Bill > S06631

This bill modifies cost-of-living adjustment (COLA) provisions for several retirement systems, including the New York City Retirement Systems, Teachers' Retirement System, Board of Education Retirement System, and Police and Fire Pension Funds. Starting September 1, 2025, the bill establishes a new method for calculating annual increases to base retirement benefits. Specifically, the base benefit amount of $18,000 will be increased each year by referencing the Consumer Price Index (CPI-U), which measures urban consumer inflation. The annual percentage increase will be calculated as fifty percent of the annual inflation, as measured by the CPI from the one-year period ending on the previous March 31st. This percentage will be rounded up to the nearest one-tenth of a percent, with a guaranteed minimum increase of 1% and a maximum increase of 3%. The bill applies to multiple sections of New York law governing different retirement systems and is designed to provide a consistent and predictable method of adjusting retirement benefits to help retirees keep pace with the rising cost of living.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S6631