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NY A09994
Bill
Status
4/29/2022
Primary Sponsor
Peter Abbate
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, 2022.
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Adjusts the COLA percentage schedule to provide higher percentages for more recent retirees; members who retired 1973-1996 receive 50% of CPI change, while those retiring before 1966 receive 100%.
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Applies to four retirement systems: New York State and Local Employees' Retirement System, Police and Fire Retirement System, Teachers' Retirement System, and New York City pension system.
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Removes the $18,000 cap on the base benefit amount used to calculate the COLA adjustment, allowing adjustments to be computed on the full retirement allowance.
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Estimated cost: approximately $106,000 present value increase for the State system and $475,000 for the Police and Fire system, with first year costs of $9,800 to the State and $38,000 to participating employers.
Legislative Description
Provides cost-of-living adjustments for certain public retirees, 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
referred to governmental employees
4/29/2022