§ 207-J — Supplemental pension allowances of certain retired teachers of cities

§ 207-j. Supplemental pension allowances of certain retired teachers\nof cities. Nothing in any general, special or local law, administrative\ncode, ordinance, rule or regulation or pension contract to the contrary\nnotwithstanding a supplemental pension allowance shall be paid to\npensioners who have retired from a teachers pension or retirement system\nof a city prior to the calendar year nineteen hundred sixty-eight. Such\nsupplemental pension allowance shall be payable on the basis provided\nfor herein, commencing with a payment for the month of October, nineteen\nhundred sixty-eight, and continuing through the month of December,\nnineteen hundred seventy.\n a. The supplemental pension allowance provided for herein shall be a\npercentage of the pension allowance computed without optional\nmodification and shall be determined on the basis of the consumer price\nindex (all items - United States city average), published by the United\nStates Bureau of Labor Statistics. Said percentage shall be determined\nin the manner set forth in this section. Said supplemental pension\nallowance shall be computed on the basis of the first seven thousand\ndollars of such annual pension allowance and shall be payable commencing\nOctober first, nineteen hundred sixty-eight, to all disability\npensioners, and to other pensioners who have attained age sixty-two on\nor before September thirtieth, nineteen hundred sixty-eight and\ncommencing on April first, nineteen hundred sixty-nine, to such other\npensioners who shall have attained age sixty-two on or after October\nfirst, nineteen hundred sixty-eight and on or before September\nthirtieth, nineteen hundred sixty-nine and commencing on October first,\nnineteen sixty-nine to such other pensioners who have attained age\nsixty-two on or before September thirtieth, nineteen hundred sixty-nine\nand commencing on April first, nineteen hundred seventy, to such other\npensioners who shall have attained age sixty-two on or after October\nfirst, nineteen hundred sixty-nine and on or before September thirtieth,\nnineteen hundred seventy.\n b. The percentage referred to in subdivision a hereof shall be\ndetermined from the ratio of two indexes, in the following manner. The\naverage of the twelve monthly consumer price indexes of the calendar\nyear nineteen hundred sixty-six, or, for a supplemental pension payable\npursuant to this section on or after October first, nineteen hundred\nsixty-nine, the average of the twelve monthly consumer price indexes of\nthe calendar year nineteen hundred sixty-seven, divided by the average\nof the twelve monthly consumer price indexes of the calendar year of\nretirement shall be the ratio of the indexes. Said ratio, minus one,\nshall be expressed as a percentage and shall be adjusted to the lower\none-tenth of one per centum. Such adjusted percentage shall be the\npercentage of the applicable portion of the pension allowance, computed\nwithout optional modification which shall be payable as a supplemental\npension allowance. However, no such supplement shall be paid where such\npercentage is less than three per centum. Such percentage shall be\ncomputed by the actuary each year and certified to the comptroller who\nshall, by directive promulgate a schedule of percentages to be used for\nthis purpose. The supplemental pension allowance shall be rounded off to\nthe nearest dollar.\n c. The benefits hereinabove provided for shall be in lieu of the\nbenefits presently provided by any other general, special or local law\nunless such benefits are in excess of those provided by this section, in\nwhich latter case such benefits shall be paid by the retirement system\npursuant to this section.\n d. Contributions shall be made to such pension accumulation fund by,\nor on account of, the municipality at a rate fixed by the actuary or if\nthere be no actuary then by the fiscal officer of the municipality,\nwhich shall be computed to be sufficient to provide the benefits\nestablished by this section which are payable during the period of time\nthat this section shall be in effect.\n