Section 207-L. Temporary supplemental retirement allowances for certain policemen in towns and villages

Notwithstanding the provisions  of  any  general,  special  or  local  law, charter or administrative code to the
  contrary, a supplemental retirement allowance may be paid to  pensioners
  of  a pension or retirement system of a paid police department of a town
  or village who have retired prior to the calendar year nineteen  hundred
  seventy.  Such supplemental retirement allowance shall be payable on the
  basis provided for herein, commencing with a payment for  the  month  of
  October,  nineteen  hundred seventy-one and continuing through the month
  of September, nineteen hundred seventy-three.
    a. The supplemental retirement allowance provided for herein shall  be
  a  percentage  of  the  retirement  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 retirement
  allowance shall be computed on the basis of  the  first  eight  thousand
  dollars  of  such  annual  retirement  allowance  and  shall  be payable
  commencing  October  first,  nineteen  hundred   seventy-one,   to   all
  disability  pensioners,  and  to  other pensioners who have attained age
  sixty-two  on  or   before   September   thirtieth,   nineteen   hundred
  seventy-one,   and   commencing   on   April   first,  nineteen  hundred
  seventy-two, to such  other  pensioners  who  shall  have  attained  age
  sixty-two on or after October first, nineteen hundred seventy-one and on
  or before September thirtieth, nineteen hundred seventy-two.
    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-nine, 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  retirement  allowance,  computed  without
  optional  modification  which  shall  be  payable  as   a   supplemental
  retirement  allowance.   However, no such supplement shall be paid where
  such percentage is less than  three  per  centum.  Such  percentage  for
  pensioners   who   retired   prior  to  April  first,  nineteen  hundred
  fifty-eight shall be increased by  sixty  per  centum  thereof  and  the
  adjusted  percentage shall be further adjusted to the lower one-tenth of
  one 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.
    c. The supplemental retirement allowance shall be rounded off  to  the
  nearest dollar.
    d.  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.
    e. 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.
    f. Nothing herein contained shall be deemed to apply to members of the
  state employees' retirement system.