Bill > A10108

This bill, effective immediately, provides a cost-of-living adjustment (COLA) for members of retirement systems by increasing the base benefit amount used for calculating these adjustments from $18,000 to $21,000, with this change taking effect on September 1, 2026. This adjustment applies to various retirement and social security laws, including those for the state, education, and New York City. A COLA is an increase in retirement benefits designed to help retirees keep pace with inflation, and by raising the base amount on which this adjustment is calculated, more of a retiree's allowance will be subject to these increases, potentially leading to higher overall retirement income.