N.Y. Education Law § 532: Supplemental retirement allowance

§ 532. Supplemental retirement allowance. a. A supplemental retirement

allowance shall be paid to pensioners who have retired from the

retirement system prior to the calendar year nineteen hundred

ninety-four. Such supplemental retirement allowance shall be payable on

the basis provided for herein, commencing with a payment for the month

of September, nineteen hundred ninety-nine and continuing through the

month of August, two thousand. Said supplemental retirement allowance

shall be a percentage of the retirement allowance otherwise payable,

computed without optional modification, but excluding any annuity

derived from voluntary contributions made by members, except those made

pursuant to elections under subdivision one of section five hundred

eleven-a or paragraph c of subdivision three of section five hundred

sixteen of this article. Said percentage, for each calendar year of

retirement, is set forth in subdivision b of this section. Said

supplemental retirement allowance shall be computed on the basis of the

first fourteen thousand dollars of such annual retirement allowance and

shall be payable commencing September first, nineteen hundred

ninety-nine to all disability pensioners and recipients of an accidental

death benefit, and to other pensioners who have attained age sixty-two

or who have been retired for ten or more years and have attained age

fifty-five.

b. 1. In calculating the supplemental retirement allowance in

accordance with subdivision a of this section, the following percentages

will be used for each calendar year of retirement, as appropriate:

Calendar year of retirement Percentage

1993 1.5

1992 1.5

1991 1.5

1990 1.5

1989 2.8

1988 3.7

1987 4.5

1986 5.5

1985 6.3

1984 7.4

1983 8.3

1982 10.5

1981 12.5

1980 15.6

1979 19.9

1978 25.4

1977 30.3

1976 37.8

1975 42.5

1974 54.0

1973 73.0

1972 86.0

1971 96.7

1970 105.0

1969 141.8

1968 169.0

1967 195.9

1966 203.7

1965 230.5

1964 254.5

1963 278.6

1962 310.0

1961 330.0

1960 340.0

1959 390.0

1958 427.3

1957 442.3

The supplemental retirement allowance shall be rounded off to the

nearest dollar.

1-a. For those pensioners retired from the retirement system prior to

the calendar year nineteen hundred fifty-seven the percentage referred

to in this section shall be determined by the ratio of two indexes, in

the following manner. The average of the twelve monthly consumer price

indexes of the calendar year nineteen hundred ninety-five divided by the

average of the twelve monthly consumer price indexes of the calendar

year of retirement shall be the ratio of the indexes. Said ratio, minus

one, shall be expressed as a percentage and shall be adjusted to the

lower one-tenth of one per centum. Such adjusted percentage shall be the

percentage of the retirement allowance, computed without optional

modification, which is payable as a supplement. Such percentage shall be

computed by the actuary and certified to the retirement board which

shall, by directive, promulgate a schedule of percentages by year of

retirement to be used for this purpose. The supplemental retirement

allowance shall be rounded off to the nearest dollar.

c. The benefits herein above provided for shall be in lieu of the

benefits presently provided by section five hundred ten and articles

four and six of the retirement and social security law, unless such

benefits are in excess of those provided by this section, in which

latter case such benefits shall be paid by the retirement system

pursuant to this section.

d. Notwithstanding any other provision of law, the widow or widower of

a deceased retired teacher, who had elected one of the options under

section five hundred thirteen of this article which provides that

benefits are to be continued for life to the widow or widower after the

death of the teacher, shall be entitled to receive a monthly

supplemental retirement allowance pursuant to this subdivision. Such

monthly supplemental retirement allowance shall commence (1) with the

payment for the month of September, nineteen hundred seventy-eight, or

(2) the month following commencement of widowhood or widowerhood,

whichever is later. The amount of the supplemental retirement allowance

provided by this subdivision shall be one-half of the amount which would

have been payable to the retiree as a supplemental retirement allowance,

had he or she survived.

e. 1. Each pensioner of the retirement system who retired before July

first, nineteen hundred eighty shall be paid, commencing with a payment

for the month of July two thousand twenty-one a basic supplemental

pension, the total of which when added to his or her yearly retirement

allowance computed without optional modification, but excluding any

annuity derived from contributions made by members pursuant to

paragraphs a and b of subdivision three of section five hundred sixteen,

section five hundred twenty-eight, section five hundred twenty-nine,

section five hundred thirty, section five hundred thirty-three and

section five hundred thirty-five of this article, shall equal the lesser

of nineteen thousand two hundred fifty dollars or the sum of five

hundred fifty dollars multiplied by the number of years of full-time New

York state service not to exceed thirty-five years with which he or she

was credited at the time of his or her retirement.

2. The benefits provided for pursuant to this subdivision shall be in

lieu of the benefits provided by articles four and six of the retirement

and social security law, subdivisions a, b and c of this section, and

subdivision f of section five hundred thirty-two-a of this article,

unless such a retired member would be eligible to receive a greater

benefit pursuant to any of such provisions, in which latter case this

subdivision shall not apply.

f. Contributions shall be made to the supplemental retirement

allowance fund by, or on account of, each employer at a rate computed by

the actuary and approved by the retirement board, which shall be

computed to be sufficient to provide the benefits established by this

section which are payable during the period of time that this section

shall be in effect. The retirement board may from time to time transfer

sufficient monies from the pension accumulation fund to the supplemental

retirement allowance fund to meet the obligations imposed by this

section. Such advances shall be restored to the pension accumulation

fund pursuant to paragraph a of subdivision two of section five hundred

twenty-one of this article.

g. 1. Commencing July first, nineteen hundred eighty-three, an

additional supplemental pension shall be paid to those pensioners who on

June thirtieth, nineteen hundred eighty-three were receiving

supplemental benefits computed pursuant to article four of the

retirement and social security law or computed pursuant to paragraph one

of subdivision e of this section as it read prior to amendment by

chapter four hundred seven of the laws of nineteen hundred

seventy-seven. Such additional supplemental pension shall equal ten

percent of the total of the supplemental pension paid to such pensioner

pursuant to article four of the retirement and social security law or

paragraph one of subdivision e of this section as it read prior to

amendment by chapter four hundred seven of the laws of nineteen hundred

seventy-seven, and the yearly retirement allowance computed without

optional modification, but excluding any annuity derived from voluntary

contributions made by members, pursuant to paragraphs a and b of

subdivision three of section five hundred sixteen, section five hundred

twenty-eight, section five hundred twenty-nine, section five hundred

thirty, section five hundred thirty-three and section five hundred

thirty-five of this article.

2. The benefits provided pursuant to paragraph one of this subdivision

shall be in lieu of the benefits provided by any other provision of law,

unless such a pensioner would be eligible to receive a greater benefit

pursuant to any such other provision, in which latter case this

subdivision shall not apply.