Section 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.