§ 72 — Optional retirement at age fifty-five; closed plan

§ 72. Optional retirement at age fifty-five; closed plan. a. A member\nof the retirement system under age fifty-five who elected before May\nfifteenth, nineteen hundred fifty, to contribute to the retirement\nsystem pursuant to this section shall make additional contributions to\nthe annuity savings fund over and above those required to be made by\nsection twenty-one of this article. The rate of such additional\ncontributions shall be computed in a manner similar to that provided by\nsuch section twenty-one. Such rate shall be computed to be sufficient to\nprovide an annuity at such age which, with the total pension provided\nfor by subdivision b of section seventy-five of this article will\nproduce a retirement allowance of one-sixtieth of his final average\nsalary for each year of his total service. A member's rate of\ncontribution pursuant to this section shall be appropriately reduced for\nsuch period of time as his employer contributes toward\npensions-providing-for-increased-take-home-pay pursuant to section\nseventy-a of this article. A retirement allowance, computed as provided\nin subdivision b of such section seventy-five, shall be payable upon the\nretirement of such member after he has attained age fifty-five.\n b. If any such member elected to contribute on the basis of retirement\nat age fifty-five after he had been credited with twenty or more years\nof allowable service, he may pay the additional contributions provided\nfor by subdivision a of this section at any time within one year after\nhe makes such election and prior to his retirement.\n c. One year or more after the filing thereof, a member may withdraw\nhis election to contribute on the basis of retirement at age fifty-five\npursuant to this section. Such withdrawal shall be by written notice\nduly acknowledged and filed with the comptroller. Such member\nthereafter shall contribute on the basis of retirement at age sixty.\nSuch member, upon application before retirement and with the approval of\nthe comptroller, shall be entitled to a refund of the amount of his\ncontributions and interest thereon which is in excess of the amount of\nthe accumulated contributions which he would then have to his credit had\nhe been contributing on the basis of retirement at age sixty.\n d. On or after May fifteenth, nineteen hundred fifty, no election may\nbe made to contribute pursuant to this section.\n e. The provisions of this section shall be controlling notwithstanding\nany provision in this article to the contrary.\n