2006 New York Code - 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.