§ 511-A — Special service retirement

§ 511-a. Special service retirement. 1. Retirement upon a special\nservice retirement allowance shall be made under the following\nconditions: Any member, by written notice duly acknowledged and filed\nwith the retirement board before the first day of July, nineteen hundred\nsixty-seven, or within two years after he last became a member,\nwhichever is later, may elect to contribute pursuant to this section on\nthe basis of retirement at an age within five years of the age when he\nwould be eligible for superannuation retirement as provided under\nsubdivision one of section five hundred ten, but not before age\nfifty-five. After such election the rate of deduction from the earnable\ncompensation of the contributor shall be six and one-half per centum if\nhis normal rate as provided under section five hundred sixteen is four\nper centum, and shall be eight per centum if such normal rate is five\nper centum. Where a member elects to contribute pursuant to this\nsection, contributions at such higher rate shall be made from the first\nday of July, nineteen hundred sixty-seven, or from the first of the\nmonth following the expiration of thirty days subsequent to the filing\nof his election, whichever is later. If, at the time of retirement, the\nmember's accumulated contributions are insufficient to provide an\nannuity equal to the pension provided under paragraph b of subdivision\nfour of this section, he shall have the privilege of paying into the\nretirement system by a single payment the amount required in addition to\nhis accumulated contributions to provide an annuity equal to said\npension.\n 2. One year or more after the filing thereof, a member may withdraw\nhis election to contribute pursuant to this section on the basis of\nspecial service retirement. Such withdrawal shall be by written notice\nduly acknowledged and filed with the retirement board. Such member\nthereafter shall contribute on the basis of his rate of normal\ncontribution. Such member, upon application at any time prior to\nretirement and with the approval of the retirement board, shall be\nentitled to a refund of the amount of his contributions and regular\ninterest thereon, which is in excess of the amount of the accumulated\ncontributions which he would then have to his credit had he been\ncontributing on the basis of his rate of normal contribution.\n 3. Any member electing to contribute towards a special service\nretirement allowance under the provisions of this section, who has\nattained age fifty-five or over while in service, shall be eligible to\nretire at any time within five years before the date he would be\neligible for superannuation retirement as provided under subdivision one\nof section five hundred ten, if he files with the retirement board a\nstatement duly attested setting forth at what time not less than thirty\ndays nor more than ninety days subsequent to the execution and filing\nthereof he desires such retirement.\n 4. Upon special service retirement, a member shall receive a special\nservice retirement allowance which shall consist of:\n a. An annuity which shall be the actuarial equivalent of his\naccumulated contributions at the time of his retirement, and\n b. A pension of one quarter of his final average salary or if his\ntotal service is less than twenty-five years, a pension of one\none-hundredth of his final average salary multiplied by the number of\nyears of total service, and\n c. If the member be a present teacher, a further pension of one\none-hundred fortieth of his final average salary multiplied by the\nnumber of years of total service certified on his prior service\ncertificate, and\n d. If the member has contributed pursuant to paragraph c of\nsubdivision three of section five hundred sixteen, a further pension of\none one-hundred twentieth (1/120) of his final average salary multiplied\nby the number of years of total service in excess of twenty-five years\nbut not in excess of thirty-five years, nor in excess of the number of\nyears for which credit is allowed under paragraph d of subdivision three\nof section five hundred sixteen.\n