NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8207
SPONSOR: Pheffer Amato TITLE OF BILL:
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
PURPOSE:
To protect public retirees from the continued erosion of their retire-
ment - income from inflation by providing cost-of-living benefits to
more pensioners.
SUMMARY OF PROVISIONS:
Section 1 amends subdivision a of Section 78-A of the Retirement and
Social Security Law to provide cost-of-living (COLA) pension adjustments
to all pensioners who are at least 55 years old and who have been
retired for 5 years. These benefits shall be paid to eligible retirees
starting September 1, 2023.
Section 2 amends subdivision a of Section 378-A of the Retirement and
Social Security Law to provide COLA pension adjustments to all pension-
ers who are at least 55 years old and who have been retired for 5 years.
These benefits shall be paid to eligible retirees starting September 1,
2023.
Section 3 amends subdivision a of Section 532-A of the Education Law to
provide COLA pension adjustments to all pensioners who are at least 55
years old and who have been retired for 5 years. These benefits shall be
paid to eligible retirees starting September 1, 2023.
Section 4 amends subdivision a of Section 13-696 of the Administrative
Code of the City of New York to provide COLA pension adjustments to all
pensioners who are at least 55 years old and who have been retired for 5
years. These benefits shall be paid to eligible retirees starting
September 1, 2023.
Section 5 is the effective date.
JUSTIFICATION:
In 2000, Chapter 125 recognized the need to provide public retirees with
COLA adjustment to prevent them from facing financial hardship because
the amount of their pensions did not change even though it cost more for
them to live. Currently, public employees who retire at age 55 must wait
ten years before receiving a COLA adjustment that would result in an
increased pension, while those who retire at age 62 only have to wait
five years before receiving the COLA adjustment.
This bill will help ensure public retirees achieve a dignified and
secure retirement. The COLA adjustment will allow them to continue to
contribute more effectively to the long term health of our economy.
LEGISLATIVE HISTORY:
-2023-204: A.6640-Referred to Governmental Employees
-2021-2022: S.6651-B -Amend and Recommit to Civil Service and
Pensions/A.10058 - Referred to Governmental Employees
-2019-2020: S.5902-E - Amend and Recommit to Civil Service and Pensions
-2017-2018: S.6049-A - Amend and Recommit to Civil Service and
Pensions/A.10351 - Referred to Governmental Employees
-2015-2016: S.3919 - Referred to Civil Service and Pensions
-2013-2014: S.6785 - Referred to Civil Service and Pensions
STATE AND LOCAL FISCAL IMPLICATIONS:
Please see fiscal note.
EFFECTIVE DATE:
This act shall take effect immediately.
