§ 21. Members' contributions and their use; annuity savings fund. a.
The annuity savings fund shall be the fund in which shall be accumulated
all contributions made by members to provide for their annuities and
their withdrawal allowances.

b. Upon the basis of tables adopted by the comptroller and regular
interest, the actuary shall determine the rate of contribution for each
member. Such rate shall be computed as the constant proportion of annual
compensation which, when deducted from each payment of such member's
prospective earnable compensation until he shall attain age sixty, would
provide, at that time, an annuity equal to one-one hundred fortieth of
his final average salary for each year of member service for which he
shall be entitled to credit. This method of computation of a member's
rate of contribution shall be appropriately modified in case of a member
for whom such a rate is otherwise fixed pursuant to any other section of
this article.

c. The rate of contribution of a member who is over age fifty-nine, at
the time of his last becoming a member, shall be the same as if his age
were fifty-nine.

d. The comptroller shall certify each member's rate of contribution to
his employer. Each employer by whom a member is employed shall deduct
from the compensation of such member, on each payroll and for every
payroll period, the proportion of such member's compensation based upon
his rate of contribution. In determining the amount earnable by a member
in a payroll period, the comptroller may consider the rate of annual
compensation payable to such member on the first day thereof as
continuing throughout such period. If an employee was not a member on
the first day of a payroll period, deductions from compensation for such
period may be omitted. No deductions shall be made from the compensation
of a member over age sixty who has credit for at least thirty-five years
of government service and who elects to discontinue his contributions to
the annuity savings fund. The contributions herein provided shall be
made notwithstanding that the minimum compensation provided by law for
any member shall be reduced thereby.

e. The chief fiscal officer of each employer promptly shall certify
and file a copy of each payroll with the comptroller. Each such payroll
and certification shall be in a form approved by the comptroller. The
comptroller, in his discretion, may waive the requirements of
certification and filing as to any particular payroll.

f. Deductions from the compensation of a member shall constitute his
contributions. Such contributions shall be remitted promptly to the
comptroller. The comptroller shall deposit them in the annuity savings
fund and they shall be credited, together with regular interest thereon,
and special interest, if any, to the member's individual account in such
fund. Regular interest upon accumulated contributions in the annuity
savings fund, and special interest, if any, shall be transferred to such
fund from the pension accumulation fund at the close of each fiscal
year.

g. If a member shall have deposited in the annuity savings fund,
before June thirteenth, nineteen hundred thirty-nine, amounts in
addition to the contributions then required by law, the same shall be
included in his accumulated contributions. Interest thereon, however,
shall be credited only at such rate as in the opinion of the comptroller
is the prevailing rate of interest allowed on savings bank deposits. A
member, at any time, may withdraw such additional amounts and such
interest thereon, in whole or in part. The total of such withdrawn
amounts may be redeposited by a single payment at any time. If such
additional amounts be not withdrawn before retirement, they thereupon
shall be used to purchase an annuity on account of such member. Such
annuity shall be in addition to the retirement allowance to which he
would otherwise be entitled. It shall be computed on the basis of
regular interest and the mortality tables which are used in computing
other annuities under this article.

h. Valuation of maintenance in certain cases. 1. A member of the
retirement system, whose retirement contributions were determined by
fixing the value of his maintenance at one-half the cash compensation
received by him and whose contributions were subsequently reduced by the
fixing of a lower value for the same maintenance theretofore furnished,
may elect to have his contributions computed on the basis of his gross
compensation as established prior to such reduction in value of
maintenance, provided that:

(a) His retirement contributions prior to October first, nineteen
hundred forty-three, were based on such higher value of maintenance as
determined by the comptroller and his retirement contributions after
such date were reduced because of the fixation of such lower value of
maintenance, or

(b) His retirement contributions prior to April sixteenth, nineteen
hundred forty-six, were based on such higher value of maintenance as
determined by the board of supervisors of the county of Monroe and his
retirement contributions after such date were reduced because of the
fixation of such lower value of maintenance, or

(c) He was employed by the county of Westchester on March
twenty-ninth, nineteen hundred forty-eight, his retirement contributions
prior to March thirty-first, nineteen hundred forty-seven, were based on
such higher value of maintenance and his retirement contributions after
January first, nineteen hundred forty-eight, were reduced because of the
fixation of such lower value of maintenance, or

(cc) His retirement contributions prior to the initial fixation of the
value of his maintenance pursuant to section two hundred one or section
two hundred five of the county law, were based on such higher value of
maintenance as determined by the comptroller and his retirement
contributions after the date of such fixation were reduced because of
the fixation of such lower value of maintenance, or

(d) He was employed by the county of Onondaga on April twelfth,
nineteen hundred forty-nine, his retirement contributions prior to
December fifteenth, nineteen hundred forty-seven, were based on such
higher value of maintenance and his retirement contributions after
December fifteenth, nineteen hundred forty-seven, were reduced because
of the fixation of such lower value of maintenance, or

(e) He was or shall have been employed in a county or city
tuberculosis hospital which was or shall have been transferred to the
state pursuant to section twenty-two hundred sixty-eight of the public
health law, his retirement contributions prior to such transfer were or
shall have been based on such higher value of maintenance and his
retirement contributions after such transfer were or shall have been
reduced because of the fixation of such lower value of maintenance.

2. Upon filing such election and paying the additional contributions
required thereby, such member shall be entitled to have his pension,
retirement allowance or other rights and privileges in the retirement
system computed in accordance with such gross compensation, provided
that:

(a) In a case covered by subparagraph (a) of paragraph one of this
subdivision h, such election was so filed with the comptroller on or
before April first, nineteen hundred forty-six, and such additional
contributions are paid from and after October first, nineteen hundred
forty-three, or

(b) In a case covered by subparagraph (b) of paragraph one of this
subdivision h, such election was so filed with the comptroller on or
before January first, nineteen hundred forty-eight, and such additional
contributions are paid from and after April sixteenth, nineteen hundred
forty-six, or

(c) In a case covered by subparagraph (c) of paragraph one of this
subdivision h, such election was so filed with the comptroller on or
before January first, nineteen hundred forty-nine, and such additional
contributions are paid from and after March thirty-first, nineteen
hundred forty-seven, or

(cc) In a case covered by subparagraph (cc) of paragraph one of this
subdivision h, such election was so filed with the comptroller on or
before October first, nineteen hundred fifty-five, and such additional
contributions are paid from and after the date of the initial fixation
of the value of his maintenance pursuant to such subparagraph, or

(d) In a case covered by subparagraph (d) of paragraph one of this
subdivision h, such election was so filed with the county auditor on or
before November first, nineteen hundred forty-nine, and such additional
contributions are paid from and after December fifteenth, nineteen
hundred forty-seven, or

(e) In a case covered by subparagraph (d) of paragraph one of this
subdivision h, such election is so filed with the comptroller on or
before April first, nineteen hundred fifty, or within one year after the
date of such transfer, whichever is later, and such additional
contributions are paid from and after the date of such transfer.

3. The gross compensation of such member shall be the amount
established on the basis of such higher value of maintenance.
Contributions based on such gross compensation shall continue to be made
until such member retires or until such election is terminated as
provided in paragraph four of this subdivision h.

4. An election made pursuant to paragraph one of this subdivision h
shall be terminated if and when the compensation of the member,
including cash and the current value of maintenance, shall equal the
gross compensation of such member as fixed on the basis of the higher
value of maintenance described in such paragraph one, provided that:

(a) In a case covered by subparagraph (a) of paragraph one of this
subdivision h, such current value of maintenance shall have been
determined by the director of the budget pursuant to section forty-two
of the civil service law, or

(b) In a case covered by subparagraph (b) of paragraph one of this
subdivision h, such current value of maintenance shall have been
determined by the board of supervisors of the county of Monroe, or

(c) In a case covered by subparagraph (c) of paragraph one of this
subdivision h, such current value of maintenance shall have been
determined by the board of supervisors of the county of Westchester, or

(cc) In a case covered by subparagraph (cc) of paragraph one of this
subdivision h, such current value of maintenance shall have been
determined by the board of supervisors of the county, or

(d) In a case covered by subparagraph (d) of paragraph one of this
subdivision h, such current value of maintenance shall have been
determined by the board of supervisors of Onondaga county, or

(e) In a case covered by subparagraph (d) of paragraph one of this
subdivision h, such current value of maintenance shall have been
determined by the director of the budget pursuant to section forty-two
of the civil service law.

i. Additional contributions.

1. Any member of the retirement system, upon forms prescribed and
furnished by the comptroller, may elect to make additional contributions
at the rate of fifty per centum of his rate of normal contribution for
the purpose of purchasing additional annuity.

2. Additional contributions made pursuant to this subdivision i shall
be included in the member's accumulated contributions, except that in
computing a retirement allowance:

(a) For ordinary disability pursuant to section sixty-two of this
article, or

(b) In any other case under this article where the inclusion of such
additional contributions in the computation of an annuity would have the
effect of decreasing the amount of a pension that otherwise would be
payable,
such additional contributions shall be treated as excess contributions
and shall be used to provide an annuity in addition to the annuity which
otherwise would be payable in such case. Such additional annuity shall
be computed on the basis of regular interest and the mortality tables
which are used in computing other annuities under this article.

3. One year or more after the filing thereof, a member may withdraw
his election to make additional contributions pursuant to this
subdivision i. Such withdrawal shall be by written notice duly
acknowledged and filed with the comptroller.

j. Where a member's rate of contribution is reduced because his
employer contributes toward
pensions-providing-for-increased-take-home-pay pursuant to section
seventy-a of this article, such member may by written notice duly
acknowledged and filed with the comptroller within one year after such
reduction or within one year after he last became a member, whichever is
later, elect to waive such reduction. One year or more after the filing
thereof, a member may withdraw any such waiver by written notice duly
acknowledged and filed with the comptroller. Where a member makes an
election to waive such reduction, he shall contribute to the retirement
system as otherwise provided in this article.

k. A member in the employ of the state who retires on or after April
first, nineteen hundred seventy-three may elect to withdraw his excess
contributions at the time of his retirement; provided, however, in the
case of persons who last became members on or after July first, nineteen
hundred seventy-three, the provisions of this subdivision shall apply
only to those who retire prior to July first, nineteen hundred
seventy-four. Such election shall be duly executed and filed with the
comptroller. The term excess contributions shall mean accumulated
contributions in excess of the amount thereof necessary to provide the
required pension or retirement allowance specified under the plan
applicable to the member. In no case shall such withdrawal of
contributions result in an increase in the pension benefit.

l. Voluntary contributions. 1. Any member who is not otherwise
required by law to make contributions may elect to make voluntary
contributions for the purpose of purchasing additional annuity.

2. Voluntary contributions made pursuant to this subdivision shall be
included in the member's accumulated contributions, except that in
computing a retirement allowance:

(a) For ordinary disability pursuant to section sixty-two of this
chapter, or

(b) In any other case under this chapter where the inclusion of such
voluntary contributions in the computation of an annuity would have the
effect of decreasing the amount of a pension that otherwise would be
payable,
such voluntary contributions shall be treated as excess contributions
and shall be used to provide an annuity in addition to the annuity which
otherwise would be payable in such case. Such additional annuity shall
be computed on the basis of regular interest and the mortality tables
which are used in computing other annuities under this chapter.

3. Any member electing to make such voluntary contributions shall file
such election with the comptroller on a form prescribed for such purpose
by the comptroller. Such election shall specify a rate of contributions
in a whole number percentage no greater than ten percent of the member's
salary, such contributions to be remitted to the comptroller by regular
payroll deductions from the compensation of the member. The rate of
contribution shall be subject to change by the member only once in any
twelve month period. These contributions may be withdrawn by the member
in accordance with section fifty-one of this chapter only once in any
twelve month period.

4. Any member electing to make such voluntary contributions may
withdraw his election to make such contributions at any time and thereby
terminate such contributions; provided, however, that such termination
of voluntary contributions shall preclude the member from again electing
to make such contributions for a period of twelve months.

5. Any member electing to make such voluntary contributions pursuant
to this subdivision shall be deemed by such act to have: (a) withdrawn
his election to make additional contributions pursuant to subdivisions i
and j of this section, and (b) made all his excess contributions in
accordance with this subdivision.