§ 442. Minimum age for retirement. a. The minimum retirement age for
any member of a retirement system who is subject to the provisions of
this article, other than a member permitted to retire upon completion of
twenty or twenty-five years of service pursuant to section four hundred
forty-five of this article, or a member who is eligible to retire
pursuant to subdivision c of section four hundred forty-five-d of this
article or subdivision c of section four hundred forty-five-i of this
article, and exclusive of retirement for disability, shall be sixty-two;
however, such a member may retire prior to attainment of age sixty-two
in which event the amount of his retirement benefit otherwise computed
without optional modification from funds based on other than his own
contributions and exclusive of his pension-for-increased-take-home-pay,
shall be reduced in accordance with the following schedule:

1. For each of the first twenty-four full months that retirement
predates age sixty-two, one-half of one percentum per month; and

2. For each full month that retirement predates age sixty, one-quarter
of one percentum per month, but in no event shall retirement be
permitted prior to attainment of age fifty-five.

b. Notwithstanding the provisions of subdivision a of this section:

1. A member who is a peace officer employed by the unified court
system or a member of a teacher's retirement system or a member of the
New York state and local employees' retirement system may retire without
reduction of his retirement benefit upon his attainment of at least
fifty-five years of age and completion of thirty or more years of
service; and

2. A member of the optional twenty year retirement plan for sheriffs,
undersheriffs, and regular deputy sheriffs in counties which have
elected to provide same having a mandatory retirement age on July first,
nineteen hundred seventy-three, earlier than age sixty-two may retire
without reduction of his retirement benefit upon attainment of the
mandatory retirement age; however, if such a member retires prior to
attainment of the mandatory retirement age, the amount of his retirement
benefit otherwise computed without optional modification from funds
based on other than his own contributions and exclusive of his
pension-for-increased-take-home-pay, shall be reduced by one-half of one
percentum per month for each full month by which his retirement predates
such mandatory retirement age.

3. Notwithstanding paragraph a of this subdivision or any other law to
the contrary a participating employer may elect to provide its employees
who are members of the optional twenty year retirement plan for police
and firefighters eligibility to retire at age fifty-five without
reduction and then such employees may elect to join under section three
hundred seventy-five-i or three hundred seventy-five-j of this chapter,
if either plan is provided by the employer, and retire without reduction
of their retirement benefits upon attaining the age of fifty-five.

4. A demand in collective bargaining negotiations for the additional
benefit provided by paragraph three of this subdivision shall not be
subject to the provisions of paragraph (b) or (c) of subdivision four of
section two hundred nine of the civil service law, nor shall such demand
be subject to any provision for interest arbitration contained in any
local law, resolution or ordinance adopted by any governmental entity
pursuant to subdivision one of section two hundred twelve of the civil
service law.