§ 553. Additional pension benefit for members of optional twenty year retirement plan. a. A participating employer which has elected, or which elects to provide the benefits of the optional twenty year retirement plan for its employees as specified in section five hundred fifty-two of this article may elect 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 five hundred fifty-two of this article. Every member employed by an employer which participates in the retirement system and which has elected the provisions of section five hundred fifty-two of this article and this section may elect to be covered by the provisions of this section by filing with the comptroller a duly executed and acknowledged form prepared by the comptroller for that purpose.

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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; provided, however, a participating employer may elect to provide any service credit earned with a public employer prior to services performed as a sheriff, undersheriff or deputy sheriff towards the one-sixtieth allowance and provided further that the total allowance payable pursuant to this section shall not exceed three-quarters of such member's final average salary. The additional benefit provided by this subdivision shall be available to a member after his or her employer elects to make this benefit available to all its members otherwise eligible to receive this benefit.