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History
- Referred to civil service and pensions
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Sponsor's memo
BILL NUMBER:S6785
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
This bill amends Chapter 125 of the Laws of 2000, a chapter which provides public employee retirees with permanent partial cost-of living increases in New York State. The bill provides a desirable amend- ment to chapter 125 needed to protect public retirees from continues erosion of their retirement income from inflation. While chapter 125 began the effort to address pension erosion, this bill seeks to further close that gap.
Summary of provisions
Effective September 1, 2014, the following changes to sections 78-a and 378-a of the Retirement and Social Security Law, Section 532-a of the Education Law, and Section 13-396 of the Administrative Code of the City of New York as added by Chapter 125 of the laws of 2000 are proposed: Subdivision a of the above sections of law presently sets forth the age eligibility for receiving COLA as age 62 and retired five years or age 55 and retired ten years. This bill would revise the age of eligibility for COLA to age 55 and retired 5 years.
Justification
The eligibility age limitations and built in minimum 5- year wait for COLA, has the further impact of eroding benefits. Stand- ardizing the age of eligibility for COLA to age 55 and retired 5 years provides another means to afford retirees with a safer and more digni- fied retirement, reducing the impact of inflation. This change would provide police and fire personnel in the State of New York with a gener- ally shorter waiting period for cost-of-living benefits, since many police and fire personnel retire before their 62nd birthday based upon statute and the generally more hazardous jobs they perform for the public.
This bill will help assure public retirees achieve a dignified and secure retirement, allowing them to continue to contribute more effec- tively to the longterm health of our economy.
Legislative history
2007-08: A8378 - referred to Governmental employ- ees 2005-06: A7239 - referred to Governmental employees 2004: A10824 - Governmental employees 2003: A4146 - Governmental employees 2000: S8180, enacted - Chapter 125, Laws of 2000.
Fiscal implications
See fiscal notes submitted with and made a part of this bill.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.