Bill > S08160

This bill amends the retirement and social security law and the education law to increase the base benefit amount for computing pension cost-of-living adjustments (COLAs). Currently, the COLA is calculated on a base benefit amount not exceeding $18,000 of the annual retirement allowance. Starting September 1, 2026, this base amount will increase to $21,000. The bill also modifies the calculation of the COLA percentage, which is determined by the Consumer Price Index (CPI-U) published by the U.S. Bureau of Labor Statistics. From 2003 through 2024, the COLA will equal 100% of the annual inflation, and from 2025 onward, the percentage will be rounded up to the nearest one-tenth of a percent, with a cap of 3% and a minimum of 1%. Effective September 1, 2026, the COLAs paid between September 2003 and September 2024 will be recalculated to reflect 100% of the annual inflation, still subject to the 3% maximum and 1% minimum. The bill ensures that no benefits payable before September 2025 will be affected, and it is not subject to certain provisions of the retirement and social security law.

Labor and Employment

https://www.nysenate.gov/legislation/bills/2025/S8160