S T A T E O F N E W Y O R K
________________________________________________________________________
2824
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, HOOPER, JOHN, KELLNER, ORTIZ, PERRY, PHEFFER, J. RIVERA,
N. RIVERA, SWEENEY, WEINSTEIN, WEISENBERG -- 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 f 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:
f. Commencing September first, two thousand, all retired members who
have retired prior to the calendar year nineteen hundred ninety-seven
and who meet the eligibility criteria set forth in subdivision a of this
section shall be paid an adjusted benefit in monthly installments on the
basis provided for in this subdivision. Said adjusted benefit shall be
equal to a percentage of the change in 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, measured from the year
of retirement through calendar year nineteen hundred ninety-seven
according to the following schedule:
Year of retirement Percentage
1968 through 1996 50%
1966 and 1967 55%
1965 60%
1964 65%
1963 70%
1962 80%
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05603-01-9
A. 2824 2
1961 90%
prior to 1961 100%
Said adjusted benefit shall be computed on a base benefit amount not to
exceed eighteen thousand dollars of the retirement allowance otherwise
payable, computed without optional modification. Any benefit received
pursuant to this subdivision shall be in lieu of any benefit received
pursuant to section seventy-eight of this title.
COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE, ALL RETIRED MEMBERS WHO
HAVE RETIRED PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVISION A OF THIS
SECTION SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY INSTALLMENTS ON THE
BASIS PROVIDED FOR IN THIS SUBDIVISION. SAID ADJUSTED BENEFIT SHALL BE
EQUAL TO A PERCENTAGE OF THE CHANGE IN 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, MEASURED FROM THE YEAR
OF RETIREMENT THROUGH CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
ACCORDING TO THE FOLLOWING SCHEDULE:
YEAR OF RETIREMENT PERCENTAGE
1973 THROUGH 1996 50%
1971 AND 1972 55%
1970 60%
1969 65%
1968 70%
1967 80%
1966 90%
PRIOR TO 1966 100%
SAID ADJUSTED BENEFIT COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE,
SHALL BE COMPUTED ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT ALLOWANCE
OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET FORTH
HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT TO THIS SUBDIVISION SHALL BE
IN LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION SEVENTY-EIGHT OF
THIS TITLE.
S 2. Subdivision f 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:
f. Commencing September first, two thousand, all retired members who
have retired prior to the calendar year nineteen hundred ninety-seven
and who meet the eligibility criteria set forth in subdivision a of this
section shall be paid an adjusted benefit in monthly installments on the
basis provided for in this subdivision. Said adjusted benefit shall be
equal to a percentage of the change in 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, measured from the year
of retirement through calendar year nineteen hundred ninety-seven
according to the following schedule:
Year of retirement Percentage
1968 through 1996 50%
1966 and 1967 55%
1965 60%
1964 65%
1963 70%
1962 80%
1961 90%
prior to 1961 100%
A. 2824 3
Said adjusted benefit shall be computed on a base benefit amount not to
exceed eighteen thousand dollars of the retirement allowance otherwise
payable, computed without optional modification. Any benefit received
pursuant to this subdivision shall be in lieu of any benefit received
pursuant to section three hundred seventy-eight of this title.
COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE, ALL RETIRED MEMBERS WHO
HAVE RETIRED PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVISION A OF THIS
SECTION SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY INSTALLMENTS ON THE
BASIS PROVIDED FOR IN THIS SUBDIVISION. SAID ADJUSTED BENEFIT SHALL BE
EQUAL TO A PERCENTAGE OF THE CHANGE IN 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, MEASURED FROM THE YEAR
OF RETIREMENT THROUGH CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
ACCORDING TO THE FOLLOWING SCHEDULE:
YEAR OF RETIREMENT PERCENTAGE
1973 THROUGH 1996 50%
1971 AND 1972 55%
1970 60%
1969 65%
1968 70%
1967 80%
1966 90%
PRIOR TO 1966 100%
SAID ADJUSTED BENEFIT COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE,
SHALL BE COMPUTED ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT ALLOWANCE
OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET FORTH
HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT TO THIS SUBDIVISION SHALL BE
IN LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION THREE HUNDRED SEVEN-
TY-EIGHT OF THIS TITLE.
S 3. Subdivision f of section 532-a of the education law, as added by
chapter 125 of the laws of 2000, is amended to read as follows:
f. Commencing September first, two thousand, all retired members who
have retired prior to the calendar year nineteen hundred ninety-seven
and who meet the eligibility criteria set forth in subdivision a of this
section shall be paid an adjusted benefit in monthly installments on the
basis provided for in this subdivision. Said adjusted benefit shall be
equal to a percentage of the change in 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, measured from the year
of retirement through calendar year nineteen hundred ninety-seven
according to the following schedule:
Year of retirement Percentage
1968 through 1996 50%
1966 and 1967 55%
1965 60%
1964 65%
1963 70%
1962 80%
1961 90%
prior to 1961 100%
Said adjusted benefit shall be computed on a base benefit amount not to
exceed eighteen thousand dollars of the retirement allowance otherwise
payable, computed without optional modification excluding any annuity
derived from voluntary contributions made by members, except those made
A. 2824 4
pursuant to elections under subdivision one of section five hundred
eleven-a or paragraph c of subdivision three of section five hundred
sixteen of this article. Any benefits received pursuant to this subdivi-
sion shall be in lieu of any benefits received pursuant to section five
hundred thirty-two of this article, unless such benefits are in excess
of those provided by this section, in which case such benefits shall be
paid by the retirement system pursuant to such provision.
COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE, ALL RETIRED MEMBERS WHO
HAVE RETIRED PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVISION A OF THIS
SECTION SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY INSTALLMENTS ON THE
BASIS PROVIDED FOR IN THIS SUBDIVISION. SAID ADJUSTED BENEFIT SHALL BE
EQUAL TO A PERCENTAGE OF THE CHANGE IN 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, MEASURED FROM THE YEAR
OF RETIREMENT THROUGH CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
ACCORDING TO THE FOLLOWING SCHEDULE:
YEAR OF RETIREMENT PERCENTAGE
1973 THROUGH 1996 50%
1971 AND 1972 55%
1970 60%
1969 65%
1968 70%
1967 80%
1966 90%
PRIOR TO 1966 100%
SAID ADJUSTED BENEFIT, COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE,
SHALL BE COMPUTED ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT ALLOWANCE
OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET FORTH
HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT TO THIS SUBDIVISION SHALL BE
IN LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION FIVE HUNDRED THIR-
TY-TWO OF THIS ARTICLE.
S 4. Subdivision f 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:
f. Commencing September first, two thousand, all retired members who
have retired prior to the calendar year nineteen hundred ninety-seven
and who meet the eligibility criteria set forth in subdivision a of this
section shall be paid an adjusted benefit in monthly installments on the
basis provided for in this subdivision. Said adjusted benefit shall be
equal to a percentage of the change in 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, measured from the year
of retirement through calendar year nineteen hundred ninety-seven
according to the following schedule:
Year of retirement Percentage
1968 through 1996 50%
1966 and 1967 55%
1965 60%
1964 65%
1963 70%
1962 80%
1961 90%
prior to 1961 100%
A. 2824 5
Said adjusted benefit shall be computed on a base benefit amount not to
exceed eighteen thousand dollars of the annual fixed retirement allow-
ance otherwise payable, computed without optional modification. Any
benefit received pursuant to this subdivision shall be in lieu of any
benefit received pursuant to chapter three hundred ninety of the laws of
nineteen hundred ninety-eight, and any preceding provision of law
providing for supplementation.
COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE, ALL RETIRED MEMBERS WHO
HAVE RETIRED PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVISION A OF THIS
SECTION SHALL BE PAID AN ADJUSTED BENEFIT IN MONTHLY INSTALLMENTS ON THE
BASIS PROVIDED FOR IN THIS SUBDIVISION. SAID ADJUSTED BENEFIT SHALL BE
EQUAL TO A PERCENTAGE OF THE CHANGE IN 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, MEASURED FROM THE YEAR
OF RETIREMENT THROUGH CALENDAR YEAR NINETEEN HUNDRED NINETY-SEVEN
ACCORDING TO THE FOLLOWING SCHEDULE:
YEAR OF RETIREMENT PERCENTAGE
1973 THROUGH 1996 50%
1971 AND 1972 55%
1970 60%
1969 65%
1968 70%
1967 80%
1966 90%
PRIOR TO 1966 100%
SAID ADJUSTED BENEFIT, COMMENCING SEPTEMBER FIRST, TWO THOUSAND NINE,
SHALL BE COMPUTED ON THE BASE BENEFIT AMOUNT OF THE RETIREMENT ALLOWANCE
OTHERWISE PAYABLE, COMPUTED WITHOUT OPTIONAL MODIFICATION, SET FORTH
HEREIN ABOVE. ANY BENEFIT RECEIVED PURSUANT TO THIS SUBDIVISION SHALL BE
IN LIEU OF ANY BENEFIT RECEIVED PURSUANT TO SECTION 13-695 OF THIS ARTI-
CLE.
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, additional payments will be made
for those members who retired after 1960 and prior to 1973.
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 $490,000 to the State of New York,
$550,000 to participating employers in the New York State and Local
Employees' Retirement System and $470,000 to the participating employers
in the New York State and Local Police and Fire Retirement System.
This estimate, dated December 9, 2008 and intended for use only during
the 2009 Legislative Session, is Fiscal Note No. 2009-58, 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.