2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 14 - (500 - 520) COORDINATED-ESCALATOR RETIREMENT PLAN
512 - Final average salary.

 
    §  512. Final average salary. a. A member's final average salary shall
  be  the  average  wages  earned  by  such  a  member  during  any  three
  consecutive  years  which  provide  the  highest average wage; provided,
  however, if the wages earned during any year included in the period used
  to determine final average salary exceeds that of  the  average  of  the
  previous two years by more than ten percent, the amount in excess of ten
  percent  shall be excluded from the computation of final average salary.
  Notwithstanding the preceding provisions  of  this  subdivision  to  the
  contrary,  for a member who first becomes a member of the New York state
  and local employees' retirement system on  or  after  April  first,  two
  thousand twelve, or for a New York city police/fire revised plan member,
  a  New  York city uniformed correction/sanitation revised plan member or
  an investigator revised plan member, a  member's  final  average  salary
  shall  be  the  average  wages  earned  by such a member during any five
  consecutive years which provide  the  highest  average  wage;  provided,
  however, if the wages earned during any year included in the period used
  to  determine  final  average  salary exceeds that of the average of the
  previous four years by more than ten percent, the amount  in  excess  of
  ten  percent  shall  be  excluded  from the computation of final average
  salary. In determining final average salary pursuant to any provision of
  this subdivision, where the  period  used  to  determine  final  average
  salary  is the period which immediately precedes the date of retirement,
  any month or months (not in excess of twelve) which would  otherwise  be
  included  in  computing final average salary but during which the member
  was on authorized leave of absence at partial pay or without  pay  shall
  be  excluded  from the computation of final average salary and the month
  or an equal number of months immediately preceding such period shall  be
  substituted in lieu thereof.
    b.  Notwithstanding  the  provisions of subdivision a of this section,
  with respect to members of the  New  York  state  employees'  retirement
  system  who  first  become  members  of  the  New  York  state and local
  employees' retirement system before April first,  two  thousand  twelve,
  the  New  York state and local police and fire retirement system and the
  New York city teachers' retirement  system,  a  member's  final  average
  salary  shall  be  equal  to one-third of the highest total wages earned
  during any continuous period of employment  for  which  the  member  was
  credited  with  three years of service credit; provided, however, if the
  wages earned during any year of credited  service  included  the  period
  used  to determine final average salary exceeds the average of the wages
  of the previous two years of credited service by more than ten  percent,
  the  amount  in  excess  of  ten  percent  shall  be  excluded  from the
  computation of final average salary. For  members  who  first  become  a
  member  of  the New York state and local employees' retirement system on
  or after April first, two thousand twelve, with respect  to  members  of
  the  New  York  state and local employees' retirement system, a member's
  final average salary shall be equal to one-fifth of  the  highest  total
  wages  earned  during  any continuous period of employment for which the
  member was  credited  with  five  years  of  service  credit;  provided,
  however,  if  the  wages  earned  during  any  year  of credited service
  included the period used to determine final average salary  exceeds  the
  average  of  the wages of the previous four years of credited service by
  more than ten percent, the amount in excess  of  ten  percent  shall  be
  excluded from the computation of final average salary.
    c.  Notwithstanding  the  provisions  of  subdivisions a and b of this
  section, the final average salary of an employee who has been  a  member
  of the New York city employees' retirement system (other than a New York
  city  correction/sanitation  revised  plan  member  or  an  investigator
  revised plan member) or the New York city  teachers'  retirement  system

  for  less than one year shall be the projected one year salary, with the
  calculation based upon a twelve month projection of the sums  earned  in
  the  portion  of the year worked. If a member has been employed for more
  than  one  year but less than two years, then the member's final average
  salary shall be the average of the first year and projected second  year
  earnings  based  upon the calculation above, and if more than two years,
  but less than three years, then one-third the total  of  the  first  two
  years of employment plus the projected third year's earnings, calculated
  as indicated above.
    d.  Subject  to  the  provisions of subdivision c of this section, and
  notwithstanding the provisions of subdivision a of  this  section,  with
  respect  to  members  of  the New York city employees' retirement system
  (other than a New York city uniformed correction/sanitation revised plan
  member or an investigator revised plan member) and  the  New  York  city
  board  of  education retirement system who are subject to the provisions
  of this article, a member's final average  salary  shall  be  determined
  pursuant  to  the  provisions  of paragraph thirteen of subdivision e of
  section 13-638.4 of the administrative code of the city of New York.