Bill > S03414

This bill provides cost-of-living adjustments (COLAs) for certain public retirees who retired before 1997, with changes to take effect in September 2025. Specifically, the bill modifies existing retirement laws for state employees, educators, and New York City employees by updating the percentage of cost-of-living increases based on the Consumer Price Index (CPI-U). The new schedule slightly adjusts the previous percentages, with retirees from different years receiving varying percentage increases. For instance, those who retired between 1973 and 1996 will receive a 50% adjustment, while those who retired prior to 1966 will receive a 100% adjustment. The adjusted benefit will be computed on a base benefit amount and will replace previous benefit calculations. The fiscal note indicates that this bill will affect approximately 63 retirees across different retirement systems, with the state and local employers bearing the increased costs, estimated at around $188,000 in present value of benefits. The changes aim to provide additional financial support to long-retired public employees by accounting for changes in the cost of living over time.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S3414