2006 New York Code - Change Of Rate Of Contribution; Withdrawal Of Excess.

 
    § 13-525 Change of rate of contribution; withdrawal of excess. Subject
  to  such  terms  and conditions and to such rules and regulations as the
  retirement board may adopt, any contributor from time to time may:
    1. Increase or decrease his or her rate of contribution to the annuity
  savings  fund,  but  in  no  event   shall   the   contribution   of   a
  present-teacher  be  less  than  the minimum contribution, nor shall the
  contribution of a new-entrant, other than  a  twenty-year  pension  plan
  contributor   or   an   age-fifty-five-increased-benefits  pension  plan
  contributor, be at a rate less than the per cent rate provided for  such
  new-entrant  in  section  13-521  (2)  of  this  chapter,  (relating  to
  contributions of new-entrants) nor, in the case of a twenty-year pension
  plan contributor, shall his or her  effective  contribution  rate  as  a
  twenty-year  pension  plan  contributor  (as  such  rate  is  defined in
  subdivision forty-five of section 13-501 of this chapter) be  less  than
  that  established  for such contributor as provided in subdivision seven
  of    such    section    13-521,    nor    in    the    case    of    an
  age-fifty-five-increased-benefits pension plan contributor, shall his or
  her  effective contribution rate as an age-fifty-five-increased-benefits
  pension plan  contributor  (as  such  rate  is  defined  in  subdivision
  forty-six of such section 13-501) be less than that established for such
  contributor  as  provided  in  subdivision seven of such section 13-521;
  provided that nothing contained in this subdivision  shall  deprive  any
  contributor  of  a  reduction in contributions to which such contributor
  may be entitled under the provisions of section 13-546 of this chapter;
    2. If  a  present-teacher  who  is  not  a  twenty-year  pension  plan
  contributor   or   an   age-fifty-five-increased-benefits  pension  plan
  contributor, withdraw from his or her individual account in the  annuity
  savings fund the amount in excess of his or her minimum accumulation;
    3.  If  he  or she is not a twenty-year pension plan contributor or an
  age-fifty-five-increased benefits pension  plan  contributor,  withdraw,
  after having become eligible for service retirement, such part of his or
  her accumulated deductions as shall be in excess of the amount necessary
  to  procure  for  him  or  her  an annuity which, if added to his or her
  prospective        pension        and         his         or         her
  pension-providing-for-increased-take-home-pay,  if  any,  will  yield  a
  retirement allowance of fifty per cent of his or her average salary.
    4. If he or she is a twenty-year pension plan  contributor,  withdraw,
  after  becoming eligible for service retirement, such part of his or her
  accumulated deductions as shall be in  excess  of  his  or  her  minimum
  accumulation;  provided, however, that any such contributor who makes an
  original or any subsequent withdrawal of any such  excess  or  any  part
  thereof  shall  not be entitled to make a further withdrawal of any such
  excess or part thereof during a period of one year after the  last  such
  withdrawal  except  that a contributor may make a withdrawal at the time
  of retirement regardless of any previous withdrawals.