N.Y.C. Admin. Code § 13-641: § 13-641 Annuities; annuities to retired employees.

Any person retired from active service pursuant to sections 13-639 and 13-640 of this chapter, shall be awarded and granted by the board of estimate an annual sum or annuity to be fixed by such board not exceeding, however, one-half of the amount which his or her annual salary or compensation averages for the period of three years immediately prior to the time of his or her retirement. The comptroller shall pay the annuities granted in monthly installments. Such payments are to continue during the lifetime of the person or persons so retired. There shall be included annually in the budget such sums as may be required for such payments.