BILL NUMBER: S7614
SPONSOR: JACKSON
 
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:
2023-2024: S.6160-A - Amend and Recommit to Civil Service and
Pensions/A.6640-A - Amend and Recommit to Governmental Employees
2021-2022: S.6651-33 - 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:
See fiscal note.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S7614: 78-a retirement and social security law, 78-a(a) retirement and social security law, 532-a education law, 532-a(a) education law