from  employment  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.
    b. 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.
    c.  In  the  case  of persons who last became members on or after July
  first, nineteen hundred seventy-three, the provisions  of  this  section
  shall  be  applicable  only  to  those  retiring or separating in vested
  status prior to July first, nineteen hundred seventy-four.