§ 321. Members' contributions and their use; annuity savings fund. a.\nThe annuity savings funds shall be the fund in which shall be\naccumulated all contributions made by members to provide for their\nannuities and their withdrawal allowances.\n b. Upon the basis of tables adopted by the comptroller and regular\ninterest, the actuary shall determine the rate of contribution for each\nmember. Such rate shall be computed as the constant proportion of annual\ncompensation which, when deducted from each payment of such member's\nprospective earnable compensation until he shall attain age sixty, would\nprovide, at that time, an annuity equal to one-one hundred fortieth of\nhis final average salary for each year of member service for which he\nshall be entitled to credit. This method of computation of a member's\nrate of contribution shall be appropriately modified in case of a member\nfor whom such a rate is otherwise fixed pursuant to any other section of\nthis article.\n c. The rate of contribution of a member who is over age fifty-nine, at\nthe time of his last becoming a member, shall be the same as if his age\nwere fifty-nine.\n d. The comptroller shall certify each member's rate of contribution to\nhis employer. Each employer by whom a member is employed shall deduct\nfrom the compensation of such member, on each payroll and for every\npayroll period, the proportion of such member's compensation based upon\nhis rate of contribution. In determining the amount earnable by a member\nin a payroll period, the comptroller may consider the rate of annual\ncompensation payable to such member on the first day thereof as\ncontinuing throughout such period. If an employee was not a member on\nthe first day of a payroll period, deductions from compensation for such\nperiod may be omitted. No deductions shall be made from the compensation\nof a member over age sixty who has credit for at least thirty-five years\nof government service and who elects to discontinue his contributions to\nthe annuity savings fund. The contributions herein provided shall be\nmade notwithstanding that the minimum compensation provided by law for\nany member shall be reduced thereby.\n e. The chief fiscal officer of each employer promptly shall certify\nand file a copy of each payroll with the comptroller. Each such payroll\nand certification shall be in a form approved by the comptroller. The\ncomptroller, in his discretion, may waive the requirements of\ncertification and filing as to any particular payroll.\n f. Deductions from the compensation of a member shall constitute his\ncontributions. Such contributions shall be remitted promptly to the\ncomptroller. The comptroller shall deposit them in the annuity savings\nfund and they shall be credited, together with regular interest thereon,\nand special interest, if any, to the member's individual account in such\nfund. Regular interest upon accumulated contributions in the annuity\nsavings fund, and special interest, if any, shall be transferred to such\nfund from the pension accumulation fund at the close of each fiscal\nyear.\n g. If a member shall have deposited in the annuity savings fund of the\nNew York state employees' retirement system, before June thirteenth,\nnineteen hundred thirty-nine, amounts in addition to the contributions\nthen required by law, the same shall be included in his accumulated\ncontributions. Interest thereon, however, shall be credited only at such\nrate as in the opinion of the comptroller is the prevailing rate of\ninterest allowed on savings bank deposits. A member, at any time, may\nwithdraw such additional amounts and such interest thereon, in whole or\nin part. The total of such withdrawn amounts may be redeposited by a\nsingle payment at any time. If such additional amounts be not withdrawn\nbefore retirement, they thereupon shall be used to purchase an annuity\non account of such member. Such annuity shall be in addition to the\nretirement allowance to which he woul
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