§ 533. Non-contributory retirement plan. a. Any other provision of
law to the contrary notwithstanding, no further contributions to the
retirement system, as provided in sections five hundred eleven-a or five
hundred sixteen of this article, shall be required of any member.

b. Contributions shall be made to the pension accumulation fund, as
provided in section five hundred seventeen of this article, at a rate
computed by the actuary and approved by the retirement board, which
shall be computed to be sufficient to provide the benefits established
by this section.

c. Nothing contained in this section shall impair the right of any
member to make contributions pursuant to sections five hundred eleven-a
and five hundred sixteen of this article. Any member may elect to
contribute pursuant to sections five hundred eleven-a and five hundred
sixteen of this article, by written notice duly acknowledged and filed
with the retirement board on or before June thirtieth, nineteen hundred
sixty-nine or within one year after he last became a member, whichever
is later. Where a member makes an election to contribute, as provided
herein, he shall contribute to the retirement system as otherwise
provided in this article. One year or more after the filing of the
notice of the election to contribute, the member may withdraw such
election and elect not to contribute.

d. 1. On and after July first, nineteen hundred sixty-eight a member
shall be eligible for service retirement when he meets the conditions
set forth in sections five hundred ten or five hundred eleven-a of this
article, by the filing of a statement with the retirement board as
required by subdivision one of section five hundred ten of this article.
For the purposes of this section, all members shall be deemed to have
made the election for special service retirement under section five
hundred eleven-a of this article.

2. A member who retires on or after July first, nineteen hundred
sixty-eight, under the provisions of this section, shall receive a
service retirement pension which shall be in lieu of the service
retirement pension and the pension-for-increased-take-home-pay otherwise
authorized under this article, subject to any adjustments made pursuant
to subdivision g of this section. Such pension, for the period of
credited state service rendered prior to July first, nineteen hundred
fifty-nine, and for all credited out-of-state service, shall be computed
as provided in section five hundred ten of this article. Such pension,
for the period of credited state service rendered on and after July
first, nineteen hundred fifty-nine, shall be one-fiftieth of final
average salary for each year of such service rendered during the first
twenty-five years of the member's total service, plus one-sixtieth of
final average salary for each year of such service rendered during that
portion of the member's total service which is in excess of twenty-five
years but not in excess of thirty-five years, plus one-seventieth of
final average salary for each year of such service rendered during that
portion of the member's total state service which is in excess of
thirty-five years.

3. In addition to the retirement allowance provided in paragraph two
of this subdivision, a member who has at least twenty years of credited
state service and retires during the month of July, nineteen hundred
sixty-eight, shall receive an added pension allowance equal to sixteen
per cent of the pension otherwise provided in this article. For persons
retiring subsequent to July, nineteen hundred sixty-eight, the added
pension authorized hereunder shall be reduced at the rate of one-sixth
of one per cent for each month thereafter.

4. The additional pension provided under this section shall not be
included in computing any pension reserve payable pursuant to the
provisions of paragraph three of subdivision b of section five hundred
twelve of this article.

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 his retirement, in accordance
with section five hundred sixteen of this article.

f. The benefits hereinabove provided shall be payable unless the
member would otherwise under the provisions of this article be entitled
to a greater benefit, in which event the greater benefit shall be
payable.

g. If at the time of retirement any portion of the employer's
contribution has been committed by election of the member toward
purchase of a variable annuity, the retirement board shall deduct from
the member's pension allowance as otherwise computed under this section,
an amount equal to the actuarial equivalent of the amounts so committed,
plus regular and additional interest thereon to the date of retirement.