§ 75-g. Career retirement plan for employees of participating
employers. a. (1) By the adoption, filing and approval, where required,
of a resolution in a manner provided by section thirty, thirty-one or
thirty-two of this chapter, as the case may be, a participating employer
who previously elected to make contributions under the provisions of
section seventy-five-b and section seventy-five-e of this chapter, may
elect to make contributions to the pension accumulation fund for the
purpose of providing the career retirement plan pursuant to this
section. A member of the retirement system in the employ of a
participating employer, who has elected to provide the career retirement
plan, who retires while in such employ on or after April first, nineteen
hundred sixty-nine, and who is entitled to a service retirement benefit
pursuant to section seventy-five-b and section seventy-five-e of this
chapter, and who retires with twenty-five or more years of total
service, shall have his retirement allowance computed as provided under
section seventy-five-b and section seventy-five-e, except that the
fraction one-fiftieth shall be substituted for the fraction one-sixtieth
for each of the first twenty-five years of such service, and that
service rendered prior to April first, nineteen hundred thirty-eight
shall be included in such computation.

(2) That portion of the pension provided pursuant to this section,
which is in excess of the pension that the member would have received
had this section not been in effect, shall not be included in computing
any pension reserve payable pursuant to section sixty of this chapter.

b. A member of the retirement system not in the employ of a
participating employer who has elected to provide the career retirement
plan on the date the employer's election to participate in this plan
pursuant to subdivision f of this section becomes effective who
thereafter enters or reenters such employ, shall not be entitled to have
his retirement allowance computed pursuant to the provisions of this
section unless:

(1) Such member renders five or more years of service in the employ of
such participating employer after the date the employer's election to
participate in this plan pursuant to subdivision f of this section
becomes effective and retires from such employ, or

(2) Immediately prior to service with such participating employer,
service was rendered while a member of a retirement system maintained by
the state or a municipality thereof operating on a sound actuarial basis
and subject to the supervision of the department of financial services
of this state in a plan which provides service retirement benefits equal
or superior to those provided under this section and at the date of his
retirement such member would have been eligible for such benefits had he
not separated from service with such employer.

c. A member eligible for a vested retirement allowance pursuant to
section seventy-six, who, on or after April first, nineteen hundred
sixty-nine with twenty-five or more years of total service, separates
from the employ of a participating employer who has elected to provide
the career retirement plan and who would have been eligible to have his
retirement allowance computed pursuant to the provisions of this section
had he at the time of separation attained age fifty-five, shall at the
time he becomes eligible to receive the vested retirement allowance, be
entitled to have such allowance computed in the manner prescribed by
this section.

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

e. The provisions of this section shall apply to members who retire or
separate in vested status from service with a participating employer who
has elected to provide the career retirement plan; provided, however, in
the case of persons who last became members on or after July first,
nineteen hundred seventy-three, the provisions of this section shall
apply only to those retiring prior to July first, nineteen hundred
seventy-four.

f. A participating employer who, within thirty days of the date this
section becomes law, files a resolution electing to make contributions
to the pension accumulation fund for the purpose of providing the career
retirement plan pursuant to this section may specify April first,
nineteen hundred sixty-nine as the date for the commencement of such
plan. A resolution filed more than thirty days after the date this
section becomes law shall specify an effective date for the commencement
of the career retirement plan, which effective date shall be on or after
the date of filing, provided, however, that a participating employer who
elects to provide the benefits enumerated in section seventy-five-i of
this article may specify the same effective date for this section.