2023 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  withdrawn  the  excess contributions authorized by subdivision d of this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.