§ 207-j. Supplemental pension allowances of certain retired teachers
of cities. Nothing in any general, special or local law, administrative
code, ordinance, rule or regulation or pension contract to the contrary
notwithstanding a supplemental pension allowance shall be paid to
pensioners who have retired from a teachers pension or retirement system
of a city prior to the calendar year nineteen hundred sixty-eight. Such
supplemental pension allowance shall be payable on the basis provided
for herein, commencing with a payment for the month of October, nineteen
hundred sixty-eight, and continuing through the month of December,
nineteen hundred seventy.

a. The supplemental pension allowance provided for herein shall be a
percentage of the pension allowance computed without optional
modification and shall be determined on the basis of the consumer price
index (all items - United States city average), published by the United
States Bureau of Labor Statistics. Said percentage shall be determined
in the manner set forth in this section. Said supplemental pension
allowance shall be computed on the basis of the first seven thousand
dollars of such annual pension allowance and shall be payable commencing
October first, nineteen hundred sixty-eight, to all disability
pensioners, and to other pensioners who have attained age sixty-two on
or before September thirtieth, nineteen hundred sixty-eight and
commencing on April first, nineteen hundred sixty-nine, to such other
pensioners who shall have attained age sixty-two on or after October
first, nineteen hundred sixty-eight and on or before September
thirtieth, nineteen hundred sixty-nine and commencing on October first,
nineteen sixty-nine to such other pensioners who have attained age
sixty-two on or before September thirtieth, nineteen hundred sixty-nine
and commencing on April first, nineteen hundred seventy, to such other
pensioners who shall have attained age sixty-two on or after October
first, nineteen hundred sixty-nine and on or before September thirtieth,
nineteen hundred seventy.

b. The percentage referred to in subdivision a hereof shall be
determined from the ratio of two indexes, in the following manner. The
average of the twelve monthly consumer price indexes of the calendar
year nineteen hundred sixty-six, or, for a supplemental pension payable
pursuant to this section on or after October first, nineteen hundred
sixty-nine, the average of the twelve monthly consumer price indexes of
the calendar year nineteen hundred sixty-seven, divided by the average
of the twelve monthly consumer price indexes of the calendar year of
retirement shall be the ratio of the indexes. Said ratio, minus one,
shall be expressed as a percentage and shall be adjusted to the lower
one-tenth of one per centum. Such adjusted percentage shall be the
percentage of the applicable portion of the pension allowance, computed
without optional modification which shall be payable as a supplemental
pension allowance. However, no such supplement shall be paid where such
percentage is less than three per centum. Such percentage shall be
computed by the actuary each year and certified to the comptroller who
shall, by directive promulgate a schedule of percentages to be used for
this purpose. The supplemental pension allowance shall be rounded off to
the nearest dollar.

c. The benefits hereinabove provided for shall be in lieu of the
benefits presently provided by any other general, special or local law
unless such benefits are in excess of those provided by this section, in
which latter case such benefits shall be paid by the retirement system
pursuant to this section.

d. Contributions shall be made to such pension accumulation fund by,
or on account of, the municipality at a rate fixed by the actuary or if
there be no actuary then by the fiscal officer of the municipality,
which shall be computed to be sufficient to provide the benefits
established by this section which are payable during the period of time
that this section shall be in effect.