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NY S06835

Bill

Official Source

Status

Introduced

5/19/2021

Primary Sponsor

Andrew Gounardes

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Increases the base benefit amount cap for pension cost-of-living adjustments (COLA) from $18,000 to $21,000, effective September 1, 2022
  • Applies to three retirement systems: New York State and Local Employees' Retirement System, New York State and Local Police and Fire Retirement System, and New York State Teachers' Retirement System
  • Estimated increase in present value of benefits of approximately $1.06 billion for the State and Local Employees' Retirement System and $145 million for the Police and Fire Retirement System
  • Estimated annual cost to employers of the Teachers' Retirement System is $83.1 million or 0.48% of payroll
  • Takes effect immediately upon enactment

Legislative Description

Increases the base benefit amount for computation of pension cost-of-living adjustments.

Last Action

PRINT NUMBER 6835C

6/13/2022

Committee Referrals

Civil Service and Pensions5/19/2021

Full Bill Text

No bill text available