Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
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.
STATE OF NEW YORK
________________________________________________________________________
5307--A
2025-2026 Regular Sessions
IN ASSEMBLY
February 13, 2025
___________
Introduced by M. of A. PHEFFER AMATO, R. CARROLL, BURROUGHS, GRIFFIN --
read once and referred to the Committee on Governmental Employees --
recommitted to the Committee on Governmental Employees in accordance
with Assembly Rule 3, sec. 2 -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee
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 f 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 f. Commencing September first, two thousand, all retired members who
5 have retired prior to the calendar year nineteen hundred ninety-seven
6 and who meet the eligibility criteria set forth in subdivision a of this
7 section shall be paid an adjusted benefit in monthly installments on the
8 basis provided for in this subdivision. Said adjusted benefit shall be
9 equal to a percentage of the change in consumer price index (all urban
10 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
11 by the United States bureau of labor statistics, measured from the year
12 of retirement through calendar year nineteen hundred ninety-seven
13 according to the following schedule:
14 Year of retirement Percentage
15 1968 through 1996 50%
16 1966 and 1967 55%
17 1965 60%
18 1964 65%
19 1963 70%
20 1962 80%
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06255-06-6
A. 5307--A 2
1 1961 90%
2 prior to 1961 100%
3 Said adjusted benefit shall be computed on a base benefit amount not to
4 exceed eighteen thousand dollars of the retirement allowance otherwise
5 payable, computed without optional modification. Any benefit received
6 pursuant to this subdivision shall be in lieu of any benefit received
7 pursuant to section seventy-eight of this title.
8 Commencing September first, two thousand twenty-six, all retired
9 members who have retired prior to the calendar year nineteen hundred
10 ninety-seven and who meet the eligibility criteria set forth in subdivi-
11 sion a of this section shall be paid an adjusted benefit in monthly
12 installments on the basis provided for in this subdivision. Said
13 adjusted benefit shall be equal to a percentage of the change in consum-
14 er price index (all urban consumers, CPI-U, U.S. city average, all
15 items, 1982-84=100), published by the United States bureau of labor
16 statistics, measured from the year of retirement through calendar year
17 nineteen hundred ninety-seven according to the following schedule:
18 YearofretirementPercentage
19 1973through199650%
20 1971and197255%
21 197060%
22 196965%
23 196870%
24 196780%
25 196690%
26 priorto1966100%
27 Said adjusted benefit commencing September first, two thousand twenty-
28 six, shall be computed on the base benefit amount of the retirement
29 allowance otherwise payable, computed without optional modification, set
30 forth herein above. Any benefit received pursuant to this subdivision
31 shall be in lieu of any benefit received pursuant to section seventy-
32 eight of this title.
33 § 2. Subdivision f of section 378-a of the retirement and social secu-
34 rity law, as added by chapter 125 of the laws of 2000, is amended to
35 read as follows:
36 f. Commencing September first, two thousand, all retired members who
37 have retired prior to the calendar year nineteen hundred ninety-seven
38 and who meet the eligibility criteria set forth in subdivision a of this
39 section shall be paid an adjusted benefit in monthly installments on the
40 basis provided for in this subdivision. Said adjusted benefit shall be
41 equal to a percentage of the change in consumer price index (all urban
42 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
43 by the United States bureau of labor statistics, measured from the year
44 of retirement through calendar year nineteen hundred ninety-seven
45 according to the following schedule:
46 Year of retirement Percentage
47 1968 through 1996 50%
48 1966 and 1967 55%
49 1965 60%
50 1964 65%
51 1963 70%
52 1962 80%
53 1961 90%
54 prior to 1961 100%
A. 5307--A 3
1 Said adjusted benefit shall be computed on a base benefit amount not to
2 exceed eighteen thousand dollars of the retirement allowance otherwise
3 payable, computed without optional modification. Any benefit received
4 pursuant to this subdivision shall be in lieu of any benefit received
5 pursuant to section three hundred seventy-eight of this title.
6 Commencing September first, two thousand twenty-six, all retired
7 members who have retired prior to the calendar year nineteen hundred
8 ninety-seven and who meet the eligibility criteria set forth in subdivi-
9 sion a of this section shall be paid an adjusted benefit in monthly
10 installments on the basis provided for in this subdivision. Said
11 adjusted benefit shall be equal to a percentage of the change in consum-
12 er price index (all urban consumers, CPI-U, U.S. city average, all
13 items, 1982-84=100), published by the United States bureau of labor
14 statistics, measured from the year of retirement through calendar year
15 nineteen hundred ninety-seven according to the following schedule:
16 YearofretirementPercentage
17 1973through199650%
18 1971and197255%
19 197060%
20 196965%
21 196870%
22 196780%
23 196690%
24 priorto1966100%
25 Said adjusted benefit commencing September first, two thousand twenty-
26 six, shall be computed on the base benefit amount of the retirement
27 allowance otherwise payable, computed without optional modification, set
28 forth herein above. Any benefit received pursuant to this subdivision
29 shall be in lieu of any benefit received pursuant to section three
30 hundred seventy-eight of this title.
31 § 3. Subdivision f of section 532-a of the education law, as added by
32 chapter 125 of the laws of 2000, is amended to read as follows:
33 f. Commencing September first, two thousand, all retired members who
34 have retired prior to the calendar year nineteen hundred ninety-seven
35 and who meet the eligibility criteria set forth in subdivision a of this
36 section shall be paid an adjusted benefit in monthly installments on the
37 basis provided for in this subdivision. Said adjusted benefit shall be
38 equal to a percentage of the change in consumer price index (all urban
39 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
40 by the United States bureau of labor statistics, measured from the year
41 of retirement through calendar year nineteen hundred ninety-seven
42 according to the following schedule:
43 Year of retirement Percentage
44 1968 through 1996 50%
45 1966 and 1967 55%
46 1965 60%
47 1964 65%
48 1963 70%
49 1962 80%
50 1961 90%
51 prior to 1961 100%
52 Said adjusted benefit shall be computed on a base benefit amount not to
53 exceed eighteen thousand dollars of the retirement allowance otherwise
54 payable, computed without optional modification excluding any annuity
55 derived from voluntary contributions made by members, except those made
A. 5307--A 4
1 pursuant to elections under subdivision one of section five hundred
2 eleven-a or paragraph c of subdivision three of section five hundred
3 sixteen of this article. Any benefits received pursuant to this subdivi-
4 sion shall be in lieu of any benefits received pursuant to section five
5 hundred thirty-two of this article, unless such benefits are in excess
6 of those provided by this section, in which case such benefits shall be
7 paid by the retirement system pursuant to such provision.
8 Commencing September first, two thousand twenty-six, all retired
9 members who have retired prior to the calendar year nineteen hundred
10 ninety-seven and who meet the eligibility criteria set forth in subdivi-
11 sion a of this section shall be paid an adjusted benefit in monthly
12 installments on the basis provided for in this subdivision. Said
13 adjusted benefit shall be equal to a percentage of the change in consum-
14 er price index (all urban consumers, CPI-U, U.S. city average, all
15 items, 1982-84=100), published by the United States bureau of labor
16 statistics, measured from the year of retirement through calendar year
17 nineteen hundred ninety-seven according to the following schedule:
18 YearofretirementPercentage
19 1973through199650%
20 1971and197255%
21 197060%
22 196965%
23 196870%
24 196780%
25 196690%
26 priorto1966100%
27 Said adjusted benefit, commencing September first, two thousand twenty-
28 six, shall be computed on a base benefit amount not to exceed eighteen
29 thousand dollars of the retirement allowance otherwise payable, computed
30 without optional modification, set forth herein above. Any benefit
31 received pursuant to this subdivision shall be in lieu of any benefit
32 received pursuant to section five hundred thirty-two of this article,
33 unless such benefits are in excess of those provided by this section, in
34 which case such benefits shall be paid by the retirement system pursuant
35 to such provision.
36 § 4. Subdivision f of section 13-696 of the administrative code of the
37 city of New York, as added by chapter 125 of the laws of 2000, is
38 amended to read as follows:
39 f. Commencing September first, two thousand, all retired members who
40 have retired prior to the calendar year nineteen hundred ninety-seven
41 and who meet the eligibility criteria set forth in subdivision a of this
42 section shall be paid an adjusted benefit in monthly installments on the
43 basis provided for in this subdivision. Said adjusted benefit shall be
44 equal to a percentage of the change in consumer price index (all urban
45 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
46 by the United States bureau of labor statistics, measured from the year
47 of retirement through calendar year nineteen hundred ninety-seven
48 according to the following schedule:
49 Year of retirement Percentage
50 1968 through 1996 50%
51 1966 and 1967 55%
52 1965 60%
53 1964 65%
54 1963 70%
55 1962 80%
A. 5307--A 5
1 1961 90%
2 prior to 1961 100%
3 Said adjusted benefit shall be computed on a base benefit amount not to
4 exceed eighteen thousand dollars of the annual fixed retirement allow-
5 ance otherwise payable, computed without optional modification. Any
6 benefit received pursuant to this subdivision shall be in lieu of any
7 benefit received pursuant to chapter three hundred ninety of the laws of
8 nineteen hundred ninety-eight, and any preceding provision of law
9 providing for supplementation.
10 Commencing September first, two thousand twenty-six, all retired
11 members who have retired prior to the calendar year nineteen hundred
12 ninety-seven and who meet the eligibility criteria set forth in subdivi-
13 sion a of this section shall be paid an adjusted benefit in monthly
14 installments on the basis provided for in this subdivision. Said
15 adjusted benefit shall be equal to a percentage of the change in consum-
16 er price index (all urban consumers, CPI-U, U.S. city average, all
17 items, 1982-84=100), published by the United States bureau of labor
18 statistics, measured from the year of retirement through calendar year
19 nineteen hundred ninety-seven according to the following schedule:
20 Year of retirementPercentage
21 1973 through 199650%
22 1971 and 197255%
23 197060%
24 196965%
25 196870%
26 196780%
27 196690%
28 prior to 1966100%
29 Said adjusted benefit, commencing September first, two thousand twenty-
30 six, shall be computed on the base benefit amount of the retirement
31 allowance otherwise payable, computed without optional modification, set
32 forth herein above. Any benefit received pursuant to this subdivision
33 shall be in lieu of any benefit received pursuant to section 13-695 of
34 this article.
35 § 5. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would increase the cost-of-living adjustment (COLA) for New
York public retirement systems. Starting with September 2026, additional
payments would be made for retirements after 1960 and prior to 1973.
Insofar as this bill affects the New York State and Local Employees'
Retirement System (NYSLERS), this bill would increase the present value
of benefits by approximately $190,000.
To fund these costs, the state of New York will be required to pay
$211,000 (including interest) as of March 1, 2027.
Insofar as this bill affects the New York State and Local Police and
Fire Retirement System (NYSLPFRS), the present value of benefits would
increase approximately $110,000.
NYSLPFRS Increase in present Increase in required
value of benefits contributions
Pensioners $ 113,000 $ 0
Actives Tiers 1-5 (Closed)$ 0 $ 38,400
Actives Tier 6 (Open) $ 0 $ 74,600
Total $ 113,000 $ 113,000
A. 5307--A 6
Benefit improvements will be funded by increasing the billing rates
charged annually. The annual contribution required of all participating
employers in NYSLPFRS would be approximately $1,800 to the state of New
York and $7,600 to the local participating employers.
This permanent annual cost will vary in future billing cycles with
changes in the billing rate and salary of the affected members.
These estimated costs are based on 26 affected retirees and benefici-
aries in NYSLERS and 20 in NYSLPFRS as of March 31, 2025.
Summary of relevant resources:
Membership data as of March 31, 2025 was used to measure the impact of
the bill, the same data used in the Actuarial Valuations dated April 1,
2025. Distributions and other statistics can be found in the 2025 Report
of the Actuary and the 2025 Annual Comprehensive Financial Report. The
actuarial assumptions and methods used are described in the 2025 Annual
Report to the Comptroller on Actuarial Assumptions, and the Codes, Rules
and Regulations of the State of New York: Audit and Control. The fair
value of assets and GASB disclosures can be found in the 2025 Financial
Statements and Supplementary Information.
Assumptions, demographics, and other considerations may have been
modified to better reflect specific provisions of any proposed benefit
change(s).
This fiscal note does not constitute a legal opinion on the viability
of the bill, nor is it intended to serve as a substitute for the profes-
sional judgment of an attorney.
This estimate, dated January 5, 2026, and intended for use only during
the 2026 Legislative Session, is Fiscal Note Number 2026-13. As Chief
Actuary of the New York State and Local Retirement System (NYSLRS), I,
Aaron Schottin Young, hereby certify that this analysis complies with
applicable Actuarial Standards of Practice as well as the Code of Pro-
fessional Conduct and Qualification Standards for Actuaries Issuing
Statements of Actuarial Opinion of the American Academy of Actuaries, of
which I am a member. I am a member of NYSLRS but do not believe it
impairs my objectivity.
