N.Y. General Municipal Law § 207-j: Supplemental pension allowances of certain retired teachers of cities

§ 207-j. Supplemental pension allowances of certain retired teachers

of cities. Nothing in any general, special or local law, administrative

code, ordinance, rule or regulation or pension contract to the contrary

notwithstanding a supplemental pension allowance shall be paid to

pensioners who have retired from a teachers pension or retirement system

of a city prior to the calendar year nineteen hundred sixty-eight. Such

supplemental pension allowance shall be payable on the basis provided

for herein, commencing with a payment for the month of October, nineteen

hundred sixty-eight, and continuing through the month of December,

nineteen hundred seventy.

a. The supplemental pension allowance provided for herein shall be a

percentage of the pension allowance computed without optional

modification and shall be determined on the basis of the consumer price

index (all items - United States city average), published by the United

States Bureau of Labor Statistics. Said percentage shall be determined

in the manner set forth in this section. Said supplemental pension

allowance shall be computed on the basis of the first seven thousand

dollars of such annual pension allowance and shall be payable commencing

October first, nineteen hundred sixty-eight, to all disability

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

or before September thirtieth, nineteen hundred sixty-eight and

commencing on April first, nineteen hundred sixty-nine, to such other

pensioners who shall have attained age sixty-two on or after October

first, nineteen hundred sixty-eight and on or before September

thirtieth, nineteen hundred sixty-nine and commencing on October first,

nineteen sixty-nine to such other pensioners who have attained age

sixty-two on or before September thirtieth, nineteen hundred sixty-nine

and commencing on April first, nineteen hundred seventy, to such other

pensioners who shall have attained age sixty-two on or after October

first, nineteen hundred sixty-nine and on or before September thirtieth,

nineteen hundred seventy.

b. The percentage referred to in subdivision a hereof shall be

determined from the ratio of two indexes, in the following manner. The

average of the twelve monthly consumer price indexes of the calendar

year nineteen hundred sixty-six, or, for a supplemental pension payable

pursuant to this section on or after October first, nineteen hundred

sixty-nine, the average of the twelve monthly consumer price indexes of

the calendar year nineteen hundred sixty-seven, 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 applicable portion of the pension allowance, computed

without optional modification which shall be payable as a supplemental

pension allowance. However, no such supplement shall be paid where such

percentage is less than three per centum. Such percentage shall be

computed by the actuary each year and certified to the comptroller who

shall, by directive promulgate a schedule of percentages to be used for

this purpose. The supplemental pension allowance shall be rounded off to

the nearest dollar.

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

benefits presently provided by any other general, special or local 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. Contributions shall be made to such pension accumulation fund by,

or on account of, the municipality at a rate fixed by the actuary or if

there be no actuary then by the fiscal officer of the municipality,

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.