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NY A10037
Bill
Status
4/29/2022
Primary Sponsor
Peter Abbate
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AI Summary
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Increases cost-of-living adjustment (COLA) benefits for surviving spouses of deceased public pension system retirees from 50 percent to 100 percent of the pensioner's monthly benefit, effective September 1, 2023
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Applies to surviving spouses in four New York public retirement systems: State and Local Employees' Retirement System, Police and Fire Retirement System, New York City Employees' Retirement System, Teachers' Retirement System, and Board of Education Retirement System
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Benefit payments commence either with September 2023 or the month following the retiree's death, whichever is later
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Estimated cost of approximately $1.4 billion in present value for the State and Local Employees' Retirement System, and $150 million for the Police and Fire Retirement System
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Takes effect immediately upon enactment
Legislative Description
Relates to providing cost-of-living adjustments; increases benefits from fifty to one hundred percent.
Last Action
referred to governmental employees
4/29/2022