§ 620. Benefit limitations. 1. Notwithstanding any other law to the
contrary, for all members of a public retirement system to which the
state or a municipality contributes who join on or after January first,
nineteen hundred ninety, the benefits payable shall be subject to the
limitations set forth in section four hundred fifteen of the Internal
Revenue Code.

2. Notwithstanding any other law to the contrary, for all members of a
public retirement system to which the state or a municipality
contributes who joined prior to January first, nineteen hundred ninety,
the benefits payable shall be subject to the greater of the following
limitations as provided in paragraph ten of subdivision (b) of section
four hundred fifteen of the Internal Revenue Code:

a. the limitations set forth in section four hundred fifteen of the
Internal Revenue Code, or

b. the accrued benefit of the member without regard to any benefit
increases pursuant to a plan amendment adopted after October fourteenth,
nineteen hundred eighty-seven.

3. Notwithstanding the foregoing, any benefit which has been limited
by either the dollar or compensation limitations of section 415 of the
Internal Revenue Code shall be increased for cost-of-living adjustments
of such limitations pursuant to such section and the applicable
regulations thereunder, provided, however, the benefit shall not exceed
the benefit otherwise payable but for the limitations of Internal
Revenue Code section 415.

4. Notwithstanding any other law, the limitation year of the New York
state teachers' retirement system for the purposes of section 415 of the
Internal Revenue Code shall be the period commencing on the first day of
July of each year and ending on the thirtieth day of June next
following.

5. Notwithstanding any other law, the limitation year of the New York
state and local employees' retirement system and the New York state and
local police and fire retirement system for the purposes of section 415
of the Internal Revenue Code shall be the period commencing on the first
day of April of each year and ending on the thirty-first day of March
next following.

6. Notwithstanding any other law, the limitation years of the New York
city employees' retirement system, the New York city teachers'
retirement system, the New York city board of education retirement
system, the New York city police pension fund and the New York city fire
department pension fund for the purposes of section 415 of the Internal
Revenue Code shall be the period commencing on the first day of July of
each year and ending on the thirtieth day of June next following.