NY A10058

Lowers the age requirement for cost-of-living adjustments (COLA) from 62 to 55 years old, effective September 1, 2022, for pensioners who have been retired for at least five years in New York State and Local Employees' Retirement System, Police and Fire Retirement System, and New York City retirement systems.

Eliminates the previous ten-year retirement requirement for pensioners aged 55-62, consolidating eligibility to a single five-year retirement requirement for all age-qualifying pensioners.

Makes disability pensioners and accidental death benefit recipients eligible for COLA regardless of age if they have been retired or receiving benefits for five years.

Increases the present value of benefits by approximately $532 million for the State and Local Employees' Retirement System and approximately $112 million for the Police and Fire Retirement System.

Requires the State of New York to bear the full cost increase for the State and Local Employees' Retirement System, with costs for the Police and Fire Retirement System shared between the state and participating employers.