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 - 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  election on or after April first, nineteen hundred fifty-six,  withdrawn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.