§ 371-A — Optional retirement at age fifty-five; new plan

§ 371-a. Optional retirement at age fifty-five; new plan. a. Any\nmember of the police and fire retirement system, who has not by\nvoluntary election on or after April first, nineteen hundred sixty-seven\nwithdrawn the excess contributions authorized by subdivision d of this\nsection, by written notice duly acknowledged and filed with the\ncomptroller on or before December thirty-first, nineteen hundred\nsixty-seven or within one year after he or she last became a member,\nwhichever is later, may elect to contribute pursuant to this section on\nthe basis of retirement at age fifty-five. After such election the\nmember shall contribute pursuant to this section at the higher rate\ndetermined in accordance with this subdivision. Such higher rate shall\nbe determined by the actuary upon the basis of tables adopted by the\ncomptroller and regular interest. Such higher rate shall consist of the\nmember's rate of normal contribution plus an additional rate. Such\nhigher rate shall be computed as the constant proportion of annual\ncompensation which, when deducted from each payment of such member's\nprospective earnable compensation from the time when he or she last\nbecame a member until he or she shall attain age fifty-five, would\nprovide, at such latter time, an annuity equal to one-one hundred\ntwentieth of his or her final average salary for each year of member\nservice rendered or which he or she will have rendered prior to his or\nher attainment of age fifty-five and for which he or she shall be\nentitled to credit. Such higher rate of contribution of a member who is\nover age fifty-four, at the time of his or her last becoming a member,\nshall be the same as if his or her age were fifty-four. Where a member\nelects to contribute pursuant to this section, contributions at such\nhigher rate shall be made from May fifteenth, nineteen hundred\nsixty-seven or from the date he or she last became a member, whichever\nis later.\n Such member's rate of contribution pursuant to this section shall be\nappropriately reduced pursuant to section three hundred seventy-a of\nthis article for such period of time as his employer contributes\npursuant to such section toward\npensions-providing-for-increased-take-home-pay provided, however, that\nsuch member may by written notice duly acknowledged and filed with the\ncomptroller make an election to waive such reduction as provided by\nsubdivision j of section three hundred twenty-one of this article. One\nyear or more after the filing thereof, a member may withdraw any such\nelection by written notice duly acknowledged and filed with the\ncomptroller.\n b. In addition to the contributions required by subdivision a, a\nmember who elects to contribute pursuant to this section shall\ncontribute also toward the deficiency in his contributions on account of\npast member service rendered by him. The amount of such deficiency shall\nbe certified by the actuary and shall be computed as the actuarial\nequivalent of the additional contributions which such member would have\nmade on account of his past member service if his higher rate of\ncontribution, determined pursuant to subdivision a of this section, had\nbeen in effect during the period of such past member service. A member\nmay pay the amount of such deficiency in a lump sum or in such\ninstallments as the comptroller shall approve. Any member may make one\nor more cash payments of one hundred dollars, or any multiple thereof,\non account of such deficiency. Any member may by written notice duly\nacknowledged and filed with the comptroller authorize and require\npayroll deductions of ten dollars each, or any multiple thereof, to be\nmade on account of such deficiency. One year or more after the filing\nthereof any such notice may be withdrawn by written notice duly\nacknowledged and filed with the comptroller.\n c. Notwithstanding any inconsistent provision of sections three\nhundred seventy-one or three hundred seventy-two of this article, any\nmember who is contributing to the retirement system on the basis of\nretirement at age fifty-five pursuant to such sections and who, on or\nbefore December thirty-first, nineteen hundred sixty-seven, withdraws\nsuch election for the purpose of making an election to contribute on the\nbasis of retirement at age fifty-five pursuant to this section, shall\ncontribute pursuant to this section, provided such withdrawal and\nelection is by written notice duly acknowledged and filed with the\ncomptroller. The additional contributions made by any such member\npursuant to sections three hundred seventy-one or three hundred\nseventy-two plus the regular interest thereon shall be applied to the\npayment of the deficiency in contributions certified by the actuary\npursuant to subdivision b of this section. The amount of such additional\ncontributions plus the regular interest thereon which is in excess of\nthe amount necessary to pay such deficiency may be withdrawn by the\nmember at any time prior to retirement.\n d. One year or more after the filing thereof, a member may withdraw\nhis election to contribute pursuant to this section on the basis of\nretirement at age fifty-five. Such withdrawal shall be by written notice\nduly acknowledged and filed with the comptroller. Such member thereafter\nshall contribute on the basis of his rate of normal contribution. Such\nmember, upon application at any time prior to retirement and with the\napproval of the comptroller, shall be entitled to a refund of the amount\nof his contributions and regular interest thereon which is in excess of\nthe amount of the accumulated contributions which he would then have to\nhis credit had he been contributing on the basis of his rate of normal\ncontribution.\n e. The provisions of this section shall be controlling notwithstanding\nany provisions in this article to the contrary.\n