a. (1) (a) Any contributor in member-service may elect, by a written application duly executed and filed with the retirement board on or after the date of enactment of this section and prior to July first, nineteen hundred seventy, to become a twenty-year pension plan contributor commencing on July first, nineteen hundred seventy and to contribute to the retirement system for the right to retire under the twenty-year pension plan; provided, however, that if any contributor filing such an application is not in member-service on July first, nineteen hundred seventy, such application shall be void and of no effect.
(b) Any contributor in member-service on June thirtieth, nineteen hundred seventy, who at the time of filing an application as hereinafter in this subparagraph (b) provided, is in member-service, may elect, by a written application duly executed and filed with the retirement board on or after July first, nineteen hundred seventy and no later than June thirtieth, nineteen hundred seventy-two, to become a twenty-year pension plan contributor commencing on July first, nineteen hundred seventy and to contribute to the retirement system for the right to retire under the twenty-year pension plan.
(c) Any contributor who was in member-service on June thirtieth, nineteen hundred seventy-two, who at the time of filing an application as hereinafter in this subparagraph provided is in member-service, may elect, by a written application duly executed and filed with the retirement board on or after July first, nineteen hundred eighty and no later than June thirtieth, nineteen hundred eighty-one, to become a twenty-year pension plan contributor commencing on July first, nineteen hundred eighty and to contribute to the retirement system for the right to retire under the twenty-year pension plan.
(2) Subject to the provisions of subdivision c of this section, the normal rate of contribution of any such contributor making such election pursuant to paragraph one of this subdivision a, shall, commencing on the date he or she elected to become a twenty-year pension plan contributor, be that which would have been established for such contributor if:
(a) on his or her contribution rate fixation date, the provisions of this section had been in effect, and he or she had been eligible for and had on such date elected the benefits of the twenty-year pension plan; and
(b) his or her rate of contribution had then been fixed on the basis of mortality and other tables authorized in this chapter and interest at four per centum as a per cent of his or her earnable salary which, when deducted from each payment of his or her prospective earnable salary prior to his or her completion of his or her twentieth year of twenty-year pension plan qualifying service and accumulated at interest at four per centum until completion of such twenty years of service, would be computed to provide an annuity, which, as of the initial date of retirement allowance payability with respect to such contributor, would be equal to one-eighth of his or her prospective average salary upon the completion of such period of twenty years of service.
b. (1) Subject to the provisions of paragraph five of this subdivision b, any contributor who was not in member-service on June thirtieth, nineteen hundred seventy, and who, on or after July first, nineteen hundred seventy enters for the first time or first re-enters member-service, may, if he or she is in member-service at the time of filing an application as hereinafter in this paragraph one provided, elect to contribute to the retirement system for the right to retire under the twenty-year pension plan, by duly executing a written application and by filing same with the retirement board within two years after the date on which he or she so enters for the first time or first re-enters member-service. Any contributor making such election shall become a twenty-year pension plan contributor commencing on the date as of which, under the applicable provisions of paragraph two or paragraph three of this subdivision b, he or she is required to begin contributing for such right to retire.
(2) Upon the basis of the mortality and other tables authorized in this chapter and regular interest, the actuary of the retirement board shall determine for each such contributor who:
(a) first enters member-service under the conditions specified in paragraph one of this subdivision b and makes such election pursuant to such paragraph one; or
(b) first re-enters member-service under the conditions specified in such paragraph one and makes such election and at the time of such first re-entry into member-service has a contribution rate fixation date coinciding with the date of such first re-entry; the per cent of his or her earnable salary which, when deducted from each payment of his or her prospective earnable salary, from the date of such first entry or first re-entry into member-service, as the case may be, and prior to his or her completion of twenty years of twenty-year pension plan qualifying service and accumulated at regular interest until completion of such twenty years of service, shall be computed to provide an annuity which, as of the initial date of retirement allowance payability with respect to such contributor, shall be equal to one-eighth of his or her prospective average salary upon the completion of such period of twenty years of service. The normal rate of contribution of such contributor shall be such per cent determined as prescribed in this paragraph two, commencing on the date on which he or she first so enters or first so reenters member-service.
(3) Subject to the provisions of subdivision c of this section, the normal rate of contribution of each such contributor who:
(a) first re-enters member-service under the conditions specified in paragraph one of this subdivision b; and
(b) makes such election pursuant to such paragraph one; and
(c) at the time of such first re-entry into member-service, has a contribution rate fixation date occurring during his or her member-service preceding the date of such first re-entry; shall, beginning on the date on which he or she first so re-enters member-service, be that which would have been established for such contributor if:
(i) on his or her contribution rate fixation date; he or she had been eligible for and had on such date elected the benefits of the twenty-year pension plan; and
(ii) his or her rate of contribution had then been fixed in accordance with the method of computation prescribed in subparagraph (b) of paragraph two of subdivision a of this section.
(4) In any case where the provisions of this section were not in effect on the contribution rate fixation date of a twenty-year pension plan contributor for whom a normal rate of contribution is required to be fixed pursuant to the provisions of paragraph three of this subdivision b, they shall be deemed to have been in effect on such date for the purposes of such paragraph.
(5) (a) In any case where a twenty-year pension plan contributor ceases to be a member of the retirement system while such a contributor and subsequently and next after such cessation of membership re-enters member-service without being entitled to service credit and status prior to withdrawal as provided for in section 13-506 of this chapter (relating to withdrawn contributors who re-enter service), such contributor shall, upon such re-entry into member-service, become a twenty-year pension plan contributor.
(b) Subject to the provisions of subdivision c of this section, the normal rate of contribution and minimum accumulation of any such contributor mentioned in subparagraph (a) of this paragraph five shall be the normal rate of contribution and minimum accumulation which would have been established for him or her if he or she had first become a twenty-year pension plan contributor on the date of such re-entry into member-service.
c. (1) In any case where prior to the date on which a twenty-year pension plan contributor first or last becomes such a contributor, he or she had completed twenty or more years of twenty-year pension plan qualifying service, the normal rate of contribution of such contributor shall be fifteen per centum.
(2) In any case where a twenty-year pension plan contributor, on the date on which he or she first or last becomes such a contributor, has twenty-year pension plan qualifying service which
(a) was rendered prior to such date; and
(b) aggregates less than twenty years; and
(c) consists of a number of whole years of such service plus a fractional part of a year of such service; the actuary may determine the normal rate of contribution of such contributor on the basis of interpolation.
(3) In any case where a twenty-year pension plan contributor shall, after his or her normal rate of contribution as such a contributor is fixed pursuant to the applicable provisions of this section, acquire credit for twenty-year pension plan qualifying service by transfer as described in subdivision forty-four of section 13-501 of this chapter (relating to definitions), a new normal rate of contribution shall be fixed for such contributor pursuant to the applicable provisions of this section on the basis of his or her twenty-year pension plan qualifying service as recomputed to include such transferred service credit. Such new normal rate of contribution shall be effective with respect to such contributor as of the date on which the original normal rate of contribution of such contributor was effective. Appropriate adjustment shall be made in the contributions of such contributor until his or her contributions as a twenty-year pension plan contributor are as they would be if he or she had been contributing at such new normal rate of contribution from the date on which such original normal rate of contribution was effective.
d. (1) A twenty-year pension plan contributor may at any time cancel his or her election to be such a contributor by duly executing and filing with the retirement board a written cancellation; provided, however, that any twenty-year pension plan contributor who has attained a status requiring that he or she be retired pursuant to subdivision three of section 13-545 of this chapter (relating to retirement for superannuation), and who, as of the date on which he or she is required to be retired pursuant to such subdivision, is not eligible to retire for service pursuant to this section, shall be deemed to have cancelled such election as of the date next preceding the date on which he or she is required to be retired.
(2) After the filing of a cancellation by a contributor pursuant to paragraph one of this subdivision d:
(a) the provisions of this section, other than this paragraph two and paragraphs three and four of this subdivision d, shall be inapplicable to such contributor; and
(b) he or she shall not be a twenty-year pension plan contributor; and
(c) he or she shall not be eligible to elect again the benefits of this section.
(3) On and after the date of which such provisions of this section become inapplicable to any such contributor under the provisions of paragraph two of this subdivision d:
(i) such contributor shall be an age-fifty-five-increased-benefits pension plan contributor; and
(ii) the normal rate of contribution of such contributor shall be that which would have been established for such contributor if he or she had elected, as of his or her contribution rate fixation date, to become a twenty-five-year-age-fifty-five-one-per-centum contributor; and
(iii) the eligibility and rights of such contributor with respect to benefits under this chapter shall be governed by the applicable provisions thereof in the same manner as if such contributor had not elected to become a twenty-year pension plan contributor.
(4) In any case where a contributor elects to cancel his or her election pursuant to paragraph one of this subdivision d, the provisions of subdivision f of section 13-548 of this chapter (relating to fixation of the normal rate of contribution of age fifty-five-increased-benefits pension plan contributors) shall apply to the fixation of the normal rate of contribution of such contributor.
e. (1) Any twenty-year pension plan contributor may retire from service on written application to such board setting forth at what time subsequent to the execution of such application he or she desires to be retired. Such application shall retire such contributor at the time so specified, provided:
(a) he or she shall have completed, at such time, twenty years of twenty-year pension plan qualifying service; and
(b) he or she would have been able, if he or she remained in city service, to complete at least twenty-five years of twenty-year pension plan qualifying service before the date as of which he or she would be required to be retired for superannuation pursuant to subdivision three of section 13-545 of this chapter.
(2) Such contributor shall receive, in lieu of any other retirement allowance, a retirement allowance which shall be computed pursuant to subdivision f and g of this section and which shall begin with respect to such contributor on the latest of the following dates:
(a) the date on which he or she attains the age of fifty-five years; or
(b) the date next following the earliest date on which, had he or she remained in city-service, he or she could have completed twenty-five years of twenty-year pension plan qualifying service; or
(c) the effective date of his or her retirement.
f. Subject to the provisions of subdivision g of this section, such retirement allowance to which such contributor is entitled shall consist of:
(1) an annuity which shall be the actuarial equivalent, as of the date on which such contributor's retirement allowance begins, of his or her accumulated deductions as they were on such date; and
(2) for the first twenty years of his or her twenty-year pension plan qualifying service:
(a) a pension-providing-for-increased-take-home-pay which is the actuarial equivalent, as of the date on which his or her retirement allowance begins, of the reserve-for-increased-take-home-pay, if any, to which he or she may be entitled for such period of twenty years of twenty-year pension plan qualifying service; and
(b) a pension equal to the amount obtained:
(i) by adding together the amount of the pension-providing-for-increased-take-home-pay computed pursuant to subparagraph (a) of this paragraph two and his or her minimum accumulation factor, as defined in subdivision twenty-a of section 13-501 of this chapter; and
(ii) by subtracting the sum resulting from the addition prescribed by item (i) of this subparagraph (b) from an amount equal to one-half of his or her average salary; and (3) in addition, for total-service credited in excess of such first twenty years of twenty-year pension plan qualifying service:
(a) A pension equal to the product obtained by multiplying the number of such years of excess service by one and two-tenths per centum of his or her average salary, and by adding to such product for any years of such excess service occurring after June thirtieth, nineteen hundred seventy, a further pension equal to the product obtained by multiplying the number of such years of excess service occurring after such date by five tenths of one per centum of his or her average salary; and
(b) A pension-providing-for-increased-take-home-pay which is the actuarial equivalent, as of the date when his or her retirement allowance begins, of the reserve-for-increased-take-home-pay, if any, to which he or she may be entitled for all periods of twenty-year pension plan qualifying service rendered by him or her, other than such first twenty years of such service.
g. (1) In any case where a twenty-year pension plan contributor who retires pursuant to this section is a participant in the variable annuity program on the date when his or her retirement allowance begins, he or she shall receive, in lieu of the retirement allowance provided for in subdivision f of this section and in lieu of any other retirement allowance, a retirement allowance, which, subject to the provisions of paragraph two of this subdivision g, shall consist of:
(a) an annuity which shall be the actuarial equivalent, as of the date on which his or her retirement allowance begins, of his or her accumulated deductions as they are on such date; and
(b) a pension-providing-for-increased-take-home-pay which is the actuarial equivalent, as of the date on which his or her retirement allowance begins, of the reserve-for-increased-take-home-pay, if any, which is credited to his or her account in the contingent reserve fund as of the date on which his or her retirement allowance begins; and
(c) a pension, for the first twenty years of his or her twenty-year pension plan qualifying service, equal to the amount obtained:
(i) by computing an amount equal to a pension-providing-for-increased-take-home-pay which is the actuarial equivalent, as of the date on which his or her retirement allowance begins, of the reserve-for-increased-take-home-pay, if any, to which he or she would have been entitled for his or her first twenty years of twenty year pension plan qualifying service, if he or she had never been a participant in the variable annuity program; and
(ii) by adding together the amount computed pursuant to item (i) of this subparagraph (c) and his or her minimum accumulation factor, as defined in subdivision twenty-a of section 13-501 of this chapter; and
(iii) by subtracting the sum resulting from the addition prescribed by item (ii) of this subparagraph (c) from an amount equal to one-half of his or her average salary; and
(d) in addition, for total-service credited in excess of such first twenty years of twenty-year pension plan qualifying service, a pension computed in the manner prescribed by subparagraph (a) of paragraph three of subdivision f of this section; and
(e) the variable annuity and variable pension to which he or she may be entitled.
(2) The retirement allowance to which such contributor shall be entitled under the provisions of this subdivision g shall be the amount remaining after there is deducted from the total of the components mentioned in subparagraphs (a), (b), (c), (d) and (e) of paragraph one of this subdivision, the actuarial equivalent of the amount of regular interest which, if such contributor had never been a participant in the variable annuity program, would have accrued, during his or her period of service, if any, in excess of his or her first twenty years of twenty-year pension plan qualifying service upon the reserve-for-increased-take-home-pay, if any, credited to him or her with respect to such first twenty years of service.
h. (1) Notwithstanding any other provision of this chapter to the contrary, but subject to paragraph two of this subdivision, in any case where, on or after the date this subdivision becomes a law, a fifty-five-year-increased-benefits pension plan member dies in service while such a member, after completing twenty or more years of career pension plan qualifying service such member shall be deemed to have died as a twenty-year pension plan member, if status as such a twenty-year pension plan member at the time of his or her death would result in a benefit larger than the benefit which would be payable if such member died while a fifty-five-year-increased-benefits pension plan member.
(2) In any case where a member referred to in paragraph one of this subdivision is a Tier II member at the time of his or her death, any change in the plan membership of such member pursuant to such paragraph one shall not change, alter or affect the applicability of article eleven of the retirement and social security law to such member.
i. (1) Subject to the provisions of subdivision d of this section, or after the date this subdivision becomes a law, any fifty-five-year-increased-benefits pension plan member in city-service may elect, by a written application duly executed and filed with the board, to become a twenty-year pension plan member and to contribute to the retirement system, pursuant to the appropriate provisions of this section, for the right to retire under the twenty-year pension plan.
(2) Such member shall become a twenty-year pension plan member upon the filing of such application.
j. (1) In any case where on or after the date this subdivision becomes a law, a twenty-year pension plan member becomes a fifty-five-year-increased-benefits pension plan member by reason of his or her withdrawal pursuant to subdivision d of this section, of his or her election to be a twenty-year pension member, such member shall not thereafter be eligible to elect, pursuant to the applicable provisions of subdivision i of this section, again to become a career pension plan member, except as otherwise provided in paragraph three of this subdivision.
(2) In any case where on or after such effective date, a fifty-five-year-increased-benefits pension plan member becomes a twenty-year pension plan member by reason of such member's election to do so pursuant to the applicable provisions of subdivision i of this section, such member who made such election shall not thereafter be eligible to withdraw, pursuant to paragraph one of this subdivision, such election except as otherwise provided in paragraph three of this subdivision.
(3) Any member referred to in paragraph one or paragraph two of this subdivision shall be eligible to file an election or a withdrawal, as the case may be, provided (i) such member files an application for service retirement no more than thirty days after the filing of such election or withdrawal and retires pursuant to such application or (ii) such member, under circumstances qualifying him or her for a vested rights retirement allowance, discontinues city-service no more than thirty days after the filing of such election or withdrawal.
k. In any case where any member, at the time of making any election or filing any withdrawal authorized by the preceding provisions of this section, is a Tier II member and in any case where a Tier II member becomes subject to the provisions of paragraph two of subdivision d of this section, the making of such election or the filing of such withdrawal or the status of such member as subject to such paragraph two shall not change, alter or affect the applicability of article eleven of the retirement and social security law to such member and nothing contained in such preceding provisions of such paragraph two shall be construed as changing, altering or affecting the applicability of such article to such member.