Bill > A07023

This bill amends the retirement and social security law and the education law to increase the base benefit amount used for computing pension cost-of-living adjustments (COLAs). Specifically, the bill raises the base benefit amount from $18,000 to $21,000 starting in September 2025, and changes the COLA calculation from 50% of annual inflation to 100% of annual inflation for the period from 2002 to 2023. Future COLA increases will be based on 50% of annual inflation, rounded up to the next higher one-tenth of one percent and capped at 3%. The increased costs of this benefit improvement will primarily be borne by current and future members of Tier 6.