Section 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.