§ 71. Optional retirement at age fifty-five; alternative plan.

a. Any member of the retirement system who has not by voluntary
election on or after April first, nineteen hundred fifty-six, withdrawn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 fifty-six, 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, after April first, nineteen hundred fifty-six,
and prior to December thirty-first, nineteen hundred fifty-six,
contributions at such higher rate shall be made from January first,
nineteen hundred fifty-six, 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 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 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. Except
as otherwise provided in subdivision b of this section, such a member
shall contribute on the basis of his rate of normal contribution after
attaining age fifty-five.

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 prior to his attainment of age
fifty-five. 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. If the amount of such deficiency in contributions is not
paid in any other way, the member shall, after attaining age fifty-five,
continue to contribute at the higher rate of contribution determined
pursuant to subdivision a of this section, so long as he continues in
government service and remains a member but not longer than is necessary
to pay the full amount of such deficiency.

c. Notwithstanding any inconsistant provision of section 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 section
and who, on or before December thirty-first, nineteen hundred fifty-six,
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 such section 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 be been contributing on the basis of his rate of normal
contribution.

e. On or after May fifteenth, nineteen hundred fifty-seven, no
election may be made to contribute pursuant to this section.

f. The provisions of this section shall be controlling notwithstanding
any provision in this article to the contrary.