N.Y. Retirement & Social Security Law § 620: Benefit limitations

§ 620. Benefit limitations. 1. Notwithstanding any other law to the

contrary, for all members of a public retirement system to which the

state or a municipality contributes who join on or after January first,

nineteen hundred ninety, the benefits payable shall be subject to the

limitations set forth in section four hundred fifteen of the Internal

Revenue Code.

2. Notwithstanding any other law to the contrary, for all members of a

public retirement system to which the state or a municipality

contributes who joined prior to January first, nineteen hundred ninety,

the benefits payable shall be subject to the greater of the following

limitations as provided in paragraph ten of subdivision (b) of section

four hundred fifteen of the Internal Revenue Code:

a. the limitations set forth in section four hundred fifteen of the

Internal Revenue Code, or

b. the accrued benefit of the member without regard to any benefit

increases pursuant to a plan amendment adopted after October fourteenth,

nineteen hundred eighty-seven.

3. Notwithstanding the foregoing, any benefit which has been limited

by either the dollar or compensation limitations of section 415 of the

Internal Revenue Code shall be increased for cost-of-living adjustments

of such limitations pursuant to such section and the applicable

regulations thereunder, provided, however, the benefit shall not exceed

the benefit otherwise payable but for the limitations of Internal

Revenue Code section 415.

4. Notwithstanding any other law, the limitation year of the New York

state teachers' retirement system for the purposes of section 415 of the

Internal Revenue Code shall be the period commencing on the first day of

July of each year and ending on the thirtieth day of June next

following.

5. Notwithstanding any other law, the limitation year of the New York

state and local employees' retirement system and the New York state and

local police and fire retirement system for the purposes of section 415

of the Internal Revenue Code shall be the period commencing on the first

day of April of each year and ending on the thirty-first day of March

next following.

6. Notwithstanding any other law, the limitation years of the New York

city employees' retirement system, the New York city teachers'

retirement system, the New York city board of education retirement

system, the New York city police pension fund and the New York city fire

department pension fund for the purposes of section 415 of the Internal

Revenue Code shall be the period commencing on the first day of July of

each year and ending on the thirtieth day of June next following.