N.Y. Educ. Law § 6211

§ 6211. College presidents emeriti; appointments, duties,\nqualifications, salary. The board of trustees shall be authorized to\nappoint, notwithstanding the provisions of any local law or charter to\nthe contrary, as president emeritus any retired president of an existing\ncollege unit or a college unit hereafter to be created other than\nteachers' training schools, whose duty it shall be to consult and advise\nwith educational officers as and when requested by the president, or\nhead of such college unit. No person shall be eligible for such\nappointment unless he shall have been duly retired from such college\nunit. He shall receive for the duration of his life such annual salary\nas the board of trustees or like financial authority, shall determine.\nThe salary is to be in lieu of the annual pension to which such retired\npresident would be entitled during his lifetime but is not to be\nconstrued as depriving him at the time of his retirement of the right to\nchoose an option or as depriving his estate or beneficiary of any death\nbenefit accruing to such estate or beneficiary under the law.\n