N.Y. Retirement and Social Security Law 384-E – Additional pension benefit for members of optional twenty year retirement plan
§ 384-e. Additional pension benefit for members of optional twenty year retirement plan. 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 optional twenty year retirement plan for its employees as specified in section three hundred eighty-four-d of this article may elect, pursuant to section three hundred thirty-three of this article, to make contributions for the purpose of providing an additional pension pursuant to this section for members in its employ who are entitled to a pension pursuant to section three hundred eighty-four-d of this article.
Terms Used In N.Y. Retirement and Social Security Law 384-E
- 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. Upon retirement, each such member shall receive, for each year of service in excess of twenty, an additional pension which shall be equal to one-sixtieth of his or her final average salary; a participating employer may elect to provide any service credit earned with a public employer prior to service performed as a police officer or firefighter; provided, however, that the total allowance payable pursuant to this section shall not exceed three-quarters of such member's final average salary.
c. A demand in collective negotiations for the additional pension benefit provided by this section shall not be subject to the provisions of paragraph (b) or (c) of subdivision four of § 209 of the civil service law.