N.Y. Education Law § 538: Excess benefit plan

§ 538. Excess benefit plan. Notwithstanding any other law to the

contrary, the retirement board is authorized in its sole discretion to

establish a qualified governmental excess benefit arrangement within the

meaning of, in conformity with and then only to the extent and so long

as permitted by subsection m of section four hundred fifteen of the

Internal Revenue Code of 1986, as amended, for the purpose of providing

such retirement benefits as would otherwise have been payable to

retirees of the system, but for the application of the limitations on

benefits of subsection b of section four hundred fifteen of the Internal

Revenue Code of 1986, as amended. The retirement board is also

authorized to promulgate such rules and regulations as may be necessary

to implement a qualified governmental excess benefit plan as provided in

this section.