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NY S06048
Bill
Status
Introduced
5/10/2017
Primary Sponsor
Martin Golden
Click for details
AI Summary
- Increases surviving spouse cost-of-living adjustment (COLA) benefits from 50% to 100% of the monthly pension the deceased retiree would have received, effective September 1, 2018
- Applies to survivors of retired members in the New York State and Local Employees' Retirement System, Police and Fire Retirement System, Teachers' Retirement System, and New York City public pension systems
- Estimated cost of approximately $1.1 billion in present value for the State and Local Employees' Retirement System, and approximately $110 million for the Police and Fire Retirement System
- First year cost estimated at approximately $2.6 million to the State and $11 million to participating employers in the Police and Fire Retirement System
- Takes effect immediately upon enactment
Legislative Description
Relates to providing cost-of-living adjustments; increases benefits from fifty to one hundred percent.
Last Action
PRINT NUMBER 6048C
6/25/2018
Committee Referrals
Civil Service and Pensions5/10/2017
Full Bill Text
No bill text available