Bill > A05307

This bill proposes to adjust the cost-of-living adjustments (COLAs) for certain public retirees, specifically those who retired before 1997. The Consumer Price Index (CPI-U), a measure of inflation published by the U.S. Bureau of Labor Statistics, will be used to calculate these adjustments. The bill modifies the existing law to change the retirement years that qualify for these adjusted benefits and the percentage of the CPI change applied, with the new provisions taking effect on September 1, 2026. For example, under the current law, retirees from 1968 through 1996 receive 50% of the CPI change, while the proposed change shifts this to retirees from 1973 through 1996 receiving 50%, and earlier retirement years receiving higher percentages, up to 100% for those who retired prior to 1966. These adjusted benefits will be paid in monthly installments and will be in lieu of other benefits provided by certain sections of retirement and social security law, education law, and the administrative code of the city of New York. The bill also includes a fiscal note indicating that these changes will increase costs for New York public retirement systems, with specific estimated increases in the present value of benefits and required contributions for the New York State and Local Employees' Retirement System (NYSLERS) and the New York State and Local Police and Fire Retirement System (NYSLPFRS).

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/A5307