75-I - Improved career retirement plan for employees of participating employers.

§ 75-i. Improved career retirement plan for employees of participating  employers.    a.  A  participating  employer which has elected, or which  elects, pursuant to section thirty, thirty-one, or  thirty-two  of  this  article  to  provide  the benefits of the career retirement plan for its  employees as specified in section seventy-five-g  of  this  article  may  elect  pursuant  to  section  thirty-three of this article to reduce the  number of years of total service required for career retirement benefits  to twenty and have the fraction one-fiftieth  of  final  average  salary  used  to  calculate the entire benefit for all years of credited service  for such  eligible  members,  provided,  however,  the  maximum  pension  payable  pursuant  to  this  section  shall not exceed three-quarters of  final  average  salary.  A  member  eligible  for  a  vested  retirement  allowance  pursuant  to  the  provisions  of section seventy-six of this  chapter who separates from employment on or after April first,  nineteen  hundred  seventy  with  twenty  or  more years of total service, 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.    b. 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.    c.  In  the  case  of persons who last became members on or after July  first, nineteen hundred seventy-three, the provisions  of  this  section  shall  be  applicable  only  to  those  retiring or separating in vested  status prior to July first, nineteen hundred seventy-four.