N.Y. Retirement and Social Security Law 375-C – Non-contributory retirement plan benefits
§ 375-c. Non-contributory retirement plan benefits. a. In addition to any retirement allowance to which a member may be entitled for services rendered at any time other than expressly provided for herein, any member covered by the provisions of sections three hundred seventy-five-a or three hundred seventy-five-b of this chapter shall upon retirement, receive a service retirement pension for the herein provided period of service, in accordance with the provisions of subdivisions b, c or d hereof, as the case may be, which shall be in lieu of the service retirement pension and the pension for increased-take-home-pay provided for in the sections of this chapter hereinafter referred to.
Terms Used In N.Y. Retirement and Social Security Law 375-C
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Final Average Salary: shall mean the regular compensation earned from such participating employer by a member during the twelve months of actual service immediately preceding the date of such employee's retirement, exclusive of any lump sum payments for sick leave, or accumulated vacation credit, or any form of termination pay; provided, however, if the compensation earned in said twelve months exceeds that of the previous twelve months by more than twenty per centum, the amount in excess of twenty per centum shall be excluded in the computation of final average salary; provided further, however, that the benefits computed pursuant to this paragraph shall be payable unless the member would otherwise be entitled to a greater benefit under other provisions of this subdivision, in which case such greater benefit shall be payable. See N.Y. Retirement and Social Security Law 302
b. 1. A member who had been contributing for service retirement benefits on the basis of any of the plans contained in sections three hundred seventy-one, three hundred seventy-one-a, three hundred seventy-two or three hundred seventy-five of this chapter, shall receive at retirement, for service rendered on and after April first, nineteen hundred sixty, a pension computed on the basis of one-sixtieth of his final average salary for each year of such service; provided, however, persons who last became members on or after July first, nineteen hundred seventy-three shall receive such pension only for service rendered on and after April first, nineteen hundred sixty and prior to July first, nineteen hundred seventy-four.
2. A member who had been contributing for service retirement benefits on the basis of any of the plans contained in paragraph one hereof, shall receive at retirement, for service rendered before April first, nineteen hundred sixty, a pension computed on the basis of one-one hundred twentieth of his final average salary for each year of credited member service plus one-sixtieth of his final average salary for each such year of credited prior service or service in war after world war I. Notwithstanding anything to the contrary contained in section three hundred seventy-five of this chapter, a member who had been contributing as aforesaid shall be eligible for superannuation retirement upon attainment of age fifty-five.
c. A member contributing for service retirement benefits on the basis of any of the plans contained in the sections numbered three hundred eighty-one, three hundred eighty-one-a, three hundred eighty-two, three hundred eighty-three, three hundred eighty-three-a, three hundred eighty-four, three hundred eighty-five, three hundred eighty-six, three hundred eighty-seven, three hundred eighty-eight, for service rendered on and after April first, nineteen hundred sixty, a pension of one-fiftieth of his final average salary for each year of such credited service during this period, with the total allowance hereunder determined as defined and limited in the respective sections referred to in this paragraph c and with the additional proviso that any contributions made by the member during the period referred to in this paragraph c shall be used at retirement to provide an additional annuity over and above the retirement allowance otherwise provided, except that persons who last became members on or after July first, nineteen hundred seventy-three shall receive such pension only for service rendered on and after April first, nineteen hundred sixty, and prior to July first, nineteen hundred seventy-four.
d. A member who had been contributing for service retirement benefits on the basis of the plans contained in sections three hundred eighty-four-b, three hundred eighty-four-d or three hundred eighty-five-a of this chapter, shall receive at retirement, for service rendered on and after April first, nineteen hundred sixty a pension of one-fortieth of his final average salary for each year of such credited service during this period, with the total allowance hereunder determined as defined and limited in the section referred to in this paragraph d and with the additional proviso that any contributions made by the member during the period referred to in this paragraph d shall be used at retirement to provide an additional annuity over and above the retirement allowance otherwise provided, except that persons who last became members on or after July first, nineteen hundred seventy-three shall receive such pension only for service rendered on and after April first, nineteen hundred sixty and prior to July first, nineteen hundred seventy-four.
e. In addition to the pension hereinabove provided, a member shall receive an annuity which shall be the actuarial equivalent of his accumulated contributions at the time of retirement.
f. The benefits hereinabove provided shall be payable unless the member would otherwise under the provisions of this chapter be entitled to a greater benefit, in which event, the greater benefit shall be payable.