Bill > A06638

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 (COLAs) for certain public retirees. Starting September 1, 2024, all retired members who retired prior to 1997 and meet the eligibility criteria will receive an adjusted benefit in monthly installments. The adjusted benefit will be a percentage of the change in consumer price index (CPI-U) from the year of retirement through 1997, based on a specified schedule. The adjustments will be computed on the base benefit amount of the retirement allowance, without optional modification.