NY Educ L § 532 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 11 - State Teachers' Retirement System for Public School Teachers 532 - Supplemental Retirement Allowance.

§ 532. Supplemental retirement allowance. a. A supplemental retirement   allowance  shall  be  paid  to  pensioners  who  have  retired  from the   retirement  system  prior  to  the  calendar   year   nineteen   hundred   ninety-four.  Such supplemental retirement allowance shall be payable on   the basis provided for herein, commencing with a payment for  the  month   of  September,  nineteen  hundred ninety-nine and continuing through the   month of August, two thousand. Said  supplemental  retirement  allowance   shall  be  a  percentage  of the retirement allowance otherwise payable,   computed  without  optional  modification,  but  excluding  any  annuity   derived  from voluntary contributions made by members, except those made   pursuant to elections under subdivision  one  of  section  five  hundred   eleven-a  or  paragraph  c  of subdivision three of section five hundred   sixteen of this article. Said percentage,  for  each  calendar  year  of   retirement,  is  set  forth  in  subdivision  b  of  this  section. Said   supplemental retirement allowance shall be computed on the basis of  the   first  fourteen thousand dollars of such annual retirement allowance and   shall  be  payable  commencing   September   first,   nineteen   hundred   ninety-nine to all disability pensioners and recipients of an accidental   death  benefit,  and to other pensioners who have attained age sixty-two   or who have been retired for ten or more years  and  have  attained  age   fifty-five.b.   1.  In  calculating  the  supplemental  retirement  allowance  in   accordance with subdivision a of this section, the following percentages   will be used for each calendar year of retirement, as appropriate:    Calendar year of retirement         Percentage    1993                                1.5   1992                                1.5   1991                                1.5   1990                                1.5   1989                                2.8   1988                                3.7   1987                                4.5   1986                                5.5   1985                                6.3   1984                                7.4   1983                                8.3   1982                               10.5   1981                               12.5   1980                               15.6   1979                               19.9   1978                               25.4   1977                               30.3   1976                               37.8   1975                               42.5   1974                               54.0   1973                               73.0   1972                               86.0   1971                               96.7   1970                              105.0   1969                              141.8   1968                              169.0   1967                              195.9   1966                              203.7   1965                              230.5   1964                              254.5   1963                              278.6    1962                              310.0   1961                              330.0   1960                              340.0   1959                              390.0   1958                              427.3   1957                              442.3The  supplemental  retirement  allowance  shall  be rounded off to the   nearest dollar.1-a. For those pensioners retired from the retirement system prior  to   the  calendar  year nineteen hundred fifty-seven the percentage referred   to in this section shall be determined by the ratio of two  indexes,  in   the  following  manner. The average of the twelve monthly consumer price   indexes of the calendar year nineteen hundred ninety-five 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  retirement  allowance,  computed  without  optional   modification, which is payable as a supplement. Such percentage shall be   computed by the actuary and certified  to  the  retirement  board  which   shall,  by  directive,  promulgate  a schedule of percentages by year of   retirement to be used for  this  purpose.  The  supplemental  retirement   allowance shall be rounded off to the nearest dollar.c.  The  benefits  herein  above  provided for shall be in lieu of the   benefits presently provided by section five  hundred  ten  and  articles   four  and  six  of  the  retirement and social security 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. Notwithstanding any other provision of law, the widow or widower of   a deceased retired teacher, who had elected one  of  the  options  under   section  five  hundred  thirteen  of  this  article  which provides that   benefits are to be continued for life to the widow or widower after  the   death   of   the  teacher,  shall  be  entitled  to  receive  a  monthly   supplemental retirement allowance pursuant  to  this  subdivision.  Such   monthly  supplemental  retirement  allowance shall commence (1) with the   payment for the month of September, nineteen hundred  seventy-eight,  or   (2)  the  month  following  commencement  of  widowhood  or widowerhood,   whichever is later. The amount of the supplemental retirement  allowance   provided by this subdivision shall be one-half of the amount which would   have been payable to the retiree as a supplemental retirement allowance,   had he or she survived.e.  1. Each pensioner of the retirement system who retired before July   first, nineteen hundred eighty shall be paid, commencing with a  payment   for  the  month  of  July  two  thousand twenty-one a basic supplemental   pension, the total of which when added to his or her  yearly  retirement   allowance  computed  without  optional  modification,  but excluding any   annuity  derived  from  contributions  made  by  members   pursuant   to   paragraphs a and b of subdivision three of section five hundred sixteen,   section  five  hundred  twenty-eight,  section five hundred twenty-nine,   section five hundred  thirty,  section  five  hundred  thirty-three  and   section five hundred thirty-five of this article, shall equal the lesser   of  nineteen  thousand  two  hundred  fifty  dollars  or the sum of five   hundred fifty dollars multiplied by the number of years of full-time New   York state service not to exceed thirty-five years with which he or  she   was credited at the time of his or her retirement.2.  The benefits provided for pursuant to this subdivision shall be in   lieu of the benefits provided by articles four and six of the retirement    and social security law, subdivisions a, b and c of  this  section,  and   subdivision  f  of  section  five  hundred thirty-two-a of this article,   unless such a retired member would be  eligible  to  receive  a  greater   benefit  pursuant  to  any of such provisions, in which latter case this   subdivision shall not apply.f.  Contributions  shall  be  made  to  the  supplemental   retirement   allowance fund by, or on account of, each employer at a rate computed by   the  actuary  and  approved  by  the  retirement  board,  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. The retirement board may from time to time  transfer   sufficient monies from the pension accumulation fund to the supplemental   retirement  allowance  fund  to  meet  the  obligations  imposed by this   section. Such advances shall be restored  to  the  pension  accumulation   fund  pursuant to paragraph a of subdivision two of section five hundred   twenty-one of this article.g.  1.  Commencing  July  first,  nineteen  hundred  eighty-three,  an   additional supplemental pension shall be paid to those pensioners who on   June   thirtieth,   nineteen   hundred   eighty-three   were   receiving   supplemental  benefits  computed  pursuant  to  article  four   of   the   retirement and social security law or computed pursuant to paragraph one   of  subdivision  e  of  this  section  as  it read prior to amendment by   chapter  four  hundred  seven  of   the   laws   of   nineteen   hundred   seventy-seven.  Such  additional  supplemental  pension  shall equal ten   percent of the total of the supplemental pension paid to such  pensioner   pursuant  to  article  four of the retirement and social security law or   paragraph one of subdivision e of this  section  as  it  read  prior  to   amendment  by chapter four hundred seven of the laws of nineteen hundred   seventy-seven, and the  yearly  retirement  allowance  computed  without   optional  modification, but excluding any annuity derived from voluntary   contributions made by  members,  pursuant  to  paragraphs  a  and  b  of   subdivision  three of section five hundred sixteen, section five hundred   twenty-eight, section five hundred  twenty-nine,  section  five  hundred   thirty,  section  five  hundred  thirty-three  and  section five hundred   thirty-five of this article.2. The benefits provided pursuant to paragraph one of this subdivision   shall be in lieu of the benefits provided by any other provision of law,   unless such a pensioner would be eligible to receive a  greater  benefit   pursuant  to  any  such  other  provision,  in  which  latter  case this   subdivision shall not apply.