NY Gen Mun L § 207-J (2021)
2021 New York Laws GMU - General Municipal Article 10 - Firefighters and Police Officers 207-J - Supplemental Pension Allowances of Certain Retired Teachers of Cities.

§  207-j.  Supplemental pension allowances of certain retired teachers   of cities.  Nothing in any general, special or local law, administrative   code, ordinance, rule or regulation or pension contract to the  contrary   notwithstanding  a  supplemental  pension  allowance  shall  be  paid to   pensioners who have retired from a teachers pension or retirement system   of a city prior to the calendar year nineteen hundred sixty-eight.  Such   supplemental  pension  allowance  shall be payable on the basis provided   for herein, commencing with a payment for the month of October, nineteen   hundred sixty-eight, and  continuing  through  the  month  of  December,   nineteen hundred seventy.a.  The  supplemental pension allowance provided for herein shall be a   percentage  of  the  pension   allowance   computed   without   optional   modification  and shall be determined on the basis of the consumer price   index (all items - United States city average), published by the  United   States  Bureau  of Labor Statistics. Said percentage shall be determined   in the manner set forth  in  this  section.  Said  supplemental  pension   allowance  shall  be  computed  on the basis of the first seven thousand   dollars of such annual pension allowance and shall be payable commencing   October  first,  nineteen  hundred  sixty-eight,   to   all   disability   pensioners,  and  to other pensioners who have attained age sixty-two on   or  before  September  thirtieth,  nineteen  hundred   sixty-eight   and   commencing  on  April  first, nineteen hundred sixty-nine, to such other   pensioners who shall have attained age sixty-two  on  or  after  October   first,   nineteen   hundred  sixty-eight  and  on  or  before  September   thirtieth, nineteen hundred sixty-nine and commencing on October  first,   nineteen  sixty-nine  to  such  other  pensioners  who have attained age   sixty-two on or before September thirtieth, nineteen hundred  sixty-nine   and  commencing  on April first, nineteen hundred seventy, to such other   pensioners who shall have attained age sixty-two  on  or  after  October   first, nineteen hundred sixty-nine and on or before September thirtieth,   nineteen hundred seventy.b.  The  percentage  referred  to  in  subdivision  a  hereof shall be   determined from the ratio of two indexes, in the following manner.   The   average  of  the  twelve  monthly consumer price indexes of the calendar   year nineteen hundred sixty-six, or, for a supplemental pension  payable   pursuant  to  this  section  on or after October first, nineteen hundred   sixty-nine, the average of the twelve monthly consumer price indexes  of   the  calendar  year nineteen hundred sixty-seven, 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 applicable portion of the pension allowance,  computed   without  optional  modification which shall be payable as a supplemental   pension allowance. However, no such supplement shall be paid where  such   percentage  is  less  than  three  per  centum. Such percentage shall be   computed by the actuary each year and certified to the  comptroller  who   shall,  by directive promulgate a schedule of percentages to be used for   this purpose. The supplemental pension allowance shall be rounded off to   the nearest dollar.c. The benefits hereinabove provided for  shall  be  in  lieu  of  the   benefits  presently  provided by any other general, special or local 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.  Contributions  shall be made to such pension accumulation fund by,   or on account of, the municipality at a rate fixed by the actuary or  if   there  be  no  actuary  then  by the fiscal officer of the municipality,    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.