Bill > A05307

This bill proposes to adjust the cost-of-living adjustments (COLAs) for certain public retirees by modifying the percentage of the change in the Consumer Price Index (CPI-U) used to calculate their adjusted monthly benefit, with these changes taking effect on September 1, 2026. The CPI-U, published by the U.S. Bureau of Labor Statistics, measures inflation for urban consumers. The bill revises the schedule of percentages applied to retirees based on their year of retirement, generally shifting the eligibility for higher percentage adjustments to earlier retirement years, and specifies that these adjusted benefits will be calculated on the base retirement allowance, excluding optional modifications. These changes apply to retirees covered under the Retirement and Social Security Law, the Education Law, and the Administrative Code of the City of New York, and are intended to provide a more favorable COLA for some retirees who retired between 1961 and 1972, while potentially altering the calculation for those who retired between 1973 and 1996.