N.Y. Retirement & Social Security Law § 630: Compensation limitations

§ 630. Compensation limitations. 1. In addition to any other

applicable limitations on compensation provided by law, and

notwithstanding any other law to the contrary unless otherwise permitted

pursuant to subdivision four of this section, the amount of compensation

of a member of the New York state and local employees' retirement system

or the New York state and local police and fire retirement system which

may be taken into account under the rules of such system for plan years

beginning on or after April first, nineteen hundred ninety-six shall not

exceed the OBRA '93 annual compensation limit.

2. In addition to any other applicable limitations on compensation

provided by law, and notwithstanding any other law to the contrary

unless otherwise permitted pursuant to subdivision four of this section,

the amount of compensation of a member of the New York state teachers'

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

city teachers' retirement system, New York city police pension fund, New

York city fire department pension fund, or New York city board of

education retirement fund which may be taken into account under the law

relating to such system for plan years beginning on or after July first,

nineteen hundred ninety-six shall not exceed the OBRA '93 annual

compensation limit.

3. In addition to any other applicable limitations on compensation

provided by law, and notwithstanding any other law to the contrary

unless otherwise permitted pursuant to subdivision four of this section,

the amount of compensation of a participant in the education department

optional retirement program pursuant to part five of article three of

the education law or a participant in the state university optional

retirement program pursuant to article eight-B of the education law or

the city university optional retirement program pursuant to article one

hundred twenty-five-A of the education law which may be taken into

account under the law relating to such program for plan years beginning

on or after January first, nineteen hundred ninety-six shall not exceed

the '93 OBRA annual compensation limit.

4. Notwithstanding the provisions of subdivisions one, two and three

of this section, in the case of an "eligible member" of the New York

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

police and fire retirement system, New York state teachers' retirement

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

teachers' retirement system, New York city police pension fund, New York

city fire department pension fund, New York city board of education

retirement fund, education department optional retirement program, state

university optional retirement program, and city university optional

retirement program the OBRA '93 annual compensation limit shall not

apply to the extent the amount of compensation taken into account would

be reduced below the amount which would be allowed to be taken into

account under the law relating to such system or program as in effect on

the first day of July, nineteen hundred ninety-three.

5. For the purposes of subdivision four of this section, an "eligible

member" of the New York state and local employees' retirement system or

New York state and local police and fire retirement system shall be a

member who last joined or rejoined such system prior to April first,

nineteen hundred ninety-six; an "eligible member" of the New York state

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

New York city teachers' retirement system, New York city police pension

fund, New York city fire department pension fund, or New York city board

of education retirement fund shall be a member who last joined or

rejoined such system prior to the first day of July, nineteen hundred

ninety-six; and an "eligible member" of the education department

optional retirement program, the state university optional retirement

program, or city university optional retirement program shall be a

participant who, as applicable, last joined or rejoined or last elected

such program prior to the first day of January, nineteen hundred

ninety-six.

6. For the purposes of this section and any other reference in law to

the limitation under section 401(a)(17) of the Internal Revenue Code of

1986, the "OBRA '93 annual compensation limit" shall be the amount

allowed to be taken into account pursuant to section 401(a)(17) of the

Internal Revenue Code of 1986, 26 USC § 401(a)(17), as amended pursuant

to section 13212 of the Omnibus Budget Reconciliation Act of 1993, P.L.

103-66, 107 Stat. 312, or as hereinafter may be amended. For plan years

beginning on or after January first, nineteen hundred ninety-four, the

annual compensation of each member or participant taken into account

under the law applicable to such system or program shall not exceed one

hundred fifty thousand dollars, as adjusted by the Commissioner of

Internal Revenue for increases in the cost of living pursuant to section

401(a)(17) of the Internal Revenue Code of 1986. The cost-of-living

adjustment in effect for a calendar year applies to any period, not

exceeding twelve months, over which compensation is determined (the

"compensation period") beginning in such calendar year. If a

determination period consists of fewer than twelve months, the OBRA '93

annual compensation limit shall be the applicable annual compensation

limit multiplied by a fraction, the numerator of which is the number of

months in the determination period, and the denominator of which is

twelve. Further, if compensation for any prior determination period is

taken into account in determining, as applicable, a member's or

participant's benefits accruing in a current plan year, the compensation

for that prior determination period is subject to the OBRA '93 annual

compensation limit in effect for that prior determination period. For

the purpose of the prior sentence, for determination periods before the

first day of the first plan year beginning on or after the first day of

January, nineteen hundred ninety-four, the OBRA '93 annual compensation

limit is one hundred fifty thousand dollars.