Section 13-694
§ 13-694 Definitions. As used in this article, the following terms
shall mean and include:
a. "Fire section two hundred seven-i." Section two hundred seven-i of
the general municipal law, as added by chapter five hundred forty-six of
the laws of nineteen hundred sixty-seven.
b. "Obligor responsible for supplementation." (1) In relation to any
retiree, such term shall mean the public employer which employed any
retiree immediately prior to the effective date of such retiree's
retirement, or, where such public employer no longer exists or is no
longer performing the functions in relation to which such retiree was
then employed, such term shall mean its successor performing or
substantially performing the same or similar functions; provided,
however, that in any case where a retiree was employed by the board of
education of the city or the former board of higher education of the
city immediately prior to his or her retirement, such term shall mean
the city.
(2) In relation to any surviving spouse who is a designated annuitant
(as defined in paragraph ten of subdivision a of section 13-680 of the
code) entitled to receive a supplemental retirement allowance under
subdivision l of such section 13-680, such term shall mean the public
employer which would be the obligor responsible for supplementation with
respect to the retiree from whom such spouse's entitlement to a
supplemental retirement allowance is derived, if such retiree were
living.
2-a. In relation to any surviving spouse under a continuing benefit
option (as defined in subdivision h of this section), such term shall
mean the public employer which would be the obligor responsible for
supplementation with respect to the retiree from whom such spouse's
entitlement to a supplemental retirement allowance is derived, if such
retiree were living.
(3) Notwithstanding any other provision of this article to the
contrary, in any case where the obligor responsible for supplementation
is other than the city, such obligor and the mayor may agree upon an
allocation formula which shall be used to determine the amount to be
paid by such obligor with respect to any fiscal year as such obligor's
share of any contribution to the contingent reserve fund of a retirement
system required to be made in such fiscal year by the provisions of this
article for the purpose of funding supplemental retirement allowances.
Payment of such share with respect to such fiscal year pursuant to such
formula shall be in full satisfaction of the obligation of such obligor
to make contributions for such fiscal year under the provisions of this
article.
c. "Original supplemental retirement allowance." The portion of a
supplemental retirement allowance, which portion is payable pursuant to
the applicable provisions of subdivisions b, c and d of section 13-680
of this chapter and section 13-682 thereof (other than that part of any
such portion, which part is attributable to forty per centum of the
adjusted one hundred per centum increase required by paragraph three of
such subdivision d to be made in the adjusted percentage otherwise
applicable to the computation of supplements under such subdivisions b,
c and d for eligible persons who retired prior to October first,
nineteen hundred fifty-seven) or subdivisions a and b of the police
section two hundred seven-i (other than (1) that part of any such
portion, which part is attributable to forty per centum of the adjusted
one hundred per centum increase required by subdivision b of such
section two hundred seven-i to be made in the adjusted percentage
otherwise applicable to the computation of supplements under
subdivisions a and b of such section two hundred seven-i for pensioners
who retired prior to April first, nineteen hundred fifty-eight and (2)
the portion of any such allowance payable pursuant to subdivisions a and
b of such section two hundred seven-i to a police other-than-disability
retiree who shall have attained age sixty-two on or after October first,
nineteen hundred seventy-two) or subdivisions a and b of the fire
section two hundred seven-i (other than (1) that part of any such
portion, which part is attributable to forty per centum of the adjusted
one hundred per centum increase required by subdivision b of such
section two hundred seven-i to be made in the adjusted percentage
otherwise applicable to the computation of supplements under
subdivisions a and b of such section two hundred seven-i for pensioners
who retired prior to April first, nineteen hundred fifty-eight and (2)
the portion of any such allowance payable pursuant to subdivisions a and
b of such section two hundred seven-i to a fire other-than-disability
retiree who shall have attained age sixty-two on or after October first,
nineteen hundred seventy-two).
d. "Police section two hundred seven-i." Section two hundred seven-i
of the general municipal law, as added by chapter five hundred sixty-one
of the laws of nineteen hundred sixty-seven.
e. "Retiree." A person who retired as a member of a retirement system
and who is entitled to receive, as a result of such retirement, (1) a
supplemental retirement allowance under the applicable provisions of
sections 13-680 and 13-682 of this chapter or the police section two
hundred seven-i or the fire section two hundred seven-i or (2) an
additional supplemental retirement allowance under the provisions of
section thirty of chapter six hundred fifty-eight of the laws of
nineteen hundred eighty-four or section thirty-one of such chapter.
f. "Retirement system." Any of the following: the New York city
employees' retirement system; the retirement system of the teachers'
retirement association provided for by title B of chapter twenty of the
code; the police pension fund provided for by subchapter two of chapter
two of this title; the fire department pension fund provided for by
subchapter two of chapter three of this title; and the board of
education retirement system of the city.
g. "Supplement commencing in nineteen hundred eighty-one or later."
Such term shall mean any of the following supplemental retirement
allowances or portions thereof: (1) The portion of a supplemental
retirement allowance, which portion is payable pursuant to the
provisions of subparagraph (b) of paragraph one of subdivision e of
section 13-680 of this chapter and section 13-682 thereof, or (2) a
supplemental retirement allowance payable pursuant to the provisions of
paragraph three or paragraph five or paragraph six of such subdivision
e, or (3) the portion of a supplemental retirement allowance, which
portion is payable pursuant to the provisions of subdivision b-1 of the
police section two hundred seven-i, to retirees who retired prior to the
calendar year nineteen hundred seventy, or (4) the supplemental
retirement allowance payable pursuant to the provisions of such
subdivision b-1 to retirees who retired during the period beginning on
January first, nineteen hundred seventy and ending on March
thirty-first, nineteen hundred seventy, or (5) the portion of a
supplemental retirement allowance, which portion is payable pursuant to
paragraph three of subdivision b-1 of the fire section two hundred
seven-i to retirees who retired prior to the calendar year nineteen
hundred seventy, or (6) the supplemental retirement allowance payable
pursuant to the provisions of subdivision b-1 of the fire section two
hundred seven-i to retirees who retired during the period beginning on
January first, nineteen hundred seventy and ending on March
thirty-first, nineteen hundred seventy, or (7) any supplemental
retirement allowance payable pursuant to any of the provisions of
subdivisions f, g, h, i, j, l and k of section 13-680 of this chapter,
or subdivisions b-2, b-3, b-4, b-5, b-6 and b-7 of the police section
two hundred seven-i of the general municipal law or subdivisions b-2,
b-3, b-4, b-5, b-6 and b-7 of the fire section two hundred seven-i of
the general municipal law, or (8) any portion of a supplemental
retirement allowance, which portion is payable pursuant to subdivisions
a and b of the police section two hundred seven-i to police
other-than-disability retirees who shall have attained age sixty-two on
or after October first, nineteen hundred seventy-two or any portion of a
supplemental retirement allowance, which portion is payable pursuant to
subdivisions a and b of the fire section two hundred seven-i to fire
other-than-disability retirees who shall have attained age sixty-two on
or after October first, nineteen hundred seventy-two, or (9) that part
of the portion of a supplemental retirement allowance payable pursuant
to the applicable provisions of subdivisions b, c and d of section
13-680 of this chapter and section 13-682 thereof, which part is
attributable to forty per centum of the adjusted one hundred per centum
increase required by paragraph three of such subdivision d to be made in
the adjusted percentage otherwise applicable to the computation of
supplements under such subdivisions b, c and d for persons who retired
prior to October first, nineteen hundred fifty-seven, or (10) that part
of the portion of a supplemental retirement allowance payable pursuant
to the applicable provisions of subdivisions a and b of police section
two hundred seven-i, which part is attributable to forty per centum of
the adjusted one hundred per centum increase required by subdivision b
of such section two hundred seven-i to be made in the adjusted
percentage otherwise applicable to the computation of supplements under
subdivisions a and b of such section two hundred seven-i for pensioners
who retired prior to April first, nineteen hundred fifty-eight, or (11)
that part of the portion of a supplemental retirement allowance payable
pursuant to subdivisions a and b of fire section two hundred seven-i,
which part is attributable to forty per centum of the adjusted one
hundred per centum increase required by subdivision b of such section
two hundred seven-i to be made in the adjusted percentage otherwise
applicable to the computation of supplements under subdivisions a and b
of such section two hundred seven-i for pensioners who retired prior to
April first, nineteen hundred fifty-eight, or (12) the increase in any
supplemental retirement allowance, which increase both (i) was made by
any of sections fourteen, and sixteen to twenty-nine, inclusive, of
chapter six hundred fifty-eight of the laws of nineteen hundred
eighty-four and (ii) is required to be paid by a retirement system (as
defined in subdivision f of this section), or (13) any additional
supplemental retirement allowance payable by a retirement system
pursuant to the provisions of section thirty or section thirty-one of
such chapter.
h. "Surviving spouse under a continuing benefit option." A deceased
retiree's spouse who is or may become eligible to receive a supplemental
retirement allowance under subdivision k of section 13-680 of the code
or subdivision b-7 of police section two hundred seven-i of the general
municipal law or subdivision b-7 of fire section two hundred seven-i of
the general municipal law, whether or not such supplemental retirement
allowance has become payable to such spouse.
Section 13-695
§ 13-695 Obligation of obligors responsible for supplementation to
make contributions on account of supplemental retirement allowances. a.
Commencing with the city's nineteen hundred eighty--nineteen hundred
eighty-one fiscal year, and in each city fiscal year thereafter, each
obligor responsible for supplementation with respect to any retirees of
a retirement system or with respect to any surviving spouses who are
designated annuitants (as defined in paragraph ten of subdivision a of
section 13-680 of the code) or with respect to any surviving spouses
under continuing benefit options (as defined in subdivision h of section
13-694 of the code) shall contribute to the contingent reserve fund of
such retirement system the amounts determined pursuant to the provisions
of this article to be the contribution by such obligor required to be
made to fund the supplemental retirement allowances payable to such
retirees and surviving spouses.
b. (1) Notwithstanding any other provision of law to the contrary, for
the purpose of calculation of the nineteen hundred eighty unfunded
accrued liability adjustment of each retirement system, there shall be
included in the total liability for all benefits, as of June thirtieth,
nineteen hundred eighty, the present value, as of such June thirtieth,
of the future liability of such retirement system for all original
supplemental retirement allowances payable after such June thirtieth.
(2) Notwithstanding any other provision of law to the contrary, for
the purpose of calculation of the nineteen hundred eighty-two unfunded
accrued liability adjustment of each retirement system, there shall be
included in the actuarial accrued liability, as of June thirtieth,
nineteen hundred eighty-two, the present value, as of such June
thirtieth, of the future liability of such retirement system for all
original supplemental retirement allowances payable after such June
thirtieth and for all supplements commencing in nineteen hundred
eighty-one or later which commenced prior to June thirtieth, nineteen
hundred eighty-two, to the extent that such last mentioned supplements
are payable after such June thirtieth.
c. If the nineteen hundred eighty unfunded accrued liability
adjustment with respect to any such retirement system is a charge, each
obligor responsible for supplementation in relation to retirees of such
retirement system shall in each city fiscal year in which any
installment of such charge is payable, pay to the contingent reserve
fund of such retirement system, in the manner required with respect to
payment of public employer contributions to such fund, the portion of
such installments attributable to original supplemental retirement
allowances.
d. If the nineteen hundred eighty unfunded accrued liability
adjustment with respect to any such retirement system is a credit, the
obligation of each obligor responsible for supplementation in relation
to retirees of such retirement system to make contributions to fund the
original supplemental retirement allowances of such retirees shall be
appropriately recognized in the application of the installments of such
credit.
e. (1) Subject to the provisions of paragraph seven of this
subdivision e, in relation to each city fiscal year (the "initial
payment year") in which any retirement system makes its first payment of
any supplements commencing in nineteen hundred eighty-one or later, the
actuary of such retirement system shall determine the present value, as
of December thirty-first of such fiscal year, of the future liability of
such retirement system for all such supplements with respect to which
the first payment was made or will be made in such fiscal year.
(2) Subject to the provisions of paragraph seven of this subdivision
e, with respect to each such future liability so determined for such
retirement system, there shall be a supplemental retirement allowance
deficiency contribution which shall be an amount determined and payable
in ten successive annual installments in the manner hereinafter provided
in this subdivision e.
(3) In the case of an initial payment year which occurs before July
first, nineteen hundred eighty-two, there shall be computed an amount
which, if paid to the contingent reserve fund of such retirement system
in ten equal annual installments, commencing with payment of a first
installment in the initial payment year, would be the actuarial
equivalent, on the basis of interest at the rate of seven and one-half
per centum per annum, of the amount of such future liability.
(4) One of such equal annual installments computed pursuant to
paragraph three of this subdivision e shall be applicable to and payable
in such initial payment year.
(5) (a) The nine annual installments computed pursuant to paragraph
three of this subdivision e which are attributable to city fiscal years
occurring after June thirtieth, nineteen hundred eighty-two (hereinafter
referred to as "original post-June thirtieth, nineteen hundred
eighty-two installments") shall be recomputed so as to remain the same
in number and equal in amount and so that their present value, computed
as of June thirtieth, nineteen hundred eighty-two at an interest rate of
eight per centum per annum, shall be equal to the present value,
computed as of such June thirtieth at an interest rate of seven and
one-half per centum per annum, of such original post-June thirtieth,
nineteen hundred eighty-two installments. One of such recomputed
installments shall be applicable to and payable in each of those city
fiscal years which occur during the period beginning on July first,
nineteen hundred eighty-two and ending on June thirtieth, nineteen
hundred eighty-eight.
(b) The remaining three of the installments recomputed pursuant to
subparagraph (a) of this paragraph five, shall be recomputed so that
their present value, computed as of June thirtieth, nineteen hundred
eighty-eight at an interest rate of eight and one-quarter per centum per
annum, shall be equal to the present value, computed as of June
thirtieth at an interest rate of eight per centum per annum, of such
three installments. One of such three installments shall be applicable
to and paid in each of the three city fiscal years succeeding June
thirtieth, nineteen hundred eighty-eight.
(6) (a) Subject to the provisions of paragraph seven of this
subdivision e, in the case of each initial payment year which succeeds
June thirtieth, nineteen hundred eighty-two and commences prior to July
first, nineteen hundred eighty-eight, there shall be computed an amount
which, if paid to the contingent reserve fund of such retirement system
in ten equal annual installments, commencing with payment of a first
installment in the initial payment year, would be the actuarial
equivalent, on the basis of interest at the rate of eight per centum per
annum, of the amount of such future liability. One of such annual
installments shall be applicable to and payable in the initial payment
year and one of such installments shall be applicable to and payable in
each of the succeeding fiscal years preceding July first, nineteen
hundred eighty-eight.
(b) The annual installments computed pursuant to subparagraph (a) of
this paragraph six which are attributable to city fiscal years occurring
after June thirtieth, nineteen hundred eighty-eight (hereinafter
referred to as "original post-June thirtieth, nineteen hundred
eighty-eight installments") shall be recomputed so that their present
value, computed as of June thirtieth, nineteen hundred eighty-eight at
an interest rate of eight and one-quarter per centum per annum, shall be
equal to the present value, computed as of such June thirtieth at an
interest rate of eight per centum per annum, of such original post-June
thirtieth, nineteen hundred eighty-eight installments. One of such
recomputed installments shall be applicable to and payable in each of
those city fiscal years which occur after June thirtieth, nineteen
hundred eighty-eight and which are a part of such payment period of ten
fiscal years.
(7) (a) The supplemental retirement allowance deficiency contribution
with respect to (i) the increases in supplemental retirement allowances
referred to in paragraph twelve of subdivision g of section 13-694 of
this chapter and (ii) the additional supplemental retirement allowances
payable by retirement systems pursuant to the provisions of section
thirty of chapter six hundred fifty-eight of the laws of nineteen
hundred eighty-four (such increases and additional supplemental
retirement allowances being hereinafter collectively referred to as "new
supplements payments effective September first, nineteen hundred
eighty-six") and the supplemental retirement allowance deficiency
contribution with respect to the additional supplemental retirement
allowances payable by retirement systems pursuant to the provisions of
section thirty-one of such chapter six hundred fifty-eight (such
additional supplemental retirement allowances being hereinafter referred
to as "section thirty-one supplements") shall be paid in the manner
provided for in the succeeding subparagraphs of this paragraph seven.
(b) The actuary shall determine the present value, as of June
thirtieth, nineteen hundred eighty-six, of the future liability of each
retirement system for the new supplements payments effective September
first, nineteen hundred eighty-six.
(c) The actuary shall compute ten equal annual installments of
employer contributions, which, if successively paid to the contingent
reserve fund of such retirement system, commencing with payment of a
first annual installment in the twelve-month period beginning on
September first, nineteen hundred eighty-six, would be the actuarial
equivalent, on the basis of interest at the rate of eight per centum per
annum, of the present value computed pursuant to subparagraph (b) of
this paragraph. The ten-year payment period for the supplemental
retirement allowance deficiency contribution payable to the contingent
reserve fund of such retirement system on account of new supplements
payments effective September first, nineteen hundred eighty-six shall
begin on September first, nineteen hundred eighty-six.
(d) The amount of the installment of such deficiency contribution
payable in the period beginning on September first, nineteen hundred
eighty-six and ending on June thirtieth, nineteen hundred eighty-seven
shall be ten-twelfths of one of the annual installments computed
pursuant to subparagraph (c) of this paragraph.
(e) (i) The amount of the installment of such deficiency contribution
payable in each of the city's fiscal years occurring during the period
beginning on July first, nineteen hundred eighty-seven and ending on
June thirtieth, nineteen hundred eighty-eight, shall be one of such
annual installments computed pursuant to subparagraph (c) of this
paragraph.
(ii) The eight and two-twelfths annual installments computed pursuant
to subparagraph (c) of this paragraph seven which are attributable to
city fiscal years (and two-twelfths of one fiscal year) occurring after
June thirtieth, nineteen hundred eighty-eight (hereinafter referred to
as "original post-June thirtieth, nineteen hundred eighty-eight
installments") shall be recomputed so that their present value, computed
as of June thirtieth, nineteen hundred eighty-eight at an interest rate
of eight and one-quarter per centum per annum, shall be equal to the
present value, computed as of June thirtieth, nineteen hundred
eighty-eight at an interest rate of eight per centum per annum, of such
original post-June thirtieth, nineteen hundred eighty-eight
installments. One of such recomputed installments, as recomputed for a
full fiscal year, shall be applicable to and payable in each of the city
fiscal years occurring during the period beginning on July first,
nineteen hundred eighty-eight and ending on June thirtieth, nineteen
hundred ninety-six.
(f) The amount of the installment of such deficiency contribution
payable in the city's nineteen hundred ninety-six--nineteen hundred
ninety-seven fiscal year shall be two-twelfths of one of such annual
installment recomputed pursuant to item (ii) of subparagraph (e) of this
paragraph.
(g) The amount and time and manner of payment of the installments of
the deficiency contribution with respect to the section thirty-one
supplements shall be as prescribed in subparagraphs (b), (c), (d), (e)
and (f) of this paragraph except that for the purposes of this
subparagraph (g):
(i) the term "section thirty-one supplements" shall be deemed to be
substituted for the term "new supplements payments effective September
first, nineteen hundred eighty-six" appearing in such subparagraphs (b)
and (c); and
(ii) each calendar year referred to in subparagraphs (b), (c) and (d)
shall be deemed to be one calendar year later; and
(iii) item (i) of such subparagraph (e) shall not apply; and
(iv) the word "eight" used in item (ii) of such subparagraph (e) shall
be deemed to be nine; and
(v) the words "nineteen hundred ninety-six" used in such item (ii)
shall be deemed to be nineteen hundred ninety-seven; and
(vi) the words "nineteen hundred ninety-six--nineteen hundred
ninety-seven" used in such subparagraph (f) shall be deemed to be
nineteen hundred ninety-seven--nineteen hundred ninety-eight.
f. With respect to each supplemental retirement allowance deficiency
contribution determined for a retirement system pursuant to subdivision
e of this section, each obligor responsible for supplementation shall in
each fiscal year constituting a part of the applicable payment period
designated in such subdivision, pay to the contingent reserve fund of
such retirement system, in the manner required with respect to payment
of its other public employer contributions to such contingent reserve
fund, the installment of such contribution applicable to such fiscal
year as prescribed by such subdivision.
g. In the computation of the normal contribution payable to the
contingent reserve fund of any such retirement system in any fiscal year
referred to in subdivision e of this section, the present value of
future required supplemental retirement allowance deficiency
contributions payable to the contingent reserve fund of such retirement
system by obligors responsible for supplementation shall be an item of
deduction from the total liability of such retirement system for
benefits.
h. All payments required to be made in any fiscal year to the
contingent reserve fund pursuant to the provisions of this section by
any obligor responsible for supplementation shall be made with interest
at a rate per centum per annum equal to the rate per centum per annum
used in determining the normal contribution payable to the contingent
reserve fund of such retirement system in the same fiscal year.
Section 13-696
§ 13-696 Cost-of-living adjustment. a. A cost-of-living adjustment
shall be payable to retired members of the New York city employees'
retirement system, the New York city teachers' retirement system, the
New York city police pension fund, the New York city fire department
pension fund, the New York city board of education retirement system or
the relief and pension fund of the department of street cleaning
provided for in subchapter one of this chapter on the basis provided for
in this section to: (i) all retired members who have attained age
sixty-two and have been retired for five years; (ii) all retired members
who have attained age fifty-five and have been retired for ten years;
(iii) all members who retired for disability regardless of age who have
been retired for five years; and (iv) all recipients of an accidental
death benefit regardless of age who have been receiving such benefit for
five years.
b. Said cost-of-living adjustment shall be a percentage of the annual
fixed retirement allowance otherwise payable, computed without optional
modification, but including any benefit derived from subdivision f of
this section and any prior year's cost-of-living adjustment derived from
this section. Said percentage is set forth in subdivision d of this
section.
c. Said cost-of-living adjustment shall be computed on a base benefit
amount not to exceed eighteen thousand dollars of the annual fixed
retirement allowance defined in subdivision b of this section.
d. The percentage referred to in this section shall be determined
annually by reference to the consumer price index (all urban consumers,
CPI-U, U.S. city average, all items, 1982-84=100), published by the
United States bureau of labor statistics, for each applicable calendar
year. Said percentage shall equal fifty percent of the annual inflation,
as determined from the increase in the consumer price index in the one
year period ending on the March thirty-first prior to the cost-of-living
adjustment effective on the ensuing September first. Said percentage
shall then be rounded up to the next higher one-tenth of one percent and
shall not exceed three percent nor be less than one percent.
e. Said cost-of-living adjustment shall be payable in monthly
installments and shall take effect September first of each year
commencing with a payment for the month of September, two thousand one,
or, if later, as soon as practicable after the retired member first
becomes eligible to receive the benefits provided pursuant to
subdivision a of this section.
f. Commencing September first, two thousand, all retired members who
have retired prior to the calendar year nineteen hundred ninety-seven
and who meet the eligibility criteria set forth in subdivision a of this
section shall be paid an adjusted benefit in monthly installments on the
basis provided for in this subdivision. Said adjusted benefit shall be
equal to a percentage of the change in consumer price index (all urban
consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
by the United States bureau of labor statistics, measured from the year
of retirement through calendar year nineteen hundred ninety-seven
according to the following schedule:
Year of retirement Percentage
1968 through 1996 50%
1966 and 1967 55%
1965 60%
1964 65%
1963 70%
1962 80%
1961 90%
prior to 1961 100%
Said adjusted benefit shall be computed on a base benefit amount not to
exceed eighteen thousand dollars of the annual fixed retirement
allowance otherwise payable, computed without optional modification. Any
benefit received pursuant to this subdivision shall be in lieu of any
benefit received pursuant to chapter three hundred ninety of the laws of
nineteen hundred ninety-eight, and any preceding provision of law
providing for supplementation.
g. Notwithstanding any other provision of law, the surviving spouse of
a deceased retired member of the New York city employees' retirement
system, the New York city teachers' retirement system, the New York city
police pension fund, the New York city fire department pension fund or
the New York city board of education retirement system who retired under
an option which provides that benefits are to be continued for life to
the surviving spouse after the death of the member, shall be entitled to
receive a benefit pursuant to this section. Said benefit shall be fifty
percent of the monthly benefit which the pensioner would be receiving if
living, and shall commence (i) with a payment for the month of
September, two thousand, or (ii) the month following the death of the
deceased retired member, whichever is later.
h. Notwithstanding any law to the contrary, said cost of living
adjustment shall be in lieu of the supplemental retirement allowance
provided pursuant to sections 13-680 and 13-691 of this subchapter or
section two hundred seven-i of the general municipal law or sections
thirty and thirty-one of chapter six hundred fifty-eight of the laws of
nineteen hundred eighty-four or section ten of chapter eight of the laws
of nineteen hundred eighty-eight as amended by chapter five hundred
eighty-one of the laws of nineteen hundred eighty-nine or section twelve
of chapter one hundred nineteen of the laws of nineteen hundred
ninety-five or sections four and eight of chapter three hundred ninety
of the laws of nineteen hundred ninety-eight, unless such other
supplemental retirement allowances payable to a pensioner are in excess
of that provided by this section, in which latter case such other
supplemental retirement allowances shall be paid and no supplemental
retirement allowance shall be paid under this section, provided however,
that in the case of benefits provided pursuant to article fourteen of
the retirement and social security law, the cost of living adjustment
provided herein shall be in lieu of the escalation provided by section
five hundred ten of the retirement and social security law (other than
the escalation provided for in subdivision e of such section), unless
such escalation is in excess of the cost of living adjustment provided
for in this section, in which latter case such escalation shall be paid
and this section shall not apply.
i. Notwithstanding any other provision of law, and subject to the
provisions of subdivisions j and k of this section, the cost-of-living
adjustment payable by an actuarially funded retirement system pursuant
to this section shall be funded by obligors responsible for
supplementation (as defined in subdivision b of section 13-694 of this
article) through the normal contribution, provided, however, that the
additional employer costs attributable to the increase in benefits
provided by this section shall be phased in over a period of five fiscal
years; the actuary for each such retirement system, in calculating the
normal contribution for each obligor in each of the following fiscal
years, shall include in the calculation of the final amount of the
normal contribution for each obligor the following percentage of the
increase in the normal contribution for each such fiscal year that is
attributable to the increase in benefits provided by this section: (a)
twenty percent in fiscal year two thousand--two thousand one, (b) forty
percent in fiscal year two thousand one--two thousand two, (c) sixty
percent in fiscal year two thousand two--two thousand three, (d) eighty
percent in fiscal year two thousand three--two thousand four, and (e) in
fiscal year two thousand four--two thousand five and in each fiscal year
thereafter, the full amount of the increase in the normal contribution
that is attributable to the increase in benefits provided by this
section shall be included in the calculation of the final amount of the
normal contribution for each such obligor.
j. Notwithstanding the provisions of subdivision i of this section, or
any other provision of law to the contrary, and subject to the
provisions of subdivision k of this section, the method of funding the
cost-of-living adjustment payable by an actuarially funded retirement
system pursuant to this section set forth in subdivision i of this
section shall be modified retroactively in accordance with the
provisions of this subdivision, commencing with fiscal year two
thousand--two thousand one. Such cost-of-living adjustment payable by an
actuarially funded retirement system shall be funded by obligors
responsible for supplementation (as defined in subdivision b of section
13-694 of this article) through the normal contribution, provided,
however, that the additional actuarial present value of benefits
provided by this section, as determined by the actuary, shall be phased
in over a period of ten fiscal years in accordance with the following
percentages:
Fiscal Year Percentage
2000-2001 10%
2001-2002 20%
2002-2003 30%
2003-2004 40%
2004-2005 50%
2005-2006 60%
2006-2007 70%
2007-2008 80%
2008-2009 90%
In fiscal year two thousand nine--two thousand ten and in each fiscal
year thereafter, the actuary for each such retirement system shall
include in the calculation of the final amount of the normal
contribution the full amount of the increase in the actuarial present
value of benefits, as determined by the actuary, that is attributable to
the increase in benefits provided by this section, provided further that
the amount of the normal contribution that would otherwise be payable
for fiscal year two thousand two--two thousand three shall be reduced by
an amount equal to the difference between (a) the total amount of the
increase in the normal contribution for fiscal years two thousand--two
thousand one and two thousand one--two thousand two, which was
attributable to the increase in benefits provided by this section, as
calculated by the actuary in accordance with the provisions of
subdivision i of this section, and which was paid for such fiscal years,
and (b) the total amount of the increase in the normal contribution for
fiscal years two thousand--two thousand one and two thousand one--two
thousand two, which was attributable to the increase in benefits
provided by this section, as calculated by the actuary in accordance
with the provisions of this subdivision, and which would have been paid
for such fiscal years if the act which added this subdivision had been
in effect at the time such normal contribution was made for such fiscal
years. In no event, however, shall the normal contribution be less than
that amount necessary, as determined by the actuary, to provide for the
funding requirements of the group life insurance fund.
k. (1) Notwithstanding the provisions of subdivision i or j of this
section, or any other provision of law to the contrary, the
cost-of-living adjustment payable by an actuarially funded retirement
system pursuant to this section shall be funded in accordance with the
provisions of subdivision j of this section through and including fiscal
year two thousand four--two thousand five.
(2) Notwithstanding the provisions of subdivision i or j of this
section, or any other provision of law to the contrary, commencing in
fiscal year two thousand five--two thousand six, and in each fiscal year
thereafter, the cost-of-living adjustment payable by an actuarially
funded retirement system pursuant to this section shall be funded by
obligors responsible for supplementation (as defined in subdivision b of
section 13-694 of this article) through the normal contribution, and the
actuary for each such retirement system shall include in the calculation
of the final amount of the normal contribution for each such fiscal year
the full amount of the increase in the actuarial present value of
benefits, as determined by the actuary, that is attributable to the
increase in benefits provided by this section.
To the extent possible under law, Friends of Devin Balkind for Public Advocate has waived all copyright and related or neighboring rights to New York City Administrative Code. This work is published from: United States.
Special thanks to Benjarmin Kallos and Thom Neale who made this content publicly available as a bulk download.