(e) Nothing contained in this subdivision or in subdivision one of
this section shall be construed to prevent the compulsory retirement of
any employee who has attained sixty-five years of age, and who, for a
two-year period immediately before retirement, is employed in a bona
fide executive or a high policymaking position, if such employee is
entitled to an immediate nonforfeitable annual retirement benefit from a
pension, profit-sharing, savings, or deferred compensation plan, or any
combination of such plans, of the employer of such employee, which
equals, in the aggregate, at least forty-four thousand dollars; provided
that for the purposes of this paragraph only, the term "employer"
includes any employer as otherwise defined in this article but does not
include (i) the state of New York, (ii) a county, city, town, village or
any other political subdivision or civil division of the state, (iii) a
school district or any other governmental entity operating a public
school, college or university, (iv) a public improvement or special
district, (v) a public authority, commission or public benefit
corporation, or (vi) any other public corporation, agency,
instrumentality or unit of government which exercises governmental power
under the laws of the state. In applying the retirement benefit test of
this paragraph, if any such retirement benefit is in a form other than a
straight life annuity with no ancillary benefits, or if employees
contribute to any such plan or make rollover contributions, such benefit
shall be adjusted in accordance with rules and regulations promulgated
by the division, after an opportunity for public hearing, so that the
benefit is the equivalent of a straight life annuity with no ancillary
benefits under a plan to which employees do not contribute and under
which no rollover contributions are made.