§ 371-a. Optional retirement at age fifty-five; new plan. a. Any
member of the police and fire 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withdrawn the excess contributions authorized by subdivision d of this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 or she 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. 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 or she last
became a member until he or she shall attain age fifty-five, would
provide, at such latter time, an annuity equal to one-one hundred
twentieth of his or her final average salary for each year of member
service rendered or which he or she will have rendered prior to his or
her attainment of age fifty-five and for which he or she shall be
entitled to credit. Such higher rate of contribution of a member who is
over age fifty-four, at the time of his or her last becoming a member,
shall be the same as if his or her 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 or she 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.