§ 630. Compensation limitations. 1. In addition to any other
applicable limitations on compensation provided by law, and
notwithstanding any other law to the contrary unless otherwise permitted
pursuant to subdivision four of this section, the amount of compensation
of a member of the New York state and local employees' retirement system
or the New York state and local police and fire retirement system which
may be taken into account under the rules of such system for plan years
beginning on or after April first, nineteen hundred ninety-six shall not
exceed the OBRA '93 annual compensation limit.

2. In addition to any other applicable limitations on compensation
provided by law, and notwithstanding any other law to the contrary
unless otherwise permitted pursuant to subdivision four of this section,
the amount of compensation of a member of the New York state teachers'
retirement system, New York city employees' retirement system, New York
city teachers' retirement system, New York city police pension fund, New
York city fire department pension fund, or New York city board of
education retirement fund which may be taken into account under the law
relating to such system for plan years beginning on or after July first,
nineteen hundred ninety-six shall not exceed the OBRA '93 annual
compensation limit.

3. In addition to any other applicable limitations on compensation
provided by law, and notwithstanding any other law to the contrary
unless otherwise permitted pursuant to subdivision four of this section,
the amount of compensation of a participant in the education department
optional retirement program pursuant to part five of article three of
the education law or a participant in the state university optional
retirement program pursuant to article eight-B of the education law or
the city university optional retirement program pursuant to article one
hundred twenty-five-A of the education law which may be taken into
account under the law relating to such program for plan years beginning
on or after January first, nineteen hundred ninety-six shall not exceed
the '93 OBRA annual compensation limit.

4. Notwithstanding the provisions of subdivisions one, two and three
of this section, in the case of an "eligible member" of the New York
state and local employees' retirement system, New York state and local
police and fire retirement system, New York state teachers' retirement
system, New York city employees' retirement system, New York city
teachers' retirement system, New York city police pension fund, New York
city fire department pension fund, New York city board of education
retirement fund, education department optional retirement program, state
university optional retirement program, and city university optional
retirement program the OBRA '93 annual compensation limit shall not
apply to the extent the amount of compensation taken into account would
be reduced below the amount which would be allowed to be taken into
account under the law relating to such system or program as in effect on
the first day of July, nineteen hundred ninety-three.

5. For the purposes of subdivision four of this section, an "eligible
member" of the New York state and local employees' retirement system or
New York state and local police and fire retirement system shall be a
member who last joined or rejoined such system prior to April first,
nineteen hundred ninety-six; an "eligible member" of the New York state
teachers' retirement system, New York city employees' retirement system,
New York city teachers' retirement system, New York city police pension
fund, New York city fire department pension fund, or New York city board
of education retirement fund shall be a member who last joined or
rejoined such system prior to the first day of July, nineteen hundred
ninety-six; and an "eligible member" of the education department
optional retirement program, the state university optional retirement
program, or city university optional retirement program shall be a
participant who, as applicable, last joined or rejoined or last elected
such program prior to the first day of January, nineteen hundred
ninety-six.

6. For the purposes of this section and any other reference in law to
the limitation under section 401(a)(17) of the Internal Revenue Code of
1986, the "OBRA '93 annual compensation limit" shall be the amount
allowed to be taken into account pursuant to section 401(a)(17) of the
Internal Revenue Code of 1986, 26 USC § 401(a)(17), as amended pursuant
to section 13212 of the Omnibus Budget Reconciliation Act of 1993, P.L.
103-66, 107 Stat. 312, or as hereinafter may be amended. For plan years
beginning on or after January first, nineteen hundred ninety-four, the
annual compensation of each member or participant taken into account
under the law applicable to such system or program shall not exceed one
hundred fifty thousand dollars, as adjusted by the Commissioner of
Internal Revenue for increases in the cost of living pursuant to section
401(a)(17) of the Internal Revenue Code of 1986. The cost-of-living
adjustment in effect for a calendar year applies to any period, not
exceeding twelve months, over which compensation is determined (the
"compensation period") beginning in such calendar year. If a
determination period consists of fewer than twelve months, the OBRA '93
annual compensation limit shall be the applicable annual compensation
limit multiplied by a fraction, the numerator of which is the number of
months in the determination period, and the denominator of which is
twelve. Further, if compensation for any prior determination period is
taken into account in determining, as applicable, a member's or
participant's benefits accruing in a current plan year, the compensation
for that prior determination period is subject to the OBRA '93 annual
compensation limit in effect for that prior determination period. For
the purpose of the prior sentence, for determination periods before the
first day of the first plan year beginning on or after the first day of
January, nineteen hundred ninety-four, the OBRA '93 annual compensation
limit is one hundred fifty thousand dollars.