N.Y. Retirement & Social Security Law § 72: Optional retirement at age fifty-five; closed plan

§ 72. Optional retirement at age fifty-five; closed plan. a. A member

of the retirement system under age fifty-five who elected before May

fifteenth, nineteen hundred fifty, to contribute to the retirement

system pursuant to this section shall make additional contributions to

the annuity savings fund over and above those required to be made by

section twenty-one of this article. The rate of such additional

contributions shall be computed in a manner similar to that provided by

such section twenty-one. Such rate shall be computed to be sufficient to

provide an annuity at such age which, with the total pension provided

for by subdivision b of section seventy-five of this article will

produce a retirement allowance of one-sixtieth of his final average

salary for each year of his total service. A member's rate of

contribution pursuant to this section shall be appropriately reduced for

such period of time as his employer contributes toward

pensions-providing-for-increased-take-home-pay pursuant to section

seventy-a of this article. A retirement allowance, computed as provided

in subdivision b of such section seventy-five, shall be payable upon the

retirement of such member after he has attained age fifty-five.

b. If any such member elected to contribute on the basis of retirement

at age fifty-five after he had been credited with twenty or more years

of allowable service, he may pay the additional contributions provided

for by subdivision a of this section at any time within one year after

he makes such election and prior to his retirement.

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

his election to contribute on the basis of retirement at age fifty-five

pursuant to this section. Such withdrawal shall be by written notice

duly acknowledged and filed with the comptroller. Such member

thereafter shall contribute on the basis of retirement at age sixty.

Such member, upon application before retirement and with the approval of

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

contributions and 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 retirement at age sixty.

d. On or after May fifteenth, nineteen hundred fifty, no election may

be made to contribute pursuant to this section.

e. The provisions of this section shall be controlling notwithstanding

any provision in this article to the contrary.