N.Y. Education Law Section 538
Excess benefit plan

Notwithstanding any other law to the contrary, the retirement board is authorized in its sole discretion to establish a qualified governmental excess benefit arrangement within the meaning of, in conformity with and then only to the extent and so long as permitted by subsection m of section four hundred fifteen of the Internal Revenue Code of 1986, as amended, for the purpose of providing such retirement benefits as would otherwise have been payable to retirees of the system, but for the application of the limitations on benefits of subsection b of section four hundred fifteen of the Internal Revenue Code of 1986, as amended. The retirement board is also authorized to promulgate such rules and regulations as may be necessary to implement a qualified governmental excess benefit plan as provided in this section.

Source: Section 538 — Excess benefit plan, https://www.­nysenate.­gov/legislation/laws/EDN/538 (updated Sep. 22, 2014; accessed Jun. 21, 2025).

501
Definitions 502
Retirement system 503
Membership of system 504
Retirement board 505
Election of the active teacher members of the board 505–A
Election of retired teacher member of board 506
Board meetings 507
Officers of board 508
Investment of funds 508–A
New York state teachers’ retirement system MWBE asset management and financial institution strategy 509
Statements of teachers’ service 510
Superannuation retirement 511
Disability retirement 511–A
Special service retirement 512
Withdrawal and death benefits 512–A
Deferred retirement 512–B
Loans 513
Optional allowances 514
Benefits to participants in old retirement fund 515
Funds enumerated 516
Annuity savings fund 517
Annuity reserve fund 518
Pension reserve fund 518–A
Supplemental retirement allowance fund 519
Expense fund 520
Duties of employer 521
Collection of contributions 522
Transfer of contributions between retirement systems 523
State supervision 524
Exemption from taxation and execution 525
Protection against fraud 526
Merger of local teachers’ retirement and pension systems with the state system 527
Notwithstanding any other provision of law to the contrary the retirement board shall determine the annuity payable as of the date of ret... 528
Pensions-providing-for-increased-take-home-pay 529
Pensions providing for increased take home pay for certain teachers 530
Pensions-providing-for-increased-take-home-pay-for-teachers 531
Abandonment of unclaimed contributions or other benefits 532
Supplemental retirement allowance 532–A
Cost-of-living adjustment 533
Non-contributory retirement plan 535
Career retirement plan 536
Deductions from benefits of certain retired members 537
Lump sum payment of de minimis service retirement benefit 538
Excess benefit plan 539
Certain actions by retiring members
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Verified:
Jun. 21, 2025

Last modified:
Sep. 22, 2014

§ 538. Excess benefit plan's source at nysenate​.gov

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