§ 72. Optional retirement at age fifty-five; closed plan. a. A member
of the retirement system under age fifty-five who elected before May
fifteenth, nineteen hundred fifty, to contribute to the retirement
system pursuant to this section shall make additional contributions to
the annuity savings fund over and above those required to be made by
section twenty-one of this article. The rate of such additional
contributions shall be computed in a manner similar to that provided by
such section twenty-one. Such rate shall be computed to be sufficient to
provide an annuity at such age which, with the total pension provided
for by subdivision b of section seventy-five of this article will
produce a retirement allowance of one-sixtieth of his final average
salary for each year of his total service. A member's rate of
contribution pursuant to this section shall be appropriately reduced for
such period of time as his employer contributes toward
pensions-providing-for-increased-take-home-pay pursuant to section
seventy-a of this article. A retirement allowance, computed as provided
in subdivision b of such section seventy-five, shall be payable upon the
retirement of such member after he has attained age fifty-five.

b. If any such member elected to contribute on the basis of retirement
at age fifty-five after he had been credited with twenty or more years
of allowable service, he may pay the additional contributions provided
for by subdivision a of this section at any time within one year after
he makes such election and prior to his retirement.

c. One year or more after the filing thereof, a member may withdraw
his election to contribute on the basis of retirement at age fifty-five
pursuant to this section. Such withdrawal shall be by written notice
duly acknowledged and filed with the comptroller. Such member
thereafter shall contribute on the basis of retirement at age sixty.
Such member, upon application before retirement and with the approval of
the comptroller, shall be entitled to a refund of the amount of his
contributions and 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 retirement at age sixty.

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

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