New York Consolidated Laws, Retirement and Social Security Law - RSS § 75-d. Guaranteed retirement benefits for state employees

a. 1. A member of the retirement system in the employ of the state on or after January first, nineteen hundred sixty-eight and prior to April first, nineteen hundred sixty-eight who retires from such employ on or after April first, nineteen hundred sixty-eight, and who is entitled to a pension pursuant to paragraph one of subdivision a of section seventy-five-c of this chapter, shall receive such an additional pension for member service rendered on or after April first, nineteen hundred thirty-eight and prior to April first, nineteen hundred sixty, as will provide, when added to the pension provided pursuant to subparagraph (b), paragraph one, subdivision a of section seventy-five-c, and the annuity which is the actuarial equivalent of the member's accumulated contributions attributable to such period, computed on the basis of his rate of normal contribution, a retirement allowance of one-sixtieth of final average salary for each year of such service.  Such annuity shall be computed as it would be if it were not reduced by the actuarial equivalent of any outstanding loan nor by reason of the member's election to decrease his contributions toward retirement in order to apply the resulting amount toward payment of contributions for old age and survivors insurance coverage.

2. The additional pension provided under this section shall not be included in computing any pension reserve payable pursuant to the provisions of section sixty of this chapter.

3. Any accumulated contributions in excess of the amount required to provide the annuity computed pursuant to paragraph one of subdivision a of this section shall be used to increase the member's retirement allowance.