§ 71-a. Optional retirement at age fifty-five; new plan. a. Any
member of the retirement system, who has not by voluntary election on or
after April first, nineteen hundred sixty-six, withdrawn the excess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 sixty-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, contributions at such higher rate shall be
made from May fifteenth, nineteen hundred sixty-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.

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 inconsistant provision of sections seventy-one
or 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-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 sections seventy-one
or 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 provision in this article to the contrary.