S T A T E O F N E W Y O R K
________________________________________________________________________
2784
2009-2010 Regular Sessions
I N A S S E M B L Y
January 21, 2009
___________
Introduced by M. of A. ABBATE, BENEDETTO, BOYLAND, CAHILL, COLTON, McEN-
ENY, SCHROEDER -- Multi-Sponsored by -- M. of A. AUBRY, CHRISTENSEN,
CLARK, CUSICK, JOHN, ORTIZ, PERRY, PHEFFER, J. RIVERA, N. RIVERA,
SWEENEY, WEINSTEIN, WEISENBERG, WRIGHT -- read once and referred to
the Committee on Governmental Employees
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:
Section 1. Subdivision d of section 78-a of the retirement and social
security law, as added by chapter 125 of the laws of 2000, is amended to
read as follows:
d. The percentage referred to in this section shall be determined
annually by reference to the consumer price index (all urban consumers,
CPI-U, U.S. city average, all items, 1982-84=100), published by the
United States bureau of labor statistics, for each applicable calendar
year. Said percentage shall equal fifty percent of the annual inflation,
AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND NINE SHALL EQUAL
ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
increase in the consumer price index in the one year period ending on
the March thirty-first prior to the cost-of-living adjustment effective
on the ensuing September first. Said percentage shall then be rounded up
to the next higher one-tenth of one percent and shall not exceed three
percent nor be less than one percent.
S 2. Subdivision d of section 378-a of the retirement and social secu-
rity law, as added by chapter 125 of the laws of 2000, is amended to
read as follows:
d. The percentage referred to in this section shall be determined
annually by reference to the consumer price index (all urban consumers,
CPI-U, U.S. city average, all items, 1982-84=100), published by the
United States bureau of labor statistics, for each applicable calendar
year. Said percentage shall equal fifty percent of the annual inflation,
AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND NINE SHALL EQUAL
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05613-01-9
A. 2784 2
ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
increase in the consumer price index in the one year period ending on
the March thirty-first prior to the cost-of-living adjustment effective
on the ensuing September first. Said percentage shall then be rounded up
to the next higher one-tenth of one percent and shall not exceed three
percent nor be less than one percent.
S 3. Subdivision d of section 532-a of the education law, as added by
chapter 125 of the laws of 2000, is amended to read as follows:
d. The percentage referred to in this section shall be determined
annually by reference to the consumer price index (all urban consumers,
CPI-U, U.S. city average, all items, 1982-84=100), published by the
United States bureau of labor statistics, for each applicable calendar
year. Said percentage shall equal fifty percent of the annual inflation,
AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND NINE SHALL EQUAL
ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
increase in the consumer price index in the one year period ending on
the March thirty-first prior to the cost-of-living adjustment effective
on the ensuing September first. Said percentage shall then be rounded up
to the next higher one-tenth of one percent and shall not exceed three
percent nor be less than one percent.
S 4. Subdivision d of section 13-696 of the administrative code of the
city of New York, as added by chapter 125 of the laws of 2000, is
amended to read as follows:
d. The percentage referred to in this section shall be determined
annually by reference to the consumer price index (all urban consumers,
CPI-U, U.S. city average, all items, 1982-84=100), published by the
United States bureau of labor statistics, for each applicable calendar
year. Said percentage shall equal fifty percent of the annual inflation,
AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND NINE SHALL EQUAL
ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
increase in the consumer price index in the one year period ending on
the March thirty-first prior to the cost-of-living adjustment effective
on the ensuing September first. Said percentage shall then be rounded up
to the next higher one-tenth of one percent and shall not exceed three
percent nor be less than one percent.
S 5. This act shall take effect immediately.
FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
This bill would provide an increase in the defined benefit cost-of-
living adjustment (COLA) for New York public retirement systems. Start-
ing with a payment in September 2009 the cost-of-living adjustment will
be increased from fifty percent of the annual inflation to one hundred
percent of the annual inflation, not to exceed an annual increase of 3%.
Insofar as this bill affects the New York State and Local Employees'
Retirement System and the New York State and Local Police and Fire
Retirement System, if this bill were enacted there would be an estimated
first year cost of approximately $300 million to the State of New York,
$410 million to participating employers in the New York State and Local
Employees' Retirement System and $50 million to the participating
employers in the New York State and Local Police and Fire Retirement
System.
This estimate, dated December 1, 2008 and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-63, prepared by
the Actuary for the New York State and Local Employees' Retirement
System and the New York State and Local Police and Fire Retirement
System.