Bill > S06252

This bill amends the retirement and social security law, the education law, and the administrative code of the city of New York to provide cost-of-living adjustments (COLA) for certain public retirees. Specifically, it adjusts the benefit amount in monthly installments based on the percentage change in the consumer price index (CPI-U) from the year of retirement through 1997, according to a set schedule. The adjustments will commence on September 1, 2024 for retirees prior to 1997. The bill also provides fiscal information, including the estimated increase in the present value of benefits and the required contributions from the state and local employers to fund these COLA increases.