NYC Laws & Codes
Article 7 - SUPPLEMENTAL RETIREMENT ALLOWANCES FOR RETIREES OF CLOSED PENSION FUNDS OR PLANS, BASED ON THE COST-OF-LIVING INDEX¶
Section 13-690¶
Section 13-690
§ 13-690 Definitions. As used in this article, the following terms
shall mean and include:
a. "Closed pension fund other-than-disability retiree". (1) A person
who retired, prior to January first, nineteen hundred eighty, other than
for disability, as a member of a pension fund or retirement system
supported or maintained by the city, other than an excepted pension fund
or retirement system mentioned in paragraph two of this subdivision a,
and who is receiving a pension or retirement allowance by reason of such
retirement.
(2) The excepted pension funds or retirement systems referred to in
paragraph one of this subdivision a are the New York city employees'
retirement system, the New York city teachers' retirement system, the
board of education retirement system of the city, the police pension
funds maintained pursuant to subchapter one and subchapter two of
chapter two of this title and the fire department pension funds
maintained pursuant to subchapter one and subchapter two of chapter
three of this title.
b. "Closed pension fund disability retiree". A person: (1) Who retired
for disability prior to January first, nineteen hundred eighty as a
member of a pension fund or retirement system supported or maintained by
the city, other than an excepted pension fund or retirement system
referred to in paragraph two of subdivision a of this section, and who
is receiving a pension or retirement allowance by reason of such
retirement; or
(2) Who was retired prior to January first, nineteen hundred eighty
pursuant to subchapter five of chapter five of this title and who is
receiving an annuity by reason of such retirement.
c. "Supplemental pension fund". The supplemental pension fund provided
for by section 13-650 of this chapter.
d. "Comptroller". The comptroller of the city.
e. "Base amount". That part of the total annual retirement benefit
(whether consisting of a pension, retirement allowance or annuity), when
such total annual retirement benefit is computed without optional
modification, which part does not exceed ten thousand five hundred
dollars.
Section 13-691¶
Section 13-691
§ 13-691 Supplemental retirement allowances for certain closed pension
funds retirees and other retirees. a. A supplemental retirement
allowance determined pursuant to this section shall be payable:
(1) to closed pension fund disability retirees who retired prior to
April first, nineteen hundred seventy, commencing with a payment for the
month of July, nineteen hundred eighty-one, and continuing thereafter;
and
(2) to closed pension fund other-than-disability retirees who retire
prior to April first, nineteen hundred seventy, commencing with a
payment for the later of the month of July, nineteen hundred eighty-one
or the month of July next following the twelve-month period ending June
thirtieth in which such retiree shall have attained age sixty-two and
continuing thereafter.
b. Such supplemental retirement allowance for those closed pension
fund disability retirees and closed pension fund other-than-disability
retirees who retired prior to January first, nineteen hundred
sixty-eight shall include an amount computed by multiplying the base
amount by a percentage determined on the basis of the consumer price
index (all items--United States city average) published by the United
States bureau of labor statistics.
c. (1) The percentage referred to in subdivision b of this section
shall be determined as the ratio of two indexes, in the manner
prescribed in this subdivision c.
(2) The average of the twelve monthly consumer price indexes of the
calendar year nineteen hundred sixty-nine divided by the average of
twelve monthly consumer price indexes of the calendar year of
retirement, shall be the ratio of the indexes.
(3) Such ratio, minus one, shall be expressed as a percentage and
shall be adjusted to the lower one-tenth of one percentum. Such adjusted
percentage shall be the percentage of the base amount which is payable
as a supplement included in a supplemental retirement allowance as
provided for in subdivision b of this section. However, no such
supplement shall be paid where such percentage is less than three
percentum. Such percentage for a person who retired prior to October
first, nineteen hundred fifty-seven shall be increased by one hundred
percentum thereof and the adjusted percentage shall be further adjusted
to the lower one-tenth of one percentum. Such percentage shall be
computed by the actuary and certified to the comptroller who shall, by
directive, promulgate a schedule of percentages by year of retirement to
be used for this purpose.
d. (1) Commencing with a payment for the month of July, nineteen
hundred eighty-one and continuing thereafter, there shall be payable:
(a) to each closed pension fund other-than-disability retiree who
retired prior to January first, nineteen hundred sixty-eight and who is
eligible to receive a supplemental retirement allowance under the
provisions of subdivision a of this section; and
(b) to each closed pension fund disability retiree who retired prior
to January first, nineteen hundred sixty-eight: a supplemental
retirement allowance which shall consist of the sum of: (i) the amount
determined for such retiree pursuant to the provisions of subdivisions b
and c of this section; and
(ii) the product obtained by multiplying the base amount for such
retiree by the percentage thereof applicable to such retiree, as
determined by the year of retirement in accordance with the schedule set
forth in paragraph two of this subdivision d.
(2) The schedule referred to in paragraph one of this subdivision d is
as follows:
Year of retirement Percentage
-------------------- ------------
1967 twenty-three
1966 twenty-four
1965 twenty-four
1964 twenty-five
1963 twenty-five
1962 twenty-six
1961 twenty-six
1960 twenty-seven
1959 twenty-seven
1958 twenty-seven
1957 twenty-seven
1956 twenty-eight
1955 twenty-eight
1954 twenty-eight
1953 twenty-eight
1952 twenty-eight
1951 and earlier twenty-nine
(3) Commencing with a payment for the month of July, nineteen hundred
eighty-one and continuing thereafter, there shall be payable:
(a) to each closed pension fund other-than-disability retiree who
retired on or after January first, nineteen hundred sixty-eight and
prior to April first, nineteen hundred seventy, and who is eligible to
receive a supplemental retirement allowance under the provisions of
subdivision a of this section; and
(b) to each closed pension fund disability retiree who retired on or
after January first, nineteen hundred sixty-eight and prior to April
first, nineteen hundred seventy; a supplemental retirement allowance
equal to the product obtained by multiplying the base amount for such
retiree by the percentage thereof applicable to such retiree, as
determined by the date of retirement in accordance with the schedule set
forth in paragraph four of this subdivision d.
(4) The schedule referred to in paragraph three of this subdivision d
is as follows:
Date of retirement Percentage
------------------ ----------
April 1, 1969 to and
including March 31, 1970 twenty-one
January 1, 1968 to and
including March 31, 1969 twenty-two
e. (1) Commencing with a payment for the month of July, nineteen
hundred eighty-one and continuing thereafter, there shall be payable to
each closed pension fund disability retiree who retired on or after
April first, nineteen hundred seventy and before January first, nineteen
hundred seventy-three, a supplemental retirement allowance equal to the
product obtained by multiplying the base amount for such retiree by the
percentage thereof applicable to such retiree, as determined by the date
of retirement in accordance with the schedule set forth in paragraph
three of this subdivision e.
(2) (a) Each closed pension fund other-than-disability retiree who
retired on or after April first, nineteen hundred seventy and prior to
January first, nineteen hundred seventy-three shall be entitled to
receive, for the period provided for by subparagraph (b) of this
paragraph two, a supplemental retirement allowance equal to the product
obtained by multiplying the base amount for such retiree by the
percentage thereof applicable to such retiree, as determined by the date
of retirement in accordance with the schedule set forth in paragraph
three of this subdivision e.
(b) Such supplemental retirement allowance referred to in subparagraph
(a) of this paragraph two shall commence with a payment for the later of
the month of July, nineteen hundred eighty-one or the month of July next
following the twelve-month period ending June thirtieth in which such
retiree shall have attained age sixty-two and shall continue thereafter.
(3) The schedule referred to in paragraphs one and two of this
subdivision e is as follows:
Date of retirement Percentage
------------------ ----------
April 1, l970 to
and including
December 31, 1971 eight
1972 calendar year seven
f. (1) Commencing with a payment for the month of July, nineteen
hundred eighty-two and continuing thereafter, there shall be payable to
each closed pension fund disability retiree who retired during the
calendar year nineteen hundred seventy-three, a supplemental retirement
allowance equal to the product obtained by multiplying the base amount
for such retiree by six per centum.
(2) (a) Each closed pension fund other-than-disability retiree who
retired during the calendar year nineteen hundred seventy-three shall be
entitled to receive, for the period provided for by subparagraph (b) of
this paragraph two, a supplemental retirement allowance equal to the
product obtained by multiplying the base amount for such retiree by six
per centum.
(b) Such supplemental retirement allowance referred to in subparagraph
(a) of this paragraph two shall commence with a payment for the later of
the month of July, nineteen hundred eighty-two or the month of July next
following the twelve-month period ending June thirtieth in which such
retiree shall have attained age sixty-two and shall continue thereafter.
g. (1) Commencing with a payment for the month of July, nineteen
hundred eighty-three and continuing thereafter, there shall be payable
to each closed pension fund disability retiree who retired on or after
January first, nineteen hundred seventy-four and before January first,
nineteen hundred seventy-seven, a supplemental retirement allowance
equal to the product obtained by multiplying the base amount for such
retiree by the percentage thereof applicable to such retiree, as
determined by the date of retirement in accordance with the schedule set
forth in paragraph three of this subdivision g.
(2) (a) Each closed pension fund other-than-disability retiree who
retired on or after January first, nineteen hundred seventy-four and
prior to January first, nineteen hundred seventy-seven shall be entitled
to receive, for the period provided for by subparagraph (b) of this
paragraph two, a supplemental retirement allowance equal to the product
obtained by multiplying the base amount for such retiree by the
percentage thereof applicable to such retiree, as determined by the date
of retirement in accordance with the schedule set forth in paragraph
three of this subdivision g.
(b) Such supplemental retirement allowance referred to in subparagraph
(a) of this paragraph two shall commence with a payment for the later of
the month of July, nineteen hundred eighty-three or the month of July
next following the twelve-month period ending June thirtieth in which
such retiree shall have attained age sixty-two and shall continue
thereafter.
(3) The schedule referred to in paragraphs one and two of this
subdivision g is as follows:
Date of retirement Percentage
------------------ ----------
1974 calendar year five
1975 calendar year four
1976 calendar year three
h. (1) Commencing with a payment for the month of July, nineteen
hundred eighty-four and continuing thereafter, there shall be payable to
each closed pension fund disability retiree who retired on or after
January first, nineteen hundred seventy-seven and before January first,
nineteen hundred seventy-nine, a supplemental retirement allowance equal
to the product obtained by multiplying the base amount for such retiree
by three per centum.
(2) (a) Each closed pension fund other-than-disability retiree who
retired on or after January first, nineteen hundred seventy-seven and
prior to January first, nineteen hundred seventy-nine shall be entitled
to receive, for the period provided for by subparagraph (b) of this
paragraph two, a supplemental retirement allowance equal to the product
obtained by multiplying the base amount for such retiree by the
percentage thereof applicable to such retiree, as determined by the date
of retirement in accordance with the schedule set forth in paragraph
three of this subdivision h.
(b) Such supplemental retirement allowance referred to in subparagraph
(a) of this paragraph two shall commence with a payment for the later of
the month of July, nineteen hundred eighty-four or the month of July
next following the twelve-month period ending June thirtieth in which
such retiree shall have obtained age sixty-two and shall continue
thereafter.
i. (1) Commencing with a payment for the month of July, nineteen
hundred eighty-five and continuing thereafter, there shall be payable to
each closed pension fund disability retiree who retired during the
calendar year nineteen hundred seventy-nine, a supplemental retirement
allowance equal to the product obtained by multiplying the base amount
for such retiree by three per centum.
(2) (a) Each closed pension fund other-than-disability retiree who
retired during the calendar year nineteen hundred seventy-nine shall be
entitled to receive, for the period provided for by subparagraph (b) of
this paragraph two, a supplemental retirement allowance equal to the
product obtained by multiplying the base amount for such retiree by
three per centum.
(b) Such supplemental retirement allowance referred to in subparagraph
(a) of this paragraph two, shall commence with a payment for the later
of the month of July, nineteen hundred eighty-five or the month of July
next following the twelve-month period ending June thirtieth in which
such retiree shall have attained age sixty-two and shall continue
thereafter.
k. The supplemental retirement allowance shall be rounded off to the
nearest dollar.
l. The supplemental retirement allowance hereinabove provided for any
such closed pension fund disability retiree or closed pension fund
other-than-disability retiree shall be in lieu of any supplemental
retirement allowance for such retiree provided by article one or article
two of this subchapter or any other existing law or law hereafter
enacted, unless such other supplemental retirement allowance is in
excess of that provided for by this article seven, in which latter case
such other supplemental retirement allowance shall be paid and no
supplemental retirement allowance shall be paid under this article
seven.
Section 13-692¶
Section 13-692
§ 13-692 Payment of supplemental retirement allowances. a. On or
before the last day of each month during the payment period mentioned in
subdivision a of section 13-691 of this chapter, there shall be paid
from the supplemental pension fund to each retiree entitled thereto
under such section, the applicable supplemental retirement allowance
prescribed by such section.
b. On or before the last day of each month with respect to which an
additional supplemental retirement allowance is payable pursuant to
section thirty or section thirty-one of chapter six hundred fifty-eight
of the laws of nineteen hundred eighty-four, there shall be paid from
the supplemental pension fund to each pensioner entitled thereto under
either such section, the applicable additional supplemental retirement
allowance prescribed by such section.
Section 13-693¶
Section 13-693
§ 13-693 Information to be furnished to comptroller. The comptroller
shall have authority to require any department or agency of the city to
furnish him or her with such records, information and data as he or she
may need to carry out the provisions of this article.