Bill > S07783

This bill modifies the cost-of-living adjustment (COLA) provisions for public retirees in New York, specifically changing the maximum annual percentage increase for retirees. Currently, the annual COLA is calculated using the Consumer Price Index (CPI-U) and is capped at three percent, with a minimum of one percent. The bill introduces a change effective September 1, 2027, that will increase the maximum COLA from three percent to five percent, while maintaining the one percent minimum. This adjustment will apply to multiple retirement systems, including the New York State and Local Employees' Retirement System (NYSLERS) and the New York State and Local Police and Fire Retirement System (NYSLPFRS). The fiscal note indicates that this change could result in increased costs for the state and local participating employers, with projections showing potential increases in employer billing rates during high inflationary periods. The bill aims to provide retirees with more substantial cost-of-living increases during periods of high inflation while recognizing the potential financial impact on public employers.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S7783