2023 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  after April first, nineteen  hundred  sixty-six,  withdrawn  the  excess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.