§ 71. Optional retirement at age fifty-five; alternative plan.\n a. Any member of the retirement system who has not by voluntary\nelection on or after April first, nineteen hundred fifty-six, withdrawn\nthe excess contributions authorized by subdivision d of this section, by\nwritten notice duly acknowledged and filed with the comptroller on or\nbefore December thirty-first, nineteen hundred fifty-six, or within one\nyear after he last became a member, whichever is later, may elect to\ncontribute pursuant to this section on the basis of retirement at age\nfifty-five. After such election the member shall contribute pursuant to\nthis section at the higher rate determined in accordance with this\nsubdivision a. Such higher rate shall be determined by the actuary upon\nthe basis of tables adopted by the comptroller and regular interest.\nSuch higher rate shall consist of the member's rate of normal\ncontribution plus an additional rate. Such higher rate shall be computed\nas the constant proportion of annual compensation which, when deducted\nfrom each payment of such member's prospective earnable compensation\nfrom the time when he last became a member until he shall attain age\nfifty-five, would provide, at such latter time, an annuity equal to\none-one hundred twentieth of his final average salary for each year of\nmember service rendered or which he will have rendered prior to his\nattainment of age fifty-five and for which he shall be entitled to\ncredit. Such higher rate of contribution of a member who is over age\nfifty-four, at the time of his last becoming a member, shall be the same\nas if his age were fifty-four. Where a member elects to contribute\npursuant to this section, after April first, nineteen hundred fifty-six,\nand prior to December thirty-first, nineteen hundred fifty-six,\ncontributions at such higher rate shall be made from January first,\nnineteen hundred fifty-six, or from the date he last became a member,\nwhichever is later. Such member's rate of contribution pursuant to this\nsection shall be appropriately reduced pursuant to section seventy-a of\nthis article for such period of time as his employer contributes\npursuant to such section toward\npensions-providing-for-increased-take-home-pay provided, however, that\nsuch member may by written notice duly acknowledged and filed with the\ncomptroller make an election to waive such reduction as provided by\nsubdivision j of section twenty-one of this article. One year or more\nafter the filing thereof, a member may withdraw any such election by\nwritten notice duly acknowledged and filed with the comptroller. Except\nas otherwise provided in subdivision b of this section, such a member\nshall contribute on the basis of his rate of normal contribution after\nattaining age fifty-five.\n b. In addition to the contributions required by subdivision a, a\nmember who elects to contribute pursuant to this section shall\ncontribute also toward the deficiency in his contributions on account of\npast member service rendered by him prior to his attainment of age\nfifty-five. The amount of such deficiency shall be certified by the\nactuary and shall be computed as the actuarial equivalent of the\nadditional contributions which such member would have made on account of\nhis past member service if his higher rate of contribution, determined\npursuant to subdivision a of this section, had been in effect during the\nperiod of such past member service. A member may pay the amount of such\ndeficiency in a lump sum or in such installments as the comptroller\nshall approve. Any member may make one or more cash payments of one\nhundred dollars, or any multiple thereof, on account of such deficiency.\nAny member may by written notice duly acknowledged and filed with the\ncomptroller authorize and require payroll deductions of ten dollars\neach, or any multiple thereof, to be made on account of such deficiency.\nOne year or more after the filing thereof any such notice may be
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