STATE OF NEW YORK
________________________________________________________________________
10108
IN ASSEMBLY
February 2, 2026
___________
Introduced by M. of A. STECK -- read once and referred to the Committee
on Governmental Employees
AN ACT to amend the retirement and social security law, the education
law and the administrative code of the city of New York, in relation
to providing cost-of-living adjustments
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision c of section 78-a of the retirement and social
2 security law, as added by chapter 125 of the laws of 2000, is amended to
3 read as follows:
4 c. Said cost-of-living adjustment shall be computed on a base benefit
5 amount not to exceed eighteen thousand dollars of the annual retirement
6 allowance defined in subdivision b of this section. Effective on the
7 first day of September, two thousand twenty-six, said cost-of-living
8 adjustment shall be computed on a base benefit amount not to exceed
9 twenty-one thousand dollars of the annual retirement allowance defined
10 in subdivision b of this section.
11 § 2. Subdivision c of section 378-a of the retirement and social secu-
12 rity law, as added by chapter 125 of the laws of 2000, is amended to
13 read as follows:
14 c. Said cost-of-living adjustment shall be computed on a base benefit
15 amount not to exceed eighteen thousand dollars of the annual retirement
16 allowance defined in subdivision b of this section. Effective on the
17 first day of September, two thousand twenty-six, said cost-of-living
18 adjustment shall be computed on a base benefit amount not to exceed
19 twenty-one thousand dollars of the annual retirement allowance defined
20 in subdivision b of this section.
21 § 3. Subdivision c of section 532-a of the education law, as added by
22 chapter 125 of the laws of 2000, is amended to read as follows:
23 c. Said cost-of-living adjustment shall be computed on a base benefit
24 amount not to exceed eighteen thousand dollars of the annual retirement
25 allowance defined in subdivision b of this section. Effective on the
26 first day of September, two thousand twenty-six, said cost-of-living
27 adjustment shall be computed on a base benefit amount not to exceed
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD01112-02-6
A. 10108 2
1 twenty-one thousand dollars of the annual retirement allowance defined
2 in subdivision b of this section.
3 § 4. Subdivision c of section 13-696 of the administrative code of the
4 city of New York, as added by chapter 125 of the laws of 2000, is
5 amended to read as follows:
6 c. Said cost-of-living adjustment shall be computed on a base benefit
7 amount not to exceed eighteen thousand dollars of the annual fixed
8 retirement allowance defined in subdivision b of this section. Effec-
9 tive on the first day of September, two thousand twenty-six, said cost-
10 of-living adjustment shall be computed on a base benefit amount not to
11 exceed twenty-one thousand dollars of the annual retirement allowance
12 defined in subdivision b of this section.
13 § 5. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
Bill Description: This fiscal note is prepared for legislative bill
draft #01112-01-5. This bill would amend subdivision c of Section 532-a
of the Retirement and Social Security Law to apply the cost-of-living
adjustment (COLA) percentage to a base benefit amount not to exceed
$21,000 of annual retirement benefit. The current cap on the annual base
benefit amount for COLA purposes is $18,000. This benefit improvement
would be effective September 1, 2026.
Cost: The annual cost to the participating employers of the New York
State Teachers' Retirement System is estimated to be $94.7 million or
0.46% of payroll if this bill is enacted.
Data: Member data as of June 30, 2025, prepared for the most recent
actuarial valuation was used in determining this cost. The most recent
data distributions and statistics can be found in the System's Annual
Report for the fiscal year ended June 30, 2025. System assets are as
reported in the System's financial statements which can be found in the
System's Annual Report. This data will also be presented in the System's
Actuarial Valuation Report as of June 30, 2025.
Methods and Assumptions: A summary of actuarial assumptions and meth-
ods will be provided in the System's Actuarial Valuation Report as of
June 30, 2025. Further details can be found in the most recent Recom-
mended Actuarial Assumptions 2025 Report.
Actuarial Certification: We, the undersigned actuaries for the New
York State Teachers' Retirement System, certify the following:
1. The actuarial assumptions, methods, and data used are reasonable
for the purposes of this fiscal note, internally consistent and are in
accordance with standards of practice prescribed by the Actuarial Stand-
ards Board and generally accepted actuarial principles and procedures.
2. We relied on member data supplied by the participating employers of
the New York State Teachers' Retirement System and assets as supplied in
the annual Financial Statements by NYSTRS' Finance Department.
3. Results were prepared based on our current understanding of the
proposal as of the date of this fiscal note. If the language or our
understanding of the proposal changes, the results could change and
require the issuance of a new fiscal note. The next annual update of
the actuarial valuation could also produce different results. Results
should not be relied upon for any other purpose.
4. This fiscal note was prepared in accordance with New York State
Retirement and Social Security Law, New York State Education Law, appli-
cable Internal Revenue Code, and accepted actuarial standards of prac-
tice as of the date of this fiscal note. This fiscal note does not
constitute a legal opinion on the viability of this legislative
proposal.
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5. We are members of the American Academy of Actuaries and the Society
of Actuaries, and we meet the Qualification Standards of the American
Academy of Actuaries to render the actuarial opinion contained herein.
We are currently compliant with the Continuing Professional Development
Requirement of the Society of Actuaries.
Melody Prangley Heather Marks Thomas M. King
Chief Actuary Director - Actuarial Valuation Director - Actuarial Risk
Fiscal Note Identification: This Fiscal Note, 2026-2, dated January 29,
2026, was prepared by the Office of the Actuary of the New York State
Teachers' Retirement System and is intended for use only during the 2026
Legislative Session.
