New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS
Section 379.3 - Internal Revenue Code 415 and cost-of-living adjustments

(a) The defined benefit payable to a member of the Retirement System shall not exceed the applicable limits under Internal Revenue Code section 415(b), as periodically adjusted by the Secretary of the Treasury pursuant to Internal Revenue Code section 415(d). The limitation year is the fiscal year. This limit shall apply to a member who has had a severance from employment or, if earlier, an annuity starting date. Benefits that are subject to Internal Revenue Code section 415(b) shall comply with the foregoing limit in each year during which payments are made. The foregoing limit shall be adjusted pursuant to the requirements of code sections 415(b)(2)(C) and (D) relating to the commencement of benefits at a date prior to age 62 or after age 65, subject to other applicable rules under Internal Revenue Code section 415. No adjustment shall be required to a benefit subject to an automatic benefit increase feature described in Treasury Regulation section 1.415(b) -1(c)(5). To the extent that Internal Revenue Code section 415 and the Treasury Regulations thereunder require that an interest rate under Internal Revenue Code section 417(e) apply, the applicable lookback month shall be the calendar month preceding the current month and the applicable stability period is one calendar month.

(b) If a member is, or has ever been, a participant in another qualified defined benefit plan (without regard to whether the plan has been terminated) maintained by the member's employer, as determined pursuant to Internal Revenue Code sections 414(b), 415(c), and 415, the sum of the participant's benefits payable annually in the form of a straight life annuity from all such plans may not exceed the limit described in subdivision (a) of this section. Where the member's employer-provided benefits under all such defined benefit plans (determined as of the same age) would exceed the limit described in subdivision (a) of this section applicable at that age, the benefits accrued under all such other plans shall be reduced first in order to avoid exceeding the limit and only to the extent that the reduction under such other plans is insufficient to avoid exceeding the limit.