N.Y. Retirement & Social Security Law § 371-a: Optional retirement at age fifty-five; new plan

§ 371-a. Optional retirement at age fifty-five; new plan. a. Any

member of the police and fire retirement system, who has not by

voluntary election on or after April first, nineteen hundred sixty-seven

withdrawn the excess contributions authorized by subdivision d of this

section, by written notice duly acknowledged and filed with the

comptroller on or before December thirty-first, nineteen hundred

sixty-seven or within one year after he or she last became a member,

whichever is later, may elect to contribute pursuant to this section on

the basis of retirement at age fifty-five. After such election the

member shall contribute pursuant to this section at the higher rate

determined in accordance with this subdivision. Such higher rate shall

be determined by the actuary upon the basis of tables adopted by the

comptroller and regular interest. Such higher rate shall consist of the

member's rate of normal contribution plus an additional rate. Such

higher rate shall be computed as the constant proportion of annual

compensation which, when deducted from each payment of such member's

prospective earnable compensation from the time when he or she last

became a member until he or she shall attain age fifty-five, would

provide, at such latter time, an annuity equal to one-one hundred

twentieth of his or her final average salary for each year of member

service rendered or which he or she will have rendered prior to his or

her attainment of age fifty-five and for which he or she shall be

entitled to credit. Such higher rate of contribution of a member who is

over age fifty-four, at the time of his or her last becoming a member,

shall be the same as if his or her age were fifty-four. Where a member

elects to contribute pursuant to this section, contributions at such

higher rate shall be made from May fifteenth, nineteen hundred

sixty-seven or from the date he or she last became a member, whichever

is later.

Such member's rate of contribution pursuant to this section shall be

appropriately reduced pursuant to section three hundred seventy-a of

this article for such period of time as his employer contributes

pursuant to such section toward

pensions-providing-for-increased-take-home-pay provided, however, that

such member may by written notice duly acknowledged and filed with the

comptroller make an election to waive such reduction as provided by

subdivision j of section three hundred twenty-one of this article. One

year or more after the filing thereof, a member may withdraw any such

election by written notice duly acknowledged and filed with the

comptroller.

b. In addition to the contributions required by subdivision a, a

member who elects to contribute pursuant to this section shall

contribute also toward the deficiency in his contributions on account of

past member service rendered by him. The amount of such deficiency shall

be certified by the actuary and shall be computed as the actuarial

equivalent of the additional contributions which such member would have

made on account of his past member service if his higher rate of

contribution, determined pursuant to subdivision a of this section, had

been in effect during the period of such past member service. A member

may pay the amount of such deficiency in a lump sum or in such

installments as the comptroller shall approve. Any member may make one

or more cash payments of one hundred dollars, or any multiple thereof,

on account of such deficiency. Any member may by written notice duly

acknowledged and filed with the comptroller authorize and require

payroll deductions of ten dollars each, or any multiple thereof, to be

made on account of such deficiency. One year or more after the filing

thereof any such notice may be withdrawn by written notice duly

acknowledged and filed with the comptroller.

c. Notwithstanding any inconsistent provision of sections three

hundred seventy-one or three hundred seventy-two of this article, any

member who is contributing to the retirement system on the basis of

retirement at age fifty-five pursuant to such sections and who, on or

before December thirty-first, nineteen hundred sixty-seven, withdraws

such election for the purpose of making an election to contribute on the

basis of retirement at age fifty-five pursuant to this section, shall

contribute pursuant to this section, provided such withdrawal and

election is by written notice duly acknowledged and filed with the

comptroller. The additional contributions made by any such member

pursuant to sections three hundred seventy-one or three hundred

seventy-two plus the regular interest thereon shall be applied to the

payment of the deficiency in contributions certified by the actuary

pursuant to subdivision b of this section. The amount of such additional

contributions plus the regular interest thereon which is in excess of

the amount necessary to pay such deficiency may be withdrawn by the

member at any time prior to retirement.

d. One year or more after the filing thereof, a member may withdraw

his election to contribute pursuant to this section on the basis of

retirement at age fifty-five. Such withdrawal shall be by written notice

duly acknowledged and filed with the comptroller. Such member thereafter

shall contribute on the basis of his rate of normal contribution. Such

member, upon application at any time prior to retirement and with the

approval of the comptroller, shall be entitled to a refund of the amount

of his contributions and regular interest thereon which is in excess of

the amount of the accumulated contributions which he would then have to

his credit had he been contributing on the basis of his rate of normal

contribution.

e. The provisions of this section shall be controlling notwithstanding

any provisions in this article to the contrary.