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NY S06047
Bill
Status
5/10/2017
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Increases cost-of-living adjustments (COLA) for retired members of New York public retirement systems who retired before 1997, effective September 1, 2018.
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Expands COLA eligibility to members who retired between 1966-1996, changing the retirement year thresholds and increasing the percentages of consumer price index adjustments they receive.
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Removes the $18,000 cap on base benefit amounts for computing adjusted benefits under the Education Law and removes caps for the New York State and Local Employees' Retirement System and Police and Fire Retirement System.
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Estimated fiscal impact includes approximately $483,000 in present value benefit increases for the State and Local Employees' Retirement System and approximately $1.09 million for the Police and Fire Retirement System.
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Takes effect immediately upon enactment.
Legislative Description
Provides cost-of-living adjustments, including an adjusted benefit in monthly installments that is equal to the percentage of the change in consumer price index according to the included schedule.
Last Action
COMMITTED TO RULES
6/20/2018