NY Ret & SS L § 630 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 15-B - Compensation Limitations: Federal Internal Revenue Code 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.