Subdivision (c)(3) of section 51 of the Retirement and Social Security Law provides that excess contributions may be withdrawn by a member at any time prior to retirement; if not so withdrawn, excess contributions are used to purchase additional annuity. To assist retiring members in the selection of an optional settlement of their retirement benefit, the Retirement System prepares and forwards to the member an estimate of benefit plans available upon retirement. The estimate also sets forth the amount of the additional annuity which may be purchased with excess contributions not withdrawn before retirement. When available prior to the effective date of retirement, the estimate will bear on a member's decision to either withdraw excess contributions or accept the annuity. In some instances, however, a member may receive the estimate too near the effective date of retirement to permit an intelligent, informed decision to be made and communicated to the Retirement System; or, the estimate may not be received until after the effective date of retirement, in which case the member is precluded from withdrawing the excess contributions and must accept the annuity, however disadvantageous it may be. The proposed regulation is promulgated to grant those members who do not receive a timely retirement estimate the opportunity to withdraw excess contributions.