Section 13-547. Optional service retirement upon completion of minimum period of service under twenty-year pension plan

a. (1) (a) Any contributor in  member-service  may  elect,  by  a written application duly executed and
  filed with the retirement board on or after the  date  of  enactment  of
  this  section  and  prior  to  July  first, nineteen hundred seventy, to
  become a twenty-year pension plan contributor commencing on July  first,
  nineteen  hundred seventy and to contribute to the retirement system for
  the right to  retire  under  the  twenty-year  pension  plan;  provided,
  however,  that  if  any contributor filing such an application is not in
  member-service on July first, nineteen hundred seventy, such application
  shall be void and of no effect.
    (b) Any contributor in  member-service  on  June  thirtieth,  nineteen
  hundred seventy, who at the time of filing an application as hereinafter
  in this subparagraph (b) provided, is in member-service, may elect, by a
  written application duly executed and filed with the retirement board on
  or  after  July  first,  nineteen hundred seventy and no later than June
  thirtieth, nineteen hundred seventy-two, to become a twenty-year pension
  plan contributor commencing on July first, nineteen hundred seventy  and
  to contribute to the retirement system for the right to retire under the
  twenty-year pension plan.
    (c)  Any  contributor  who  was  in  member-service on June thirtieth,
  nineteen hundred seventy-two, who at the time of filing  an  application
  as  hereinafter  in this subparagraph provided is in member-service, may
  elect, by a  written  application  duly  executed  and  filed  with  the
  retirement  board on or after July first, nineteen hundred eighty and no
  later than June thirtieth, nineteen  hundred  eighty-one,  to  become  a
  twenty-year  pension plan contributor commencing on July first, nineteen
  hundred eighty and to contribute to the retirement system for the  right
  to retire under the twenty-year pension plan.
    (2)  Subject  to  the provisions of subdivision c of this section, the
  normal rate of contribution of any such contributor making such election
  pursuant to paragraph one of this subdivision a,  shall,  commencing  on
  the  date  he  or  she  elected  to  become  a  twenty-year pension plan
  contributor,  be  that  which  would  have  been  established  for  such
  contributor if:
    (a)  on  his or her contribution rate fixation date, the provisions of
  this section had been in effect, and he or she had been eligible for and
  had on such date elected the benefits of the twenty-year  pension  plan;
  and
    (b)  his  or her rate of contribution had then been fixed on the basis
  of mortality and other tables authorized in this chapter and interest at
  four per centum as a per cent of his or her earnable salary which,  when
  deducted  from  each  payment  of his or her prospective earnable salary
  prior to his  or  her  completion  of  his  or  her  twentieth  year  of
  twenty-year  pension plan qualifying service and accumulated at interest
  at four per centum until completion of such  twenty  years  of  service,
  would  be  computed to provide an annuity, which, as of the initial date
  of retirement allowance payability with  respect  to  such  contributor,
  would  be  equal  to one-eighth of his or her prospective average salary
  upon the completion of such period of twenty years of service.
    b. (1) Subject to the provisions of paragraph five of this subdivision
  b, any contributor who was not  in  member-service  on  June  thirtieth,
  nineteen  hundred  seventy,  and  who,  on or after July first, nineteen
  hundred  seventy  enters  for  the  first  time   or   first   re-enters
  member-service,  may,  if  he or she is in member-service at the time of
  filing an application as hereinafter in  this  paragraph  one  provided,
  elect  to  contribute  to  the retirement system for the right to retire
  under  the  twenty-year  pension  plan,  by  duly  executing  a  written

  application  and  by  filing  same  with the retirement board within two
  years after the date on which he or she so enters for the first time  or
  first  re-enters  member-service.  Any  contributor making such election
  shall  become  a  twenty-year pension plan contributor commencing on the
  date as of which, under the applicable provisions of  paragraph  two  or
  paragraph  three  of  this subdivision b, he or she is required to begin
  contributing for such right to retire.
    (2) Upon the basis of the mortality and  other  tables  authorized  in
  this  chapter  and regular interest, the actuary of the retirement board
  shall determine for each such contributor who:
    (a) first enters member-service  under  the  conditions  specified  in
  paragraph  one of this subdivision b and makes such election pursuant to
  such paragraph one; or
    (b) first re-enters member-service under the conditions  specified  in
  such paragraph one and makes such election and at the time of such first
  re-entry  into  member-service  has  a  contribution  rate fixation date
  coinciding with the date of such first re-entry; the per cent of his  or
  her earnable salary which, when deducted from each payment of his or her
  prospective  earnable salary, from the date of such first entry or first
  re-entry into member-service, as the case may be, and prior  to  his  or
  her  completion  of  twenty years of twenty-year pension plan qualifying
  service and accumulated at regular interest  until  completion  of  such
  twenty  years of service, shall be computed to provide an annuity which,
  as of the initial date of retirement allowance payability  with  respect
  to  such  contributor,  shall  be  equal  to  one-eighth  of  his or her
  prospective average salary upon the completion of such period of  twenty
  years  of  service.  The normal rate of contribution of such contributor
  shall be such per cent determined as prescribed in this  paragraph  two,
  commencing  on  the  date on which he or she first so enters or first so
  re-enters member-service.
    (3) Subject to the provisions of subdivision c of  this  section,  the
  normal rate of contribution of each such contributor who:
    (a)  first  re-enters member-service under the conditions specified in
  paragraph one of this subdivision b; and
    (b) makes such election pursuant to such paragraph one; and
    (c) at the time of such first  re-entry  into  member-service,  has  a
  contribution   rate   fixation   date   occurring   during  his  or  her
  member-service  preceding  the  date  of  such  first  re-entry;  shall,
  beginning   on   the  date  on  which  he  or  she  first  so  re-enters
  member-service, be that which  would  have  been  established  for  such
  contributor if: (i) on his or her contribution rate fixation date; he or
  she  had  been eligible for and had on such date elected the benefits of
  the twenty-year pension plan; and
    (ii) his or her rate of contribution had then been fixed in accordance
  with the  method  of  computation  prescribed  in  subparagraph  (b)  of
  paragraph two of subdivision a of this section.
    (4)  In  any  case  where  the  provisions of this section were not in
  effect on the contribution rate fixation date of a  twenty-year  pension
  plan  contributor  for whom a normal rate of contribution is required to
  be  fixed  pursuant  to  the  provisions  of  paragraph  three  of  this
  subdivision  b, they shall be deemed to have been in effect on such date
  for the purposes of such paragraph.
    (5) (a) In any case  where  a  twenty-year  pension  plan  contributor
  ceases  to be a member of the retirement system while such a contributor
  and subsequently and next after such cessation of  membership  re-enters
  member-service without being entitled to service credit and status prior
  to  withdrawal  as  provided  for  in  section  13-506  of  this chapter
  (relating  to  withdrawn  contributors  who  re-enter   service),   such

  contributor  shall,  upon  such  re-entry  into member-service, become a
  twenty-year pension plan contributor.
    (b)  Subject  to  the provisions of subdivision c of this section, the
  normal rate  of  contribution  and  minimum  accumulation  of  any  such
  contributor  mentioned  in subparagraph (a) of this paragraph five shall
  be the normal rate of contribution and minimum accumulation which  would
  have  been  established  for  him or her if he or she had first become a
  twenty-year pension plan contributor on the date of such  re-entry  into
  member-service.
    c.  (1)  In  any  case  where prior to the date on which a twenty-year
  pension plan contributor first or last becomes such a contributor, he or
  she had completed twenty or  more  years  of  twenty-year  pension  plan
  qualifying  service, the normal rate of contribution of such contributor
  shall be fifteen per centum.
    (2) In any case where a twenty-year pension plan contributor,  on  the
  date  on  which  he or she first or last becomes such a contributor, has
  twenty-year pension plan qualifying service which
    (a) was rendered prior to such date; and
    (b) aggregates less than twenty years; and
    (c) consists of a number  of  whole  years  of  such  service  plus  a
  fractional part of a year of such service;
    the  actuary  may  determine  the  normal rate of contribution of such
  contributor on the basis of interpolation.
    (3) In any case where a twenty-year pension  plan  contributor  shall,
  after  his  or  her normal rate of contribution as such a contributor is
  fixed pursuant to the applicable provisions  of  this  section,  acquire
  credit  for  twenty-year  pension plan qualifying service by transfer as
  described in subdivision forty-four of section 13-501  of  this  chapter
  (relating  to  definitions),  a new normal rate of contribution shall be
  fixed for such contributor pursuant to the applicable provisions of this
  section on the basis of his or her twenty-year pension  plan  qualifying
  service  as  recomputed to include such transferred service credit. Such
  new normal rate of contribution shall be effective with respect to  such
  contributor  as  of  the  date  on  which  the  original  normal rate of
  contribution of such contributor was effective.  Appropriate  adjustment
  shall  be made in the contributions of such contributor until his or her
  contributions as a twenty-year pension  plan  contributor  are  as  they
  would  be  if he or she had been contributing at such new normal rate of
  contribution from the  date  on  which  such  original  normal  rate  of
  contribution was effective.
    d.  (1)  A twenty-year pension plan contributor may at any time cancel
  his or her election to be such  a  contributor  by  duly  executing  and
  filing  with  the  retirement  board  a  written cancellation; provided,
  however, that any twenty-year pension plan contributor who has  attained
  a  status  requiring  that  he or she be retired pursuant to subdivision
  three of section 13-545 of this  chapter  (relating  to  retirement  for
  superannuation),  and who, as of the date on which he or she is required
  to be retired pursuant to such subdivision, is not  eligible  to  retire
  for  service pursuant to this section, shall be deemed to have cancelled
  such election as of the date next preceding the date on which he or  she
  is required to be retired.
    (2)  After  the  filing of a cancellation by a contributor pursuant to
  paragraph one of this subdivision d:
    (a) the provisions of this section, other than this paragraph two  and
  paragraphs  three  and four of this subdivision d, shall be inapplicable
  to such contributor; and
    (b) he or she shall not be a twenty-year pension plan contributor; and

    (c) he or she shall not be eligible to elect  again  the  benefits  of
  this section.
    (3)  On  and  after  the date of which such provisions of this section
  become inapplicable to any such  contributor  under  the  provisions  of
  paragraph two of this subdivision d:
    (i)  such  contributor  shall  be an age-fifty-five-increased-benefits
  pension plan contributor; and
    (ii) the normal rate of contribution of such contributor shall be that
  which would have been established for such contributor if he or she  had
  elected,  as  of his or her contribution rate fixation date, to become a
  twenty-five-year-age-fifty-five-one-per-centum contributor; and
    (iii) the eligibility and rights of such contributor with  respect  to
  benefits  under  this  chapter  shall  be  governed  by  the  applicable
  provisions thereof in the same manner as if  such  contributor  had  not
  elected to become a twenty-year pension plan contributor.
    (4)  In  any  case  where  a  contributor  elects to cancel his or her
  election pursuant to paragraph one of this subdivision d, the provisions
  of subdivision f of section 13-548 of this chapter (relating to fixation
  of the normal rate of contribution of age  fifty-five-increased-benefits
  pension  plan  contributors)  shall  apply to the fixation of the normal
  rate of contribution of such contributor.
    e. (1) Any  twenty-year  pension  plan  contributor  may  retire  from
  service  on written application to such board setting forth at what time
  subsequent to the execution of such application he or she desires to  be
  retired.  Such  application shall retire such contributor at the time so
  specified, provided:
    (a) he or she shall have completed, at  such  time,  twenty  years  of
  twenty-year pension plan qualifying service; and
    (b)  he  or  she  would  have  been  able,  if  he  or she remained in
  city-service, to complete at  least  twenty-five  years  of  twenty-year
  pension  plan  qualifying  service before the date as of which he or she
  would  be  required  to  be  retired  for  superannuation  pursuant   to
  subdivision three of section 13-545 of this chapter.
    (2)  Such  contributor  shall receive, in lieu of any other retirement
  allowance, a retirement allowance which shall be  computed  pursuant  to
  subdivision  f  and g of this section and which shall begin with respect
  to such contributor on the latest of the following dates:
    (a) the date on which he or she attains the age of  fifty-five  years;
  or
    (b)  the date next following the earliest date on which, had he or she
  remained in city-service, he or she  could  have  completed  twenty-five
  years of twenty-year pension plan qualifying service; or
    (c) the effective date of his or her retirement.
    f.  Subject  to  the provisions of subdivision g of this section, such
  retirement allowance to which such contributor is entitled shall consist
  of:
    (1) an annuity which shall be the actuarial equivalent, as of the date
  on which such contributor's retirement allowance begins, of his  or  her
  accumulated deductions as they were on such date; and
    (2)  for the first twenty years of his or her twenty-year pension plan
  qualifying service: (a) a  pension-providing-for-increased-take-home-pay
  which  is  the  actuarial equivalent, as of the date on which his or her
  retirement allowance begins, of the reserve-for-increased-take-home-pay,
  if any, to which he or she may be entitled for  such  period  of  twenty
  years of twenty-year pension plan qualifying service; and
    (b) a pension equal to the amount obtained: (i) by adding together the
  amount  of  the  pension-providing-for-increased-take-home-pay  computed
  pursuant to subparagraph (a) of  this  paragraph  two  and  his  or  her

  minimum  accumulation  factor,  as  defined  in  subdivision twenty-a of
  section 13-501 of this chapter; and
    (ii)  by subtracting the sum resulting from the addition prescribed by
  item (i) of this subparagraph (b) from an amount equal  to  one-half  of
  his or her average salary; and
    (3)  in  addition,  for total-service credited in excess of such first
  twenty years of twenty-year pension plan qualifying service:
    (a) A pension equal to the product obtained by multiplying the  number
  of  such years of excess service by one and two-tenths per centum of his
  or her average salary, and by adding to such product for  any  years  of
  such  excess  service  occurring  after June thirtieth, nineteen hundred
  seventy, a further pension equal to the product obtained by  multiplying
  the  number of such years of excess service occurring after such date by
  five tenths of one per centum of his or her average salary; and
    (b)  A  pension-providing-for-increased-take-home-pay  which  is   the
  actuarial  equivalent,  as  of  the  date  when  his  or  her retirement
  allowance begins, of the reserve-for-increased-take-home-pay, if any, to
  which he or she may be entitled for all periods of  twenty-year  pension
  plan  qualifying  service  rendered by him or her, other than such first
  twenty years of such service.
    g. (1) In any case where a twenty-year pension  plan  contributor  who
  retires  pursuant  to  this  section  is  a  participant in the variable
  annuity program on the date when his or her retirement allowance begins,
  he or she shall receive, in lieu of the  retirement  allowance  provided
  for in subdivision f of this section and in lieu of any other retirement
  allowance,  a  retirement allowance, which, subject to the provisions of
  paragraph two of this subdivision g, shall consist of:
    (a) an annuity which shall be the actuarial equivalent, as of the date
  on which  his  or  her  retirement  allowance  begins,  of  his  or  her
  accumulated deductions as they are on such date; and
    (b)   a  pension-providing-for-increased-take-home-pay  which  is  the
  actuarial equivalent, as of the date on  which  his  or  her  retirement
  allowance  begins,  of  the reserve-for-increased-take-home-pay, if any,
  which is credited to his or her account in the contingent  reserve  fund
  as of the date on which his or her retirement allowance begins; and
    (c)  a  pension,  for the first twenty years of his or her twenty-year
  pension plan qualifying service, equal to the amount obtained:
    (i)     by     computing      an      amount      equal      to      a
  pension-providing-for-increased-take-home-pay  which  is  the  actuarial
  equivalent, as of the date on which  his  or  her  retirement  allowance
  begins,  of the reserve-for-increased-take-home-pay, if any, to which he
  or she would have been entitled for his or her  first  twenty  years  of
  twenty year pension plan qualifying service, if he or she had never been
  a participant in the variable annuity program; and
    (ii)  by  adding  together the amount computed pursuant to item (i) of
  this subparagraph (c) and his or her  minimum  accumulation  factor,  as
  defined in subdivision twenty-a of section 13-501 of this chapter; and
    (iii) by subtracting the sum resulting from the addition prescribed by
  item  (ii)  of this subparagraph (c) from an amount equal to one-half of
  his or her average salary; and
    (d) in addition, for total-service credited in excess  of  such  first
  twenty  years  of twenty-year pension plan qualifying service, a pension
  computed in the manner prescribed by subparagraph (a) of paragraph three
  of subdivision f of this section; and
    (e) the variable annuity and variable pension to which he or  she  may
  be entitled.
    (2)  The  retirement  allowance  to  which  such  contributor shall be
  entitled under the provisons of this subdivision g shall be  the  amount

  remaining  after  there  is  deducted  from  the total of the components
  mentioned in subparagraphs (a), (b), (c), (d) and (e) of  paragraph  one
  of  this  subdivision, the actuarial equivalent of the amount of regular
  interest  which, if such contributor had never been a participant in the
  variable annuity program, would have accrued, during his or  her  period
  of  service,  if  any,  in  excess  of  his or her first twenty years of
  twenty-year    pension    plan    qualifying    service     upon     the
  reserve-for-increased-take-home-pay, if any, credited to him or her with
  respect to such first twenty years of service.
    h.  (1)  Notwithstanding  any  other  provision of this chapter to the
  contrary, but subject to paragraph two of this subdivision, in any  case
  where,  on  or  after  the  date  this  subdivision  becomes  a  law,  a
  fifty-five-year-increased-benefits pension plan member dies  in  service
  while  such  a  member,  after completing twenty or more years of career
  pension plan qualifying service such member shall be deemed to have died
  as a twenty-year pension plan member, if status as  such  a  twenty-year
  pension  plan  member  at the time of his or her death would result in a
  benefit larger than the benefit which would be payable  if  such  member
  died while a fifty-five-year-increased-benefits pension plan member.
    (2)  In  any  case where a member referred to in paragraph one of this
  subdivision is a Tier II member at the time of his  or  her  death,  any
  change  in the plan membership of such member pursuant to such paragraph
  one shall not change, alter  or  affect  the  applicability  of  article
  eleven of the retirement and social security law to such member.
    i.  (1) Subject to the provisions of subdivision d of this section, or
  after   the   date    this    subdivision    becomes    a    law,    any
  fifty-five-year-increased-benefits  pension  plan member in city-service
  may elect, by a written application duly executed  and  filed  with  the
  board,  to become a twenty-year pension plan member and to contribute to
  the retirement system, pursuant to the appropriate  provisions  of  this
  section, for the right to retire under the twenty-year pension plan.
    (2)  Such  member  shall become a twenty-year pension plan member upon
  the filing of such application.
    j. (1) In any case where on or after the date this subdivision becomes
  a   law,   a    twenty-year    pension    plan    member    becomes    a
  fifty-five-year-increased-benefits  pension plan member by reason of his
  or her withdrawal pursuant to subdivision d of this section, of  his  or
  her  election  to be a twenty-year pension member, such member shall not
  thereafter be eligible to elect, pursuant to the  applicable  provisions
  of  subdivision i of this section, again to become a career pension plan
  member,  except  as  otherwise  provided  in  paragraph  three  of  this
  subdivision.
    (2)   In   any   case  where  on  or  after  such  effective  date,  a
  fifty-five-year-increased-benefits  pension  plan   member   becomes   a
  twenty-year  pension  plan member by reason of such member's election to
  do so pursuant to the applicable provisions of  subdivision  i  of  this
  section,  such  member  who  made  such election shall not thereafter be
  eligible to withdraw, pursuant to paragraph  one  of  this  subdivision,
  such  election  except  as otherwise provided in paragraph three of this
  subdivision.
    (3) Any member referred to in paragraph one or paragraph two  of  this
  subdivision  shall  be  eligible to file an election or a withdrawal, as
  the case may be, provided (i)  such  member  files  an  application  for
  service  retirement  no  more  than thirty days after the filing of such
  election or withdrawal and retires pursuant to such application or  (ii)
  such  member,  under  circumstances  qualifying  him or her for a vested
  rights retirement allowance,  discontinues  city-service  no  more  than
  thirty days after the filing of such election or withdrawal.

    k. In any case where any member, at the time of making any election or
  filing  any  withdrawal  authorized  by the preceding provisions of this
  section, is a Tier II member and in any case  where  a  Tier  II  member
  becomes  subject  to the provisions of paragraph two of subdivision d of
  this  section,  the  making  of  such  election  or  the  filing of such
  withdrawal or the status of such member as subject to such paragraph two
  shall not change, alter or affect the applicability of article eleven of
  the retirement and social  security  law  to  such  member  and  nothing
  contained  in  such  preceding provisions of such paragraph two shall be
  construed as changing, altering or affecting the applicability  of  such
  article to such member.