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NY A05875
Bill
Status
2/24/2025
Primary Sponsor
Stacey Pheffer Amato
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AI Summary
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Establishes an annual increase to the $18,000 base benefit amount used to calculate cost-of-living adjustments (COLA) for public retirees, beginning September 1, 2025
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Ties the base benefit increase to 50% of the annual inflation rate as measured by the Consumer Price Index (CPI-U), with the adjustment rounded up to the nearest one-tenth of one percent
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Caps the annual base benefit increase at no more than 3% and no less than 1%, regardless of actual inflation
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Applies to retirees across multiple systems including the New York State and Local Retirement System, New York State Teachers' Retirement System, and New York City retirement systems (NYCERS, TRS, BERS, Police, Fire)
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Estimated to increase employer contributions by $871.4 million in the first fiscal year (2026), with $708 million borne by New York City and $163.4 million by other obligors
Legislative Description
Provides for cost-of-living adjustments; provides that the base benefit amount shall be increased annually by reference to the consumer price index for each applicable calendar year beginning on September 1, 2025.
Last Action
referred to governmental employees
1/7/2026