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

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

member of the retirement system, who has not by voluntary election on or

after April first, nineteen hundred sixty-six, withdrawn the excess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 sixty-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, contributions at such higher rate shall be

made from May fifteenth, nineteen hundred sixty-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.

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 inconsistant provision of sections seventy-one

or 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-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 sections seventy-one

or 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 provision in this article to the contrary.