§ 381-b. Retirement of members or officers of the state police; twenty\nyear retirement plan. a. Membership. Every member or officer of the\ndivision of state police in the executive department who enters or\nre-enters service in the division on or after April first, nineteen\nhundred sixty-nine, and every investigator or sworn officer employed by\nthe commission created by section six of chapter eight hundred\neighty-two of the laws of nineteen hundred fifty-three, constituting the\nwaterfront commission act, as amended, on or after July first, two\nthousand twenty-three, and every investigator or sworn officer employed\nby the New York Waterfront Commission in the executive department shall\nbe covered by the provisions of this section, and every member or\nofficer of the division of state police in the executive department in\nsuch service on such date may elect to be covered by the provisions of\nthis section by filing an election therefor with the comptroller on or\nbefore March thirty-first, nineteen hundred seventy-two. To be\neffective, such election must be duly executed and acknowledged on a\nform prepared by the comptroller for that purpose.\n b. Retirement allowance. A member, covered by the provisions of this\nsection at the time of retirement, shall be entitled to retire upon\ncompletion of twenty years of total creditable service in such division,\nand shall retire upon the attainment of the mandatory retirement age\nprescribed by this section, by filing an application therefor in a\nmanner similar to that provided in section three hundred seventy of this\narticle.\n (1) Upon completion of twenty years of such service and upon\nretirement, each such member shall receive a pension which, together\nwith an annuity for such years of service as provided in paragraph four\nof this subdivision, shall be sufficient to provide him with a\nretirement allowance of one-half of his final average salary.\n (2) Upon completion of more than twenty years of such service and upon\nretirement, each such member shall receive, for each year of service in\nexcess of twenty, an additional pension which, together with an annuity\nfor each such year as provided in paragraph four of this subdivision,\nshall be equal to one-sixtieth of his final average salary, provided,\nhowever, that the pension payable pursuant to this section shall not\nexceed three-quarters of final average salary.\n (3) Upon attainment of the mandatory retirement age without completion\nof twenty years of such service, each such member shall receive a\npension which, together with an annuity for such years of service as\nprovided in paragraph four of this subdivision, shall be equal to\none-fortieth of his final average salary for each year of creditable\nservice in such division. Every such member shall also be entitled to an\nadditional pension equal to the pension for any creditable service\nrendered while not an employee of the division as provided under\nparagraphs three and four of subdivision a of section three hundred\nseventy-five of this article. This latter pension shall not increase the\ntotal allowance to more than one-half of his final average salary.\n (4) The annuity provided under paragraphs one, two and three of this\nsubdivision shall be the actuarial equivalent, at the time of\nretirement, of the member's accumulated contributions based upon the\nrate of contribution fixed under the provisions of subdivision c of\nsection three hundred eighty-one-a of this article and upon the salaries\nearned while in such service rendered after April sixteenth, nineteen\nhundred thirty-eight and prior to April first, nineteen hundred sixty.\nSuch annuity shall be computed as it would be if it were not reduced by\nthe actuarial 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 insuranc
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