2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 14 - (500 - 520) 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.