§ 375-h. Career retirement plan for state employees; new plan. a. A\nmember of the retirement system in the employ of the state may retire on\nor after attainment of age fifty-five and receive a retirement allowance\nconsisting of the following, provided he has twenty or more years of\ntotal service:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, and\n 2. A pension of one-fiftieth of final average salary for each year of\nservice after March thirty-first, nineteen hundred sixty, and\n 3. A pension which, when added to the annuity which is the actuarial\nequivalent of the member's accumulated contributions attributable to\nyears of service prior to April first, nineteen hundred sixty computed\non the basis of his rate of normal contribution, shall provide a\nretirement allowance of one-fiftieth of final average salary for each\nyear of service prior to April first, nineteen hundred sixty. For the\npurpose of computing the pension described in this paragraph, the\nannuity shall be computed as it would be if it were not reduced by the\nactuarial equivalent of any outstanding loan nor by reason of the\nmember's election to decrease his contributions toward retirement in\norder to apply the resulting amount toward payment of contributions for\nold age and survivor's insurance coverage. For the purpose of computing\nthe annuity described in this paragraph the rate of normal contribution\nfor a member who (i) transferred into the retirement system shall not be\nless than the rate the member would have had if all his service had been\nrendered as a member of the retirement system, or (ii) is in a special\nservice plan, or transfers into this plan from a special service plan,\nshall be the rate established for him under such plan.\n b. That portion of the pension reserve provided pursuant to the\nprovisions of this section which is in excess of the pension reserve\nthat would have been established had this section not been in effect\nshall not be included in computing any pension reserve payable pursuant\nto the provisions of section three hundred sixty of this chapter.\n c. A member of the retirement system who enters or reenters the employ\nof the state on or after April first, nineteen hundred sixty-nine, shall\nnot be entitled to have his retirement allowance computed pursuant to\nthe provisions of this section unless:\n (1) Such member renders five or more years of service in the employ of\nthe state after such entry or reentry, or\n (2) Immediately prior to service with the state, service was rendered\nwhile a member of a retirement system maintained by the state or a\nmunicipality thereof, operating on a sound actuarial basis and subject\nto the supervision of the department of financial services of this\nstate, in a plan which provides service retirement benefits equal or\nsuperior to those provided under this section and at the date of his\nretirement such member would have been eligible for such benefits had he\nnot separated from service with such employer.\n d. A member eligible for a vested retirement allowance pursuant to the\nprovisions of section three hundred seventy-six of this chapter who\nseparates from the employ of the state on or after April first, nineteen\nhundred seventy with twenty or more years of total service, and who\nwould have been eligible to have his retirement allowance computed\npursuant to the provisions of this section had he at the time of\nseparation attained age fifty-five, shall at the time he becomes\neligible to receive the vested retirement allowance be entitled to have\nsuch allowance computed in the manner prescribed by this section.\n e. In addition to the retirement allowance provided pursuant to the\nplan set forth in section three hundred eighty-one an employee who is a\nmember of such plan, but is not a member of the state police, who\nretires on or after April first, nineteen hundred seventy with more
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