BILL NUMBER: S8023
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 cost of
living adjustments for certain retirees
 
PURPOSE:
To expand the eligibility requirements for the cost-of-living adjust-
ments in order to ensure that service pensioners' and disability
pensioners' pension benefits are able to sustain them
 
SUMMARY OF PROVISIONS:
Section 1 amends subdivision a of Section 78-A of the Retirement and
Social Security Law to modify the eligibility requirements for the
defined benefit cost-of-living adjustments to include service pensioners
aged 62 years and retired two years, service pensioners aged 55 years
and retired five years, disability pensioners regardless of age once
retired two years, and accidental death beneficiaries after receiving a
benefit for two years.
Section 2 amends subdivision a of Section 378-A of the Retirement and
Social Security Law to modify the eligibility requirements for the
defined benefit cost-of-living adjustments to include service pensioners
aged 62 years and retired two years, service pensioners aged 55 years
and retired two years, disability pensioners regardless of age once
retired two years, and accidental death beneficiaries after receiving a
benefit for two years.
Section 3 amends subdivision a of Section 532-A of the Education Law to
modify the eligibility requirements for the defined benefit costof-liv-
ing adjustments to include service pensioners aged 62 years and retired
two years, service pensioners aged 55 years and retired two years, disa-
bility pensioners regardless of age once retired two years, and acci-
dental death beneficiaries after receiving a benefit for two years.
Section 4 amends subdivision a of Section 13-696 of the. Administrative
Code of the City of New York to modify the eligibilit requirements for
the defined benefit cost-of-living adjustments to include service
pensioners aged 62 years and retired two years, service pensioners aged
55 years and retired two years, disability pensioners regardless of age
once retired two years, and accidental death beneficiaries after receiv-
ing a benefit for two years.
Section 5 is the effective date.
 
JUSTIFICATION:
This legislation would modify the eligibility requirements for the
defined benefit COLA to include retirees aged 60 years or older with two
years of retirement, retirees aged 55 years or older with five years of
retirement, disability retirees with two years of retirement, and acci-
dental death benefit recipients receiving benefit for two years.
By reducing the retirement duration for service pensioners, this bill
acknowledges the valuable contributions of these individuals to the
public sector, rewards their years of service, and ensures that their
pension benefits are not eroded by inflation.
By reducing the retirement duration for disability pensioners, this bill
ensures that individuals facing health challenges can receive necessary
financial support at an earlier stage. Additionally, reducing the bene-
fit duration for accidental death beneficiaries provides enhanced finan-
cial support to those who have suffered fallout from unexpected and
life-altering accidents without unnecessary delay.
 
LEGISLATIVE HISTORY:
2023-2024: S.6799 - Referred to Civil Service and Pensions
 
STATE AND LOCAL FISCAL IMPLICATIONS:
See fiscal notes.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8023: 78-a retirement and social security law, 78-a(a) retirement and social security law, 532-a education law, 532-a(a) education law