N.Y. Retirement & Social Security Law § 71: Optional retirement at age fifty-five; alternative plan

§ 71. Optional retirement at age fifty-five; alternative plan.

a. Any member of the retirement system who has not by voluntary

election on or after April first, nineteen hundred fifty-six, withdrawn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 fifty-six, or within one

year after he 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 a. 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 last became a member until he shall attain age

fifty-five, would provide, at such latter time, an annuity equal to

one-one hundred twentieth of his final average salary for each year of

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

attainment of age fifty-five and for which he shall be entitled to

credit. Such higher rate of contribution of a member who is over age

fifty-four, at the time of his last becoming a member, shall be the same

as if his age were fifty-four. Where a member elects to contribute

pursuant to this section, after April first, nineteen hundred fifty-six,

and prior to December thirty-first, nineteen hundred fifty-six,

contributions at such higher rate shall be made from January first,

nineteen hundred fifty-six, or from the date he last became a member,

whichever is later. Such member's rate of contribution pursuant to this

section shall be appropriately reduced pursuant to section 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 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. Except

as otherwise provided in subdivision b of this section, such a member

shall contribute on the basis of his rate of normal contribution after

attaining age fifty-five.

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 prior to his attainment of age

fifty-five. 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. If the amount of such deficiency in contributions is not

paid in any other way, the member shall, after attaining age fifty-five,

continue to contribute at the higher rate of contribution determined

pursuant to subdivision a of this section, so long as he continues in

government service and remains a member but not longer than is necessary

to pay the full amount of such deficiency.

c. Notwithstanding any inconsistant provision of section 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 section

and who, on or before December thirty-first, nineteen hundred fifty-six,

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 such section 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 be been contributing on the basis of his rate of normal

contribution.

e. On or after May fifteenth, nineteen hundred fifty-seven, no

election may be made to contribute pursuant to this section.

f. The provisions of this section shall be controlling notwithstanding

any provision in this article to the contrary.