NY A06640

Reduces the minimum age requirement for cost-of-living adjustments (COLA) from 62 to 55 years old, effective September 1, 2024, for retirees who have been retired for at least five years.

Eliminates the separate 10-year retirement requirement category for pensioners aged 55, consolidating eligibility into a single five-year retirement requirement.

Applies the new COLA requirements to all public retirement systems including NYSLERS, NYSLPFRS, NYC teachers' retirement, NYC police pension fund, NYC fire department pension fund, and other city retirement systems.

Creates estimated present value benefit costs of approximately $611 million for NYSLERS and $131 million for NYSLPFRS, with permanent annual costs of approximately $28 million total ($11 million state and $17 million local employers for NYSLERS; $2.6 million state and $11 million local employers for NYSLPFRS).

Requires state funding of $398 million (including interest) as of March 1, 2025 to cover retrospective costs for existing retirees.