§ 383-a. Retirement of members of the regional state park police; new\nplan. a. Every member or officer of the regional state park police who\nenters or re-enters service on or after June twenty-eighth, nineteen\nhundred sixty-five shall contribute on the basis provided for by this\nsection.\n b. Every member or officer in the regional state park police who\nentered such service prior to June twenty-eighth, nineteen hundred\nsixty-five, and who elected to contribute under former section\neighty-three-a of this chapter shall contribute on the basis provided\nfor by this section, if he so elected on or before December\nthirty-first, nineteen hundred sixty-five.\n c. A member who elected to contribute under former section\neighty-three-a or is required to contribute in accordance with this\nsection, shall contribute, in lieu of the proportion of compensation as\nprovided in section three hundred twenty-one of this article, a\nproportion of his compensation similarly determined. Such latter\nproportion shall be computed to provide at the time when he shall first\nbecome eligible for retirement under this section, an annuity equal to\none-one hundredth of his final average salary for each year of service\nas a member rendered after March twenty-eighth, nineteen hundred\nforty-nine, and prior to the attainment of the age when he shall first\nbecome eligible for retirement. Such member's rate of contribution\npursuant to this section shall be appropriately reduced pursuant to\nsection three hundred seventy-a of this article for such period of time\nas his employer contributes pursuant to such section toward\npensions-providing-for-increased-take-home-pay. No such member shall be\nrequired to continue contributions after completing twenty-five years of\nsuch service.\n d. A member contributing on the basis of this section at the time of\nretirement, shall be entitled to retire after the completion of\ntwenty-five years of total creditable service in such service or upon\nthe attainment of age sixty, by filing an application therefor in a\nmanner similar to that provided in section three hundred seventy of this\narticle. He thereupon shall receive, on retirement, a retirement\nallowance consisting of:\n 1. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, plus\n 2. A pension which, together with such annuity and a pension which is\nthe actuarial equivalent of the reserve-for-increased-take-home-pay to\nwhich he may then be entitled, if any shall equal one-fiftieth of his\nfinal average salary for each year of creditable service in such\ndivision. This pension shall not exceed the amount needed to make the\ntotal amount of the benefits provided under paragraphs one and two--\nthis subdivision d equal to one-half of final average salary.\n 3. An additional pension equal to the pension for any creditable\nservice rendered while not employed in regional state park police\nservice as provided under paragraphs two and three of subdivision a of\nsection three hundred seventy-five of this article. This pension shall:\n (a) Be payable only if such member has attained age sixty at the time\nof retirement and has not completed twenty-five years of service as a\nmember of the regional state park police for which he receives credit\nunder this article, and\n (b) Not increase the total allowance to more than he would have\nreceived had his total service been rendered as a member of the regional\nstate park police.\n For the purpose only of determining the amount of the pension provided\nherein, the annuity shall be computed as it would be:\n (aa) if not reduced by the actuarial equivalent of any outstanding\nloan, and\n (bb) if not increased by the actuarial equivalent of any additional\ncontributions, and\n (cc) if not reduced by reason of the member's election to decrease his\nannuity contributions to the retirement systems in order to apply the\namount of such reductio
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.