Amd SS78-a & 378-a, R & SS L; amd S532-a, Ed L; amd S13-696, NYC Ad Cd
Provides cost-of-living adjustments, 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
________________________________________________________________________
6787
IN SENATE
March 11, 2014
___________
Introduced by Sen. GOLDEN -- read twice and ordered printed, and when
printed to be committed to the Committee on Civil Service and Pensions
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%
21 1961 90%
22 prior to 1961 100%
23 Said adjusted benefit shall be computed on a base benefit amount not to
24 exceed eighteen thousand dollars of the retirement allowance otherwise
25 payable, computed without optional modification. Any benefit received
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD14310-01-4
S. 6787 2
1 pursuant to this subdivision shall be in lieu of any benefit received
2 pursuant to section seventy-eight of this title.
3 Commencing September first, two thousand fourteen, all retired members
4 who have retired prior to the calendar year nineteen hundred ninety-sev-
5 en and who meet the eligibility criteria set forth in subdivision a of
6 this section shall be paid an adjusted benefit in monthly installments
7 on the basis provided for in this subdivision. Said adjusted benefit
8 shall be equal to a percentage of the change in consumer price index
9 (all urban consumers, CPI-U, U.S. city average, all items, 1982-84=100),
10 published by the United States bureau of labor statistics, measured from
11 the year of retirement through calendar year nineteen hundred ninety-
12 seven according to the following schedule:
13 YearofretirementPercentage
14 1973through199650%
15 1971and197255%
16 197060%
17 196965%
18 196870%
19 196780%
20 196690%
21 priorto1966100%
22 Said adjusted benefit commencing September first, two thousand fourteen,
23 shall be computed on the base benefit amount of the retirement allowance
24 otherwise payable, computed without optional modification, set forth
25 herein above. Any benefit received pursuant to this subdivision shall be
26 in lieu of any benefit received pursuant to section seventy-eight of
27 this title.
28 § 2. Subdivision f of section 378-a of the retirement and social secu-
29 rity law, as added by chapter 125 of the laws of 2000, is amended to
30 read as follows:
31 f. Commencing September first, two thousand, all retired members who
32 have retired prior to the calendar year nineteen hundred ninety-seven
33 and who meet the eligibility criteria set forth in subdivision a of this
34 section shall be paid an adjusted benefit in monthly installments on the
35 basis provided for in this subdivision. Said adjusted benefit shall be
36 equal to a percentage of the change in consumer price index (all urban
37 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
38 by the United States bureau of labor statistics, measured from the year
39 of retirement through calendar year nineteen hundred ninety-seven
40 according to the following schedule:
41 Year of retirement Percentage
42 1968 through 1996 50%
43 1966 and 1967 55%
44 1965 60%
45 1964 65%
46 1963 70%
47 1962 80%
48 1961 90%
49 prior to 1961 100%
50 Said adjusted benefit shall be computed on a base benefit amount not to
51 exceed eighteen thousand dollars of the retirement allowance otherwise
52 payable, computed without optional modification. Any benefit received
53 pursuant to this subdivision shall be in lieu of any benefit received
54 pursuant to section three hundred seventy-eight of this title.
S. 6787 3
1 Commencing September first, two thousand fourteen, all retired members
2 who have retired prior to the calendar year nineteen hundred ninety-sev-
3 en and who meet the eligibility criteria set forth in subdivision a of
4 this section shall be paid an adjusted benefit in monthly installments
5 on the basis provided for in this subdivision. Said adjusted benefit
6 shall be equal to a percentage of the change in consumer price index
7 (all urban consumers, CPI-U, U.S. city average, all items, 1982-84=100),
8 published by the United States bureau of labor statistics, measured from
9 the year of retirement through calendar year nineteen hundred ninety-
10 seven according to the following schedule:
11 YearofretirementPercentage
12 1973through199650%
13 1971and197255%
14 197060%
15 196965%
16 196870%
17 196780%
18 196690%
19 priorto1966100%
20 Said adjusted benefit commencing September first, two thousand fourteen,
21 shall be computed on the base benefit amount of the retirement allowance
22 otherwise payable, computed without optional modification, set forth
23 herein above. Any benefit received pursuant to this subdivision shall be
24 in lieu of any benefit received pursuant to section three hundred seven-
25 ty-eight of this title.
26 § 3. Subdivision f of section 532-a of the education law, as added by
27 chapter 125 of the laws of 2000, is amended to read as follows:
28 f. Commencing September first, two thousand, all retired members who
29 have retired prior to the calendar year nineteen hundred ninety-seven
30 and who meet the eligibility criteria set forth in subdivision a of this
31 section shall be paid an adjusted benefit in monthly installments on the
32 basis provided for in this subdivision. Said adjusted benefit shall be
33 equal to a percentage of the change in consumer price index (all urban
34 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
35 by the United States bureau of labor statistics, measured from the year
36 of retirement through calendar year nineteen hundred ninety-seven
37 according to the following schedule:
38 Year of retirement Percentage
39 1968 through 1996 50%
40 1966 and 1967 55%
41 1965 60%
42 1964 65%
43 1963 70%
44 1962 80%
45 1961 90%
46 prior to 1961 100%
47 Said adjusted benefit shall be computed on a base benefit amount not to
48 exceed eighteen thousand dollars of the retirement allowance otherwise
49 payable, computed without optional modification excluding any annuity
50 derived from voluntary contributions made by members, except those made
51 pursuant to elections under subdivision one of section five hundred
52 eleven-a or paragraph c of subdivision three of section five hundred
53 sixteen of this article. Any benefits received pursuant to this subdivi-
54 sion shall be in lieu of any benefits received pursuant to section five
55 hundred thirty-two of this article, unless such benefits are in excess
S. 6787 4
1 of those provided by this section, in which case such benefits shall be
2 paid by the retirement system pursuant to such provision.
3 Commencing September first, two thousand fourteen, all retired members
4 who have retired prior to the calendar year nineteen hundred ninety-sev-
5 en and who meet the eligibility criteria set forth in subdivision a of
6 this section shall be paid an adjusted benefit in monthly installments
7 on the basis provided for in this subdivision. Said adjusted benefit
8 shall be equal to a percentage of the change in consumer price index
9 (all urban consumers, CPI-U, U.S. city average, all items, 1982-84=100),
10 published by the United States bureau of labor statistics, measured from
11 the year of retirement through calendar year nineteen hundred ninety-
12 seven according to the following schedule:
13 YearofretirementPercentage
14 1973through199650%
15 1971and197255%
16 197060%
17 196965%
18 196870%
19 196780%
20 196690%
21 priorto1966100%
22 Said adjusted benefit, commencing September first, two thousand four-
23 teen, shall be computed on the base benefit amount of the retirement
24 allowance otherwise payable, computed without optional modification, set
25 forth herein above. Any benefit received pursuant to this subdivision
26 shall be in lieu of any benefit received pursuant to section five
27 hundred thirty-two of this article.
28 § 4. Subdivision f of section 13-696 of the administrative code of the
29 city of New York, as added by chapter 125 of the laws of 2000, is
30 amended to read as follows:
31 f. Commencing September first, two thousand, all retired members who
32 have retired prior to the calendar year nineteen hundred ninety-seven
33 and who meet the eligibility criteria set forth in subdivision a of this
34 section shall be paid an adjusted benefit in monthly installments on the
35 basis provided for in this subdivision. Said adjusted benefit shall be
36 equal to a percentage of the change in consumer price index (all urban
37 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
38 by the United States bureau of labor statistics, measured from the year
39 of retirement through calendar year nineteen hundred ninety-seven
40 according to the following schedule:
41 Year of retirement Percentage
42 1968 through 1996 50%
43 1966 and 1967 55%
44 1965 60%
45 1964 65%
46 1963 70%
47 1962 80%
48 1961 90%
49 prior to 1961 100%
50 Said adjusted benefit shall be computed on a base benefit amount not to
51 exceed eighteen thousand dollars of the annual fixed retirement allow-
52 ance otherwise payable, computed without optional modification. Any
53 benefit received pursuant to this subdivision shall be in lieu of any
54 benefit received pursuant to chapter three hundred ninety of the laws of
S. 6787 5
1 nineteen hundred ninety-eight, and any preceding provision of law
2 providing for supplementation.
3 Commencing September first, two thousand fourteen, all retired members
4 who have retired prior to the calendar year nineteen hundred ninety-sev-
5 en and who meet the eligibility criteria set forth in subdivision a of
6 this section shall be paid an adjusted benefit in monthly installments
7 on the basis provided for in this subdivision. Said adjusted benefit
8 shall be equal to a percentage of the change in consumer price index
9 (all urban consumers, CPI-U, U.S. city average, all items, 1982-84=100),
10 published by the United States bureau of labor statistics, measured from
11 the year of retirement through calendar year nineteen hundred ninety-
12 seven according to the following schedule:
13 Year of retirementPercentage
14 1973 through 199650%
15 1971 and 197255%
16 197060%
17 196965%
18 196870%
19 196780%
20 196690%
21 prior to 1966100%
22 Said adjusted benefit, commencing September first, two thousand four-
23 teen, shall be computed on the base benefit amount of the retirement
24 allowance otherwise payable, computed without optional modification, set
25 forth herein above. Any benefit received pursuant to this subdivision
26 shall be in lieu of any benefit received pursuant to section 13-695 of
27 this article.
28 § 5. This act shall take effect immediately.
