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NY A05307
Bill
Status
2/13/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Provides enhanced cost-of-living adjustments (COLA) beginning September 1, 2025, for public retirees who retired prior to 1997 from the New York State and Local Employees' Retirement System, Police and Fire Retirement System, Teachers' Retirement System, and New York City systems
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Adjusts the COLA percentage schedule to benefit those who retired between 1966 and 1972, with percentages ranging from 50% for 1973-1996 retirees up to 100% for those who retired prior to 1966, based on Consumer Price Index changes
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Removes the $18,000 cap on the base benefit amount used to calculate COLA adjustments for the new September 2025 benefit structure (except for the Teachers' Retirement System which retains this cap)
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Applies to approximately 32 retirees in NYSLERS and 31 in NYSLPFRS, with estimated costs of $76,600 for the State from NYSLERS and $188,000 total from NYSLPFRS (split between state and local employers)
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Annual ongoing contributions would be approximately $3,500 from the State and $15,000 from local participating employers for the Police and Fire system
Legislative Description
Provides cost-of-living adjustments for certain public retirees, including an adjusted benefit in monthly installments that is equal to the percentage of the change in consumer price index according to the included schedule.
Last Action
print number 5307a
1/15/2026