Bill > S06060

This bill provides cost-of-living adjustments (COLAs) for certain public retirees in New York. The bill amends the Retirement and Social Security Law, Education Law, and the Administrative Code of the City of New York to increase the COLA percentages for retirees who retired prior to 1997. The adjusted benefit, payable in monthly installments, will be equal to a percentage of the change in the Consumer Price Index (CPI-U) from the year of retirement through 1997, with higher percentages for those who retired earlier. This change will take effect on September 1, 2022. The fiscal note estimates the increased costs to the state and participating employers in the affected retirement systems to be approximately $106,000 and $475,000, respectively.