Bill > S03414

This bill, effective immediately, amends various laws including the Retirement and Social Security Law, Education Law, and the Administrative Code of the City of New York to provide adjusted cost-of-living adjustments (COLAs) for certain public retirees. Specifically, starting September 1, 2026, eligible retirees who retired before 1997 will receive an adjusted monthly benefit calculated as a percentage of the change in the Consumer Price Index (CPI-U) from their retirement year through 1997, with different percentages applied based on the year of retirement, and these adjustments will be based on a portion of their retirement allowance up to $18,000. The bill also revises the schedule of percentages used to calculate these COLAs for retirees who retired between 1961 and 1972, aiming to provide a more equitable adjustment based on inflation. The fiscal notes indicate that these changes will increase costs for public retirement systems, with the state and local employers contributing additional funds to cover these enhanced benefits.