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NY A08207
Bill
Status
5/5/2025
Primary Sponsor
Stacey Pheffer Amato
Click for details
AI Summary
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Lowers the age eligibility for cost-of-living adjustments (COLA) from 62 to 55 years old for pensioners who have been retired for five years, effective September 1, 2025
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Eliminates the previous alternative eligibility pathway that allowed pensioners age 55 with ten years of retirement to qualify for COLA
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Applies to multiple retirement systems including the New York State and Local Employees' Retirement System (NYSLERS), Police and Fire Retirement System, and various New York City pension funds
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Increases the present value of benefits by approximately $599 million for NYSLERS and $126 million for the Police and Fire Retirement System
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Requires the State of New York to pay $373 million as of March 1, 2026 to fund retrospective costs, with ongoing annual contributions of approximately $30 million for NYSLERS and $9.2 million for Police and Fire systems
Legislative Description
Provides a cost-of-living adjustment for New York public retirement systems.
Last Action
referred to governmental employees
1/7/2026