NY Ret & SS L § 71-A (2021)
2021 New York Laws RSS - Retirement and Social Security Article 2 - New York State Employees' Retirement System Title 8 - General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally 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of the retirement system, who has not by voluntary election on or   after April first, nineteen  hundred  sixty-six,  withdrawn  the  excess   contributions  authorized  by  subdivision d of this section, by written   notice duly acknowledged and filed with the  comptroller  on  or 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.