Loading chat...

NY A06015

Bill

Official Source

Status

Introduced

3/30/2023

Primary Sponsor

Phillip Steck

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Increases the base benefit amount cap for cost-of-living adjustments (COLA) from $18,000 to $21,000 of annual retirement allowance across four retirement systems
  • Applies to members of the New York State Teachers' Retirement System, state employees, and New York City employees effective September 1, 2024
  • Estimated annual cost to employers of Teachers' Retirement System members is $78.6 million or 0.43% of payroll
  • Amends sections 78-a and 378-a of the Retirement and Social Security Law, section 532-a of the Education Law, and section 13-696 of the New York City Administrative Code
  • Takes effect immediately upon enactment

Legislative Description

Provides a cost-of-living adjustment for members of retirement systems by increasing the base benefit amount for computation to $21,000.

Last Action

referred to governmental employees

1/3/2024

Committee Referrals

Governmental Employees3/30/2023

Full Bill Text

No bill text available