§ 207-L — Temporary supplemental retirement allowances for certain police officers in towns and villages

§ 207-l. Temporary supplemental retirement allowances for certain\npolice officers in towns and villages. Notwithstanding the provisions of\nany general, special or local law, charter or administrative code to the\ncontrary, a supplemental retirement allowance may be paid to pensioners\nof a pension or retirement system of a paid police department of a town\nor village who have retired prior to the calendar year nineteen hundred\nseventy. Such supplemental retirement allowance shall be payable on the\nbasis provided for herein, commencing with a payment for the month of\nOctober, nineteen hundred seventy-one and continuing through the month\nof September, nineteen hundred seventy-three.\n a. The supplemental retirement allowance provided for herein shall be\na percentage of the retirement 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 retirement\nallowance shall be computed on the basis of the first eight thousand\ndollars of such annual retirement allowance and shall be payable\ncommencing October first, nineteen hundred seventy-one, to all\ndisability pensioners, and to other pensioners who have attained age\nsixty-two on or before September thirtieth, nineteen hundred\nseventy-one, and commencing on April first, nineteen hundred\nseventy-two, to such other pensioners who shall have attained age\nsixty-two on or after October first, nineteen hundred seventy-one and on\nor before September thirtieth, nineteen hundred seventy-two.\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-nine, divided by the average of the twelve\nmonthly consumer price indexes of the calendar year of retirement shall\nbe the ratio of the indexes. Said ratio, minus one, shall be expressed\nas a percentage and shall be adjusted to the lower one-tenth of one per\ncentum. Such adjusted percentage shall be the percentage of the\napplicable portion of the retirement allowance, computed without\noptional modification which shall be payable as a supplemental\nretirement allowance. However, no such supplement shall be paid where\nsuch percentage is less than three per centum. Such percentage for\npensioners who retired prior to April first, nineteen hundred\nfifty-eight shall be increased by sixty per centum thereof and the\nadjusted percentage shall be further adjusted to the lower one-tenth of\none per centum. Such percentage shall be computed by the actuary each\nyear and certified to the comptroller who shall, by directive,\npromulgate a schedule of percentages to be used for this purpose.\n c. The supplemental retirement allowance shall be rounded off to the\nnearest dollar.\n d. 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 e. 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 f. Nothing herein contained shall be deemed to apply to members of the\nstate employees' retirement system.\n