NY Ret & SS L § 71 (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 - 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 of  the  retirement  system  who has not by voluntary   election on or after April first, nineteen hundred fifty-six,  withdrawn   the excess contributions authorized by subdivision d of this section, by   written  notice  duly  acknowledged and filed with the comptroller on or   before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.