2013 New York Consolidated Laws
RSS - Retirement & Social Security
Article 15 - (600 - 617) COORDINATED RETIREMENT PLAN
608 - Final average salary.

 
    §  608.  Final average salary. a. For members who first become members
  of a public retirement system of  the  state  before  April  first,  two
  thousand  twelve,  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.  For  members  who  first
  become  members  of  the  New York state and local employees' retirement
  system or the New York state teachers' retirement  system  on  or  after
  April  first, two thousand twelve, a member's final average salary shall
  be the average wages earned by such 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. 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 who first became members of the New York state
  and local employees' retirement system and the New York  city  teachers'
  retirement  system  before  April first, two thousand twelve, a member's
  final average salary shall be equal to one-third of  the  highest  total
  wages  earned  by such member 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 in 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. With
  respect to members who first become members of the New  York  state  and
  local  employees'  retirement  system  and  the  New York city teachers'
  retirement system on or  after  April  first,  two  thousand  twelve,  a
  member's final average salary shall be equal to one-fifth of the highest
  total  wages  earned  by  such  member  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 in 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 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,
  provided  that  this  subdivision  shall  not  apply  to a New York city
  revised plan member of the New York city employees' retirement system or
  a New York city revised plan member  of  the  New  York  city  teachers'
  retirement system.
    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 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  fourteen  of
  subdivision e of section 13-638.4 of the administrative code of the city
  of  New  York,  provided,  however,  that  the applicable provisions and
  limitations of the term "wages", as defined in subdivision l of  section
  six  hundred  one of this article, shall apply to such determinations of
  final average salary.
    e. With respect to a member covered by the provisions of  section  six
  hundred  five-c of this article, final average compensation 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  compensation  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 compensation.