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

New York § 71-A

• Jurisdiction: New York
• Law RSS: Retirement & Social Security
• Title 8: General Provisions Relating to Retirement; Retirement Plans Applicable to Members Generally
• Art. 2: New York State Employees' Retirement System

Text

§ 71-a. Optional retirement at age fifty-five; new plan. a. Any\nmember of the retirement system, who has not by voluntary election on or\nafter April first, nineteen hundred sixty-six, withdrawn the excess\ncontributions authorized by subdivision d of this section, by written\nnotice duly acknowledged and filed with the comptroller on or before\nDecember thirty-first, nineteen hundred sixty-six, or within one year\nafter he last became a member, whichever is later, may elect to\ncontribute pursuant to this section on the basis of retirement at age\nfifty-five. After such election the member shall contribute pursuant to\nthis section at the higher rate determined in accordance with this\nsubdivision a. Such higher rate shall be determined by the actuary upon\nthe basis of tables adopted by the comptroller and regular interest.\nSuch higher rate shall consist of the member's rate of normal\ncontribution plus an additional rate. Such higher rate shall be computed\nas the constant proportion of annual compensation which, when deducted\nfrom each payment of such member's prospective earnable compensation\nfrom the time when he last became a member until he shall attain age\nfifty-five, would provide, at such latter time, an annuity equal to\none-one hundred twentieth of his final average salary for each year of\nmember service rendered or which he will have rendered prior to his\nattainment of age fifty-five and for which he shall be entitled to\ncredit. Such higher rate of contribution of a member who is over age\nfifty-four, at the time of his last becoming a member, shall be the same\nas if his age were fifty-four. Where a member elects to contribute\npursuant to this section, contributions at such higher rate shall be\nmade from May fifteenth, nineteen hundred sixty-six, or from the date he\nlast became a member, whichever is later. Such member's rate of\ncontribution pursuant to this section shall be appropriately reduced\npursuant to section seventy-a of this article for such period of time as\nhis employer contributes pursuant 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 twenty-one of this article. One year or more\nafter the filing thereof, a member may withdraw any such election by\nwritten notice duly acknowledged and filed with the comptroller.\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 inconsistant provision of sections seventy-one\nor seventy-two of this article, any member who is contributing to the\nretirement system on the basis of retirement at age fifty-five pursuant\nto such sections and who on or before December thirty-first, nineteen\nhundred sixty-six, withdraws such election for the purpose of making an\nelection to contribute on the basis of retirement at age fifty-five\npursuant to this section, shall contribute pursuant to this section,\nprovided such withdrawal and election is by written notice duly\nacknowledged and filed with the comptroller. The additional\ncontributions made by any such member pursuant to sections seventy-one\nor seventy-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 provision in this article to the contrary.\n