NY Ret & SS L § 371-A (2021)
2021 New York Laws RSS - Retirement and Social Security Article 8 - New York State and Local Police and Fire Retirement System Title 9 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 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 retirement  system,  who  has  not  by   voluntary election on or after April first, nineteen hundred sixty-seven   withdrawn  the  excess contributions authorized by subdivision d of this   section,  by  written  notice  duly  acknowledged  and  filed  with  the   comptroller   on 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.