NY Ret & SS L § 510 (2021)
2021 New York Laws RSS - Retirement and Social Security Article 14 - Coordinated-Escalator Retirement Plan 510 - Escalation of Benefits.

§  510.  Escalation of benefits. a. Service retirement, disability and   survivor benefits shall be subject to annual escalation as  provided  in   this section.b. The term "full escalation date" shall mean:1.  The  first  day  of the month following the date on which a member   attains age sixty-five, with respect to service retirement benefits  for   general members and their beneficiaries.2.  The  first  day  of the month following the date on which a member   completes or would have completed twenty-five years of credited service,   with respect to service retirement benefits for police/fire members  and   their  beneficiaries,  New  York  city  uniformed  correction/sanitation   revised plan members and their  beneficiaries  or  investigator  revised   plan members and their beneficiaries.3. The first day of the month following the date on which a disability   retiree first becomes eligible for a disability benefit, with respect to   members  eligible  for  ordinary  or  accidental disability benefits and   their beneficiaries.4. The  first  day  of  the  month  following  the  date  on  which  a   beneficiary first eligible for a death benefit becomes eligible for such   benefit,  with  respect  to ordinary and accidental death benefits which   are paid other than as a lump sum.c. If the payment of benefits commences on the full  escalation  date,   the  benefit  shall be increased annually at an escalation rate equal to   the lesser of three percent or the increase in the cost-of-living  index   as  provided  in subdivision d hereof. In the event of a decrease in the   cost-of-living index, the annual  benefit  shall  be  decreased  by  the   lesser   of  three  percent  or  the  amount  of  the  decrease  in  the   cost-of-living index, as provided in subdivision d,  provided  that  the   benefit, in any event, shall not be reduced below the benefit payable at   the   initial  commencement  date.  For  each  month  that  the  benefit   commencement date precedes the full escalation date, the escalation rate   shall be reduced by one thirty-sixth, and there shall be  no  escalation   where  benefits  commence  more  than  three  years  prior  to  the full   escalation date.d. Cost-of-living index changes shall  be  computed  on  a  cumulative   basis  so that any increases or decreases not reflected in an adjustment   to the benefit level shall be carried forward and applied in  subsequent   years.   Benefits shall be escalated commencing with the payment due for   the month of April, based on the cost-of-living  index  as  of  December   thirty-first  of the preceding year. If the initial benefit commencement   date is May first or later, the initial escalation  adjustment  for  the   following  April shall be reduced by one-twelfth for benefits commencing   on May first, plus a further reduction of one-twelfth for each month the   initial benefit commences thereafter.e. If a member elects to defer the service retirement  benefit,  after   separation from service, for the purpose of becoming eligible for annual   escalation,  the  benefit  so  deferred  shall  be escalated at the full   escalation rate until the deferred payment date, and thereafter shall be   subject to annual escalation as provided in this section.f. Notwithstanding any other provision of this article, the escalation   of any service retirement, disability or death benefit  payable  in  the   form of a pension with respect to an elective member shall not result in   any  increase  in the initial benefit payable until such elective member   completes or would have completed (had such member continued in service)   ten years of creditable service after the date of election  of  coverage   under this article.g.  Notwithstanding  any  other  provision of this article, the annual   escalation provided in this section shall not apply to  the  performance    of  duty  disability  retirement  provided  for  in section five hundred   seven-b of this article.h.  Notwithstanding  any  other  provision of this article, the annual   escalation provided in this section shall not apply to  the  performance   of  duty  disability  retirement  provided  for  in section five hundred   seven-c of this article.i. Notwithstanding any other provision of  this  article,  the  annual   escalation  provided  in  this  section  shall not apply to the ordinary   disability benefit for New York city enhanced plan members provided  for   in  subdivision  c-1  of section five hundred six of this article or the   accidental disability benefit for New York city  enhanced  plan  members   provided for in paragraph three of subdivision c of section five hundred   seven of this article. Such members who receive such ordinary disability   benefit  or  accidental  disability  benefit shall have a cost-of-living   adjustment for such benefit, which shall be computed in the same  manner   as provided for by section 13-696 of the administrative code of the city   of New York.