Section 371-A. Optional retirement at age fifty-five; new plan  


Latest version.
  • a. Any
      member of the policemen's and firemen's retirement system, who  has  not
      by  voluntary  election  on  or  after  April  first,  nineteen  hundred
      sixty-seven withdrawn the excess contributions authorized by subdivision
      d of this section, by written notice duly acknowledged  and  filed  with
      the  comptroller  on  or  before December thirty-first, nineteen hundred
      sixty-seven or within one year after he last became a member,  whichever
      is  later, may elect to contribute pursuant to this section on the basis
      of retirement at age fifty-five. After such election  the  member  shall
      contribute  pursuant  to  this  section at the higher rate determined in
      accordance with this subdivision a. Such higher rate shall be determined
      by the actuary upon the basis of tables adopted by the  comptroller  and
      regular interest. Such higher rate shall consist of the member's rate of
      normal  contribution  plus an additional rate. Such higher rate shall be
      computed as the constant proportion of annual compensation  which,  when
      deducted  from  each  payment  of  such  member's  prospective  earnable
      compensation from the time when he last became a member until  he  shall
      attain  age  fifty-five,  would provide, at such latter time, an annuity
      equal to one-one hundred twentieth of his final average salary for  each
      year  of member service rendered or which he will have rendered prior to
      his attainment of age fifty-five and for which he shall be  entitled  to
      credit.  Such  higher  rate  of contribution of a member who is over age
      fifty-four, at the time of his last becoming a member, shall be the same
      as if his age were fifty-four.  Where  a  member  elects  to  contribute
      pursuant  to  this  section,  contributions at such higher rate shall be
      made from May fifteenth, nineteen hundred sixty-seven or from  the  date
      he last became a member, whichever is later.
        Such  member's  rate of contribution pursuant to this section shall be
      appropriately reduced pursuant to section  three  hundred  seventy-a  of
      this  article  for  such  period  of  time  as  his employer contributes
      pursuant           to           such           section            toward
      pensions-providing-for-increased-take-home-pay  provided,  however, that
      such member may by written notice duly acknowledged and filed  with  the
      comptroller  make  an  election  to  waive such reduction as provided by
      subdivision j of section three hundred twenty-one of this  article.  One
      year  or  more  after the filing thereof, a member may withdraw any such
      election  by  written  notice  duly  acknowledged  and  filed  with  the
      comptroller.
        b.  In  addition  to  the  contributions  required by subdivision a, a
      member  who  elects  to  contribute  pursuant  to  this  section   shall
      contribute also toward the deficiency in his contributions on account of
      past member service rendered by him. The amount of such deficiency shall
      be  certified  by  the  actuary  and  shall be computed as the actuarial
      equivalent of the additional contributions which such member would  have
      made  on  account  of  his  past  member  service  if his higher rate of
      contribution, determined pursuant to subdivision a of this section,  had
      been  in  effect during the period of such past member service. A member
      may pay the amount  of  such  deficiency  in  a  lump  sum  or  in  such
      installments  as  the comptroller shall approve. Any member may make one
      or more cash payments of one hundred dollars, or any  multiple  thereof,
      on  account  of  such  deficiency. Any member may by written notice duly
      acknowledged and  filed  with  the  comptroller  authorize  and  require
      payroll  deductions  of ten dollars each, or any multiple thereof, to be
      made on account of such deficiency. One year or more  after  the  filing
      thereof  any  such  notice  may  be  withdrawn  by  written  notice duly
      acknowledged and filed with the comptroller.
        c.  Notwithstanding  any  inconsistent  provision  of  sections  three
      hundred  seventy-one  or  three hundred seventy-two of this article, any
    
      member who is contributing to the retirement  system  on  the  basis  of
      retirement  at  age  fifty-five pursuant to such sections and who, on or
      before December thirty-first, nineteen  hundred  sixty-seven,  withdraws
      such election for the purpose of making an election to contribute on the
      basis  of  retirement  at age fifty-five pursuant to this section, shall
      contribute pursuant  to  this  section,  provided  such  withdrawal  and
      election  is  by  written  notice  duly  acknowledged and filed with the
      comptroller. The  additional  contributions  made  by  any  such  member
      pursuant   to  sections  three  hundred  seventy-one  or  three  hundred
      seventy-two plus the regular interest thereon shall be  applied  to  the
      payment  of  the  deficiency  in  contributions certified by the actuary
      pursuant to subdivision b of this section. The amount of such additional
      contributions plus the regular interest thereon which is  in  excess  of
      the  amount  necessary  to  pay  such deficiency may be withdrawn by the
      member at any time prior to retirement.
        d. One year or more after the filing thereof, a  member  may  withdraw
      his  election  to  contribute  pursuant  to this section on the basis of
      retirement at age fifty-five. Such withdrawal shall be by written notice
      duly acknowledged and filed with the comptroller. Such member thereafter
      shall contribute on the basis of his rate of normal  contribution.  Such
      member,  upon  application  at any time prior to retirement and with the
      approval of the comptroller, shall be entitled to a refund of the amount
      of his contributions and regular interest thereon which is in excess  of
      the  amount of the accumulated contributions which he would then have to
      his credit had he been contributing on the basis of his rate  of  normal
      contribution.
        e. The provisions of this section shall be controlling notwithstanding
      any provisions in this article to the contrary.