NY State Senate Bill 2021-S6060C

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2022	print number 6060c
Jan 06, 2022	amend and recommit to civil service and pensions
Jan 05, 2022	referred to civil service and pensions
Jul 02, 2021	print number 6060b
Jul 02, 2021	amend and recommit to civil service and pensions
May 19, 2021	print number 6060a
May 19, 2021	amend and recommit to civil service and pensions
Apr 01, 2021	referred to civil service and pensions

Bill Amendments

Original

C (Active)

2021-S6060 - Details

See Assembly Version of this Bill:: A9994
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2023-2024: S6252, A6638
2025-2026: S3414, A5307

2021-S6060 - Summary

Provides cost-of-living adjustments for certain public retirees, including an adjusted benefit in monthly installments that is equal to the percentage of the change in consumer price index according to the included schedule.

2021-S6060 - Sponsor Memo

                                
 
BILL NUMBER: S6060

SPONSOR: GOUNARDES
 
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 OR GENERAL IDEA OF BILL:

To protect public retirees from continued erosion of their retirement
income due to inflation.

 
SUMMARY OF PROVISIONS:

Section one of this bill amends subdivision f of section 78-a of the
Retirement and Social Security Law to establish higher cost-of-living

(COLA) adjustments equal to the percentage change in CPI on a monthly
basis for retirees who retired up until 1972. The COLA adjustment for

retirees who retired on or after 1973 are based on the same percentage
change in CPI as in existing law (50%). These adjustments shall be paid
to eligible retirees starting September 1, 2021.

Section two of this bill amends subdivision f of section 378-a of the
Retirement and Social Security Law to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2021.

Section three of this bill amends subdivision f of section 532-a of the
Education Law to establish higher COLA benefit adjustments equal to the
percentage change in CPI on a monthly basis for retirees who retired up
until 1972. The COLA adjustment for retirees who retired on or after
1973 are based on the same percentage change in CPI as in existing law
(50%). These adjustments shall be paid to eligible retirees starting
September 1, 2021.

Section four of this bill amends subdivision f of section 13-696 of the
Administrative Code of New York City to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2021.

Section five of this bill provides that this act shall take effect imme-
diately.

 
JUSTIFICATION:

Significant strides were made by the enactment of Chapter 125 of the
Laws of 2000 which instituted cost-of-living increases for public reti-
rees. While the CPI has remained very modest since the enactment of
COLA, other costs have had a significant impact on retiree security. For
example, medical costs including copayments, premiums, and medication,
have been rising at a rate far in excess of the CPI.  Recent federal
amendments to the Medicare law, especially the prescription drug cover-
age, are likely to cause a significant increase in retired public
employee health care costs. This adjustment to COLA benefits will
provide needed but modest protection for retirees in the event the CPI
increases at a dramatic rate.  This bill will help assure public reti-
rees achieve a dignified and secure retirement, allowing them to contin-
ue to contribute more effectively to the long-term health of our econo-
my.

 
PRIOR LEGISLATIVE HISTORY:

2018: S6047C - Referred to Civil Service and Pensions

2017: S.6047 - Referred to Civil Service and Pensions

2016: S.4342 - Referred to Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill

 
EFFECTIVE DATE:
Immediate

2021-S6060 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6060
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 1, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
 
 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%
       1961                                   90%
       prior to 1961                          100%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10513-02-1

 S. 6060                             2

 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  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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.
   § 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%
 Said adjusted benefit shall be computed on a base benefit amount not  to
 exceed  eighteen  thousand dollars of the retirement allowance otherwise

 S. 6060                             3
 
 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  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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 SEVENTY-EIGHT OF THIS TITLE.
   § 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
 pursuant to elections under subdivision  one  of  section  five  hundred
 eleven-a  or  paragraph  c  of subdivision three of section five hundred

 S. 6060                             4
 
 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  TWENTY-ONE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 ONE, 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 THIRTY-TWO OF THIS ARTICLE.
   § 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%
 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

 S. 6060                             5
 
 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  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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 ARTICLE.
   § 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 2021, 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, pursuant to Section 25 of the Retirement  and  Social
 Security  Law,  the increased costs would be borne entirely by the State
 of New York and would require an itemized  appropriation  sufficient  to
 pay  the  cost of the provision. If this bill were enacted, the increase
 in the present value of benefits would be approximately $124,000.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire  Retirement  System  (PFRS), the increased costs would be shared by
 the State of New York and the participating employers in  the  PFRS.  If
 this  bill  were  enacted, the increase in the present value of benefits
 would be approximately $584,000. The estimated first year cost would  be
 approximately $12,000 to the State of New York and approximately $52,000
 to the participating employers in the PFRS.
   Summary of relevant resources:
   Membership  data as of March 31, 2020 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al valuation.  Distributions and other statistics can be  found  in  the
 2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 Annual  Report  to  the  Comptroller  on  Actuarial Assumptions, and the

 S. 6060                             6

 Codes, Rules and Regulations  of  the  State  of  New  York:  Audit  and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2020
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated April 1, 2021, and intended for use  only  during
 the  2021  Legislative Session, is Fiscal Note No. 2021-109, prepared by
 the Actuary for the New York State and Local Retirement System.

2021-S6060A - Details

See Assembly Version of this Bill:: A9994
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2023-2024: S6252, A6638
2025-2026: S3414, A5307

2021-S6060A - Summary

2021-S6060A - Sponsor Memo

                                 
BILL NUMBER: S6060A

SPONSOR: GOUNARDES
 
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 OR GENERAL IDEA OF BILL:

To protect public retirees from continued erosion of their retirement
income due to inflation.

 
SUMMARY OF PROVISIONS:

Section one of this bill amends subdivision f of section 78-a of the
Retirement and Social Security Law to establish higher cost-of-living
(COLA) adjustments equal to the percentage change in CPI on a monthly
basis for retirees who retired up until 1972. The COLA adjustment for
retirees who retired on or after 1973 are based on the same percentage
change in CPI as in existing law (50%). These adjustments shall be paid

to eligible retirees starting September 1, 2021.

Section two of this bill amends subdivision f of section 378-a of the
Retirement and Social Security Law to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2021.

Section three of this bill amends subdivision f of section 532-a of the
Education Law to establish higher COLA benefit adjustments equal to the
percentage change in CPI on a monthly basis for retirees who retired up
until 1972. The COLA adjustment for retirees who retired on or after
1973 are based on the same percentage change in CPI as in existing law
(50%). These adjustments shall be paid to eligible retirees starting
September 1, 2021.

Section four of this bill amends subdivision f of section 13-696 of the
Administrative Code of New York City to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2021.

Section five of this bill provides that this act shall take effect imme-
diately.

 
JUSTIFICATION:

Significant strides were made by the enactment of Chapter 125 of the
Laws of 2000 which instituted cost-of-living increases for public reti-
rees. While the CPI has remained very modest since the enactment of
COLA, other costs have had a significant impact on retiree security. For
example, medical costs including copayments, premiums, and medication,
have been rising at a rate far in excess of the CPI.  Recent federal
amendments to the Medicare law, especially the prescription drug cover-
age, are likely to cause a significant increase in retired public
employee health care costs. This adjustment to COLA benefits will
provide needed but modest protection for retirees in the event the CPI
increases at a dramatic rate.

This bill will help assure public retirees achieve a dignified and
secure retirement, allowing them to continue to contribute more effec-
tively to the long-term health of our economy.

 
PRIOR LEGISLATIVE HISTORY:

2018: S6047C - Referred to Civil Service and Pensions

2017: S.6047 - Referred to Civil Service and Pensions

2016: S.4342 - Referred to Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill

 
EFFECTIVE DATE:
Immediate

2021-S6060A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6060--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 1, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted to said committee
 
 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%
       1961                                   90%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10513-05-1

 S. 6060--A                          2
 
       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  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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.
   § 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%

 S. 6060--A                          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  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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 SEVENTY-EIGHT OF THIS TITLE.
   § 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

 S. 6060--A                          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  TWENTY-ONE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 ONE, SHALL BE COMPUTED ON A BASE BENEFIT AMOUNT NOT TO  EXCEED  EIGHTEEN
 THOUSAND DOLLARS 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 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.
   § 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%

 S. 6060--A                          5
 
       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 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  TWENTY-ONE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 ONE, 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 ARTICLE.
   § 5. This act shall take effect immediately.
   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 2021, 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, pursuant to Section 25 of the Retirement  and  Social
 Security  Law,  the increased costs would be borne entirely by the State
 of New York and would require an itemized  appropriation  sufficient  to
 pay  the  cost of the provision. If this bill were enacted, the increase
 in the present value of benefits would be approximately $124,000.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire  Retirement  System  (PFRS), the increased costs would be shared by
 the State of New York and the participating employers in  the  PFRS.  If
 this  bill  were  enacted, the increase in the present value of benefits
 would be approximately $584,000. The estimated first year cost would  be
 approximately $12,000 to the State of New York and approximately $52,000
 to the participating employers in the PFRS.
   Summary of relevant resources:
   Membership  data as of March 31, 2020 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the

 S. 6060--A                          6
 
 2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 Annual Report to the  Comptroller  on  Actuarial  Assumptions,  and  the
 Codes,  Rules  and  Regulations  of  the  State  of  New York: Audit and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2020
 New York State and Local  Retirement  System  Financial  Statements  and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated April 1, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No. 2021-109,  prepared  by
 the Actuary for the New York State and Local Retirement System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   In  as much as this bill would impact members and employers of the New
 York State Teachers' Retirement System (NYSTRS), this bill  (legislative
 bill draft 10513-01-1) would amend subdivision f of Section 532-a of the
 Education  Law  to  provide  an  increase in supplementation for retired
 members who meet the eligibility requirements set forth in subdivision a
 of Section 532-a and who retired during the calendar years 1961  through
 1972, inclusive. Benefit increases are based on the first $18,000 of the
 maximum annual benefit without optional modification and would be effec-
 tive in September of 2021.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System is estimated to be negligible if  this  bill
 is enacted.
   Member  data  is  from  the  System's  most recent actuarial valuation
 files, consisting of data provided by the employers  to  the  Retirement
 System.  Data  distributions and statistics can be found in the System's
 Annual Report. System assets and GASB disclosures are  reported  in  the
 System's  financial  statements,  and  can also be found in the System's
 Annual Report. Actuarial assumptions and methods  are  provided  in  the
 System's Actuarial Valuation Report.
   The  source  of this estimate is Fiscal Note 2021-36 dated May 5, 2021
 prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
 System and is intended for use only during the 2021 Legislative Session.
 I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
 Retirement System. I am a member of the American  Academy  of  Actuaries
 and  I meet the Qualification Standards of the American Academy of Actu-
 aries to render the actuarial opinion contained herein.

2021-S6060B - Details

See Assembly Version of this Bill:: A9994
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2023-2024: S6252, A6638
2025-2026: S3414, A5307

2021-S6060B - Summary

2021-S6060B - Sponsor Memo

                                
 
BILL NUMBER: S6060B

SPONSOR: GOUNARDES
 
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 OR GENERAL IDEA OF BILL:

To protect public retirees from continued erosion of their retirement
income due to inflation.

 
SUMMARY OF PROVISIONS:

Section one of this bill amends subdivision f of section 78-a of the
Retirement and Social Security Law to establish higher cost-of-living

(COLA) adjustments equal to the percentage change in CPI on a monthly
basis for retirees who retired up until 1972. The COLA adjustment for

retirees who retired on or after 1973 are based on the same percentage
change in CPI as in existing law (50%). These adjustments shall be paid
to eligible retirees starting September 1, 2021.

Section two of this bill amends subdivision f of section 378-a of the
Retirement and Social Security Law to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2021.

Section three of this bill amends subdivision f of section 532-a of the
Education Law to establish higher COLA benefit adjustments equal to the
percentage change in CPI on a monthly basis for retirees who retired up
until 1972. The COLA adjustment for retirees who retired on or after
1973 are based on the same percentage change in CPI as in existing law
(50%). These adjustments shall be paid to eligible retirees starting
September 1, 2021.

Section four of this bill amends subdivision f of section 13-696 of the
Administrative Code of New York City to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2021.

Section five of this bill provides that this act shall take effect imme-
diately.

 
JUSTIFICATION:

Significant strides were made by the enactment of Chapter 125 of the
Laws of 2000 which instituted cost-of-living increases for public reti-
rees. While the CPI has remained very modest since the enactment of
COLA, other costs have had a significant impact on retiree security. For

example, medical costs including copayments, premiums, and medication,
have been rising at a rate far in excess of the CPI.

Recent federal amendments to the Medicare law, especially the
prescription drug coverage, are likely to cause a significant increase
in retired public employee health care costs. This adjustment to COLA
benefits will provide needed but modest protection for retirees in the
event the CPI increases at a dramatic rate. This bill will help assure
public retirees achieve a dignified and secure retirement, allowing them
to continue to contribute more effectively to the long-term health of
our economy.

 
PRIOR LEGISLATIVE HISTORY:

2018: S.6047C - Referred to Civil Service and Pensions

2017: S.6047 - Referred to Civil Service and Pensions

2016: S.4342 - Referred to Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill

 
EFFECTIVE DATE:
Immediate

2021-S6060B - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6060--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 1, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted  to  said  committee  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10513-06-1

 S. 6060--B                          2
 
       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. 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  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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.
   § 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%

 S. 6060--B                          3
 
       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 three hundred seventy-eight of this title.
   COMMENCING  SEPTEMBER  FIRST,  TWO  THOUSAND  TWENTY-ONE,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 ONE,  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 SEVENTY-EIGHT OF THIS TITLE.
   § 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

 S. 6060--B                          4
 
 derived  from voluntary contributions made by members, except those made
 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  TWENTY-ONE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 ONE, SHALL BE COMPUTED ON A BASE BENEFIT AMOUNT NOT TO  EXCEED  EIGHTEEN
 THOUSAND DOLLARS 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 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.
   § 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%

 S. 6060--B                          5
 
       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 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  TWENTY-ONE,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 ONE, 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 ARTICLE.
   § 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 2021, 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, pursuant to Section 25 of the Retirement  and  Social
 Security  Law,  the increased costs would be borne entirely by the State
 of New York and would require an itemized  appropriation  sufficient  to
 pay  the  cost of the provision. If this bill were enacted, the increase
 in the present value of benefits would be approximately $124,000.
   Insofar as this bill affects the New York State and Local  Police  and
 Fire  Retirement  System  (PFRS), the increased costs would be shared by
 the State of New York and the participating employers in  the  PFRS.  If
 this  bill  were  enacted, the increase in the present value of benefits
 would be approximately $584,000. The estimated first year cost would  be
 approximately $12,000 to the State of New York and approximately $52,000
 to the participating employers in the PFRS.
   Summary of relevant resources:

 S. 6060--B                          6
 
   Membership  data as of March 31, 2020 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2020 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2020  Report  of the Actuary and the 2020 Comprehensive Annual Financial
 Report.
   The  actuarial  assumptions and methods used are described in the 2020
 Annual Report to the  Comptroller  on  Actuarial  Assumptions,  and  the
 Codes,  Rules  and  Regulations  of  the  State  of  New York: Audit and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2020
 New York State and Local  Retirement  System  Financial  Statements  and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This  fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a  substitute  for
 the professional judgment of an attorney.
   This  estimate,  dated April 1, 2021, and intended for use only during
 the 2021 Legislative Session, is Fiscal Note No. 2021-109,  prepared  by
 the Actuary for the New York State and Local Retirement System.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   In  as much as this bill would impact members and employers of the New
 York State Teachers' Retirement System (NYSTRS), this bill  (legislative
 bill draft 10513-01-1) would amend subdivision f of Section 532-a of the
 Education  Law  to  provide  an  increase in supplementation for retired
 members who meet the eligibility requirements set forth in subdivision a
 of Section 532-a and who retired during the calendar years 1961  through
 1972, inclusive. Benefit increases are based on the first $18,000 of the
 maximum annual benefit without optional modification and would be effec-
 tive in September of 2021.
   The  annual  cost  to  the  employers of members of the New York State
 Teachers' Retirement System is estimated to be negligible if  this  bill
 is enacted.
   Member  data  is  from  the  System's  most recent actuarial valuation
 files, consisting of data provided by the employers  to  the  Retirement
 System.  Data  distributions and statistics can be found in the System's
 Annual Report. System assets and GASB disclosures are  reported  in  the
 System's  financial  statements,  and  can also be found in the System's
 Annual Report. Actuarial assumptions and methods  are  provided  in  the
 System's Actuarial Valuation Report.
   The  source  of this estimate is Fiscal Note 2021-36 dated May 5, 2021
 prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
 System and is intended for use only during the 2021 Legislative Session.
 I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
 Retirement System. I am a member of the American  Academy  of  Actuaries
 and  I meet the Qualification Standards of the American Academy of Actu-
 aries to render the actuarial opinion contained herein.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   SUMMARY OF BILL: With regards to the New York City Employees'  Retire-
 ment  System  (NYCERS),  the  New  York City Teachers' Retirement System
 (NYCTRS), the New York City Board of Education Retirement System (BERS),
 the New York City Police Pension Fund (POLICE), and the  New  York  City
 Fire  Pension  Fund  (FIRE),  collectively  known  as  the New York City
 Retirement Systems and Pension Funds (NYCRS), this proposed  legislation
 would  amend  subdivision f of Section 13-696 of the Administrative Code
 of the City of New York (ACCNY) to increase the  Cost-of-Living  Adjust-

 S. 6060--B                          7
 
 ment  (COLA)  effective  September  1,  2021 for NYCRS members and their
 spouses who retired during the period 1961 through 1972.
   Effective Date: Upon enactment.
   BACKGROUND: Commencing September 1, 2000, members who retired prior to
 January  1,  1997  and met certain eligibility requirements to receive a
 COLA, were paid an adjusted monthly benefit equal to a percentage of the
 change in the consumer price index from the year of  retirement  through
 calendar  year 1997. For the purposes of this Fiscal Note, it is assumed
 that the revised percentages would be paid in lieu of  current  percent-
 ages as shown in the table below:
 
   Year of Retirement       Current Percentage        Revised Percentage
 
   1973 through 1996               50%                       50%
   1971 through 1972               50%                       55%
   1970                            50%                       60%
   1969                            50%                       65%
   1968                            50%                       70%
   1967                            55%                       80%
   1966                            55%                       90%
   1965                            60%                       100%
   1964                            65%                       100%
   1963                            70%                       100%
   1962                            80%                       100%
   1961                            90%                       100%
   Prior to 1961                  100%                       100%
 
   FINANCIAL IMPACT - SUMMARY: The estimated financial impact of increas-
 ing the COLA for members who retired from 1961 through 1972 as described
 above  is  an  increase  in  Present  Value of Future Benefits (PVFB) of
 approximately $5.6 million and an increase  in  the  first  year  annual
 employer contributions of approximately $6.2 million. A breakdown of the
 financial impact by NYCRS is shown in the table below.
 
                   Additional             Increase in Fiscal
                Present Value of              Year 2022
                 Future Benefits          Employer Contributions
     NYCRS      as of June 30, 2020          ($ Thousands)
                  ($ Thousands)
 
   NYCERS            $1,433.8                    $1,587.0
   NYCTRS                55.4                        61.3
   BERS                   2.4                         2.6
   POLICE             2,207.9                     2,443.8
   FIRE               1,897.4                     2,100.1
   Total             $5,596.9                    $6,194.8
   In  accordance  with ACCNY Section 13-638.2(k-2), new Unfunded Accrued
 Liability (UAL) attributable to benefit changes are to be  amortized  as
 determined by the Actuary but are generally amortized over the remaining
 working  lifetime  of  those  impacted  by  the benefit changes. For the
 purposes of this  Fiscal  Note,  since  those  that  would  benefit  are
 retired, the entire increase in UAL would be recognized immediately.
   CONTRIBUTION  TIMING:  For  the  purposes  of  this Fiscal Note, it is
 assumed that the changes in the PVFB and annual  employer  contributions
 would  be  reflected  for  the first time in the June 30, 2020 actuarial
 valuations of NYCRS. In accordance with  the  One-Year  Lag  Methodology

 S. 6060--B                          8
 
 (OYLM) used to determine employer contributions, the increase in employ-
 er contributions would first be reflected in Fiscal Year 2022.
   CENSUS  DATA:  The  estimates presented herein are based on the census
 data used in the June 30, 2020 (Lag) actuarial valuations  of  NYCRS  to
 determine the Preliminary Fiscal Year 2022 employer contributions.
   ACTUARIAL  ASSUMPTIONS AND METHODS: The changes in the PVFB and annual
 employer contributions presented herein have been  calculated  based  on
 the  actuarial  assumptions  and methods in effect for the June 30, 2019
 (Lag) actuarial valuations used to determine the Preliminary Fiscal Year
 2021 employer contributions of NYCRS.
   The Actuary is proposing a set of changes for use beginning  with  the
 June 30, 2019 (Lag) actuarial valuations of NYCRS to determine the Final
 Fiscal  Year  2021 Employer Contributions (2021 A&M). If the 2021 A&M is
 enacted it is estimated that it would produce PVFB and employer contrib-
 ution results that are approximately 2% smaller than the  results  shown
 above.
   RISK  AND  UNCERTAINTY: The costs presented in this Fiscal Note depend
 highly on the realization of the actuarial assumptions used, as well  as
 certain demographic characteristics of NYCRS and other exogenous factors
 such  as investment, contribution, and other risks. If actual experience
 deviates from actuarial assumptions, the actual costs could differ  from
 those  presented herein. Costs are also dependent on the actuarial meth-
 ods used,  and  therefore  different  actuarial  methods  could  produce
 different  results.  Quantifying these risks is beyond the scope of this
 Fiscal Note.
   Not measured in this Fiscal Note are the initial, additional  adminis-
 trative costs to implement the proposed legislation.
   STATEMENT  OF ACTUARIAL OPINION: I, Sherry S. Chan, am the Chief Actu-
 ary for, and independent of, the New York City  Retirement  Systems  and
 Pension  Funds.  I  am a Fellow of the Society of Actuaries, an Enrolled
 Actuary under the Employee Retirement Income and Security Act of 1974, a
 Member of the American Academy of Actuaries, and a Fellow of the Confer-
 ence of Consulting Actuaries. I meet the Qualification Standards of  the
 American  Academy of Actuaries to render the actuarial opinion contained
 herein. To the best of my knowledge, the results contained  herein  have
 been prepared in accordance with generally accepted actuarial principles
 and  procedures  and  with the Actuarial Standards of Practice issued by
 the Actuarial Standards Board.
   FISCAL NOTE IDENTIFICATION: This Fiscal Note 2021-53  dated  June  17,
 2021  was prepared by the Chief Actuary for the New York City Employees'
 Retirement System, the New York City Teachers'  Retirement  System,  the
 New  York  City  Board of Education Retirement System, the New York City
 Police Pension Fund, and the New York City Fire Pension Fund. This esti-
 mate is intended for use only during the 2021 Legislative Session.

co-Sponsors

2021-S6060C (ACTIVE) - Details

See Assembly Version of this Bill:: A9994
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2023-2024: S6252, A6638
2025-2026: S3414, A5307

2021-S6060C (ACTIVE) - Summary

2021-S6060C (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S6060C

SPONSOR: GOUNARDES
 
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 OR GENERAL IDEA OF BILL:

To protect public retirees from continued erosion of their retirement
income due to inflation.

 
SUMMARY OF PROVISIONS:

Section one of this bill amends subdivision f of section 78-a of the
Retirement and Social Security Law to establish higher cost-of-living
(COLA) adjustments equal to the percentage change in CPI on a monthly
basis for retirees who retired up until 1972. The COLA adjustment for
retirees who retired on or after 1973 are based on the same percentage
change in CPI as in existing law (50%). These adjustments shall be paid

to eligible retirees starting September 1, 2022.

Section two of this bill amends subdivision f of section 378-a of the
Retirement and Social Security Law to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2022.

Section three of this bill amends subdivision f of section 532-a of the
Education Law to establish higher COLA benefit adjustments equal to the
percentage change in CPI on a monthly basis for retirees who retired up
until 1972. The COLA adjustment for retirees who retired on or after
1973 are based on the same percentage change in. CPI as in existing law
(50%). These adjustments shall be paid to eligible retirees starting
September 1, 2022.

Section four of this bill amends subdivision f of section 13-696 of the
Administrative Code of New York City to establish higher COLA benefit
adjustments equal to the percentage change in CPI on a monthly basis for
retirees who retired up until 1972. The COLA adjustment for retirees who
retired on or after 1973 are based on the same percentage change in CPI
as in existing law (50%). These adjustments shall be paid to eligible
retirees starting September 1, 2022.

Section five of this bill provides that this act shall take effect imme-
diately.

 
JUSTIFICATION:

Significant strides were made by the enactment of Chapter 125 of the
Laws of 2000 which instituted cost-of-living increases for public reti-
rees. While the CPI has remained very modest since the enactment of
COLA, other costs have had a significant impact on retiree security. For
example, medical costs including copayments, premiums, and medication,
have been rising at a rate far in excess of the CPI.  Recent federal
amendments to the Medicare law, especially the prescription drug cover-
age, are likely to cause a significant increase in retired public
employee health care costs. This adjustment to COLA benefits will
provide needed but modest protection for retirees in the event the CPI
increases at a dramatic rate.

This bill will help assure public retirees achieve a dignified and
secure retirement, allowing them to continue to contribute more effec-
tively to the long-term health of our economy.

 
PRIOR LEGISLATIVE HISTORY:

2021: S60608 - Referred to Civil Service and Pensions

2018: S6047C - Referred to Civil Service and Pensions

2017: S.6047 - Referred to Civil Service and Pensions

2016: S.4342 - Referred to Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See bill

 
EFFECTIVE DATE:
Immediate

2021-S6060C (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6060--C
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               April 1, 2021
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   --  committee  discharged,  bill amended, ordered reprinted as amended
   and recommitted  to  said  committee  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee -- recommitted to the Committee on Civil Service and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 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%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10513-08-1

 S. 6060--C                          2
 
       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. 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  TWENTY-TWO,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 TWO,  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.
   § 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%
 S. 6060--C                          3
 
       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. 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  TWENTY-TWO,  ALL RETIRED
 MEMBERS WHO HAVE RETIRED PRIOR TO THE  CALENDAR  YEAR  NINETEEN  HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION  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 CONSUM-
 ER  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  TWENTY-
 TWO,  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 SEVENTY-EIGHT OF THIS TITLE.
   § 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%
 S. 6060--C                          4
 
 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
 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  TWENTY-TWO,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 TWO, SHALL BE COMPUTED ON A BASE BENEFIT AMOUNT NOT TO  EXCEED  EIGHTEEN
 THOUSAND DOLLARS 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 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.
   § 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%
 S. 6060--C                          5
 
       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 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  TWENTY-TWO,  ALL  RETIRED
 MEMBERS  WHO  HAVE  RETIRED  PRIOR TO THE CALENDAR YEAR NINETEEN HUNDRED
 NINETY-SEVEN AND WHO MEET THE ELIGIBILITY CRITERIA SET FORTH IN SUBDIVI-
 SION 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 CONSUM-
 ER 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 TWENTY-
 TWO, 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 ARTICLE.
   § 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 2022, 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,  pursuant to Section 25 of the Retirement and Social
 Security Law, the increased costs would be borne entirely by  the  State
 of  New  York  and would require an itemized appropriation sufficient to
 pay the cost of the provision. If this bill were enacted,  the  increase
 in the present value of benefits would be approximately $106,000.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (PFRS), the increased costs would  be  shared  by
 the  State  of  New York and the participating employers in the PFRS. If
 this bill were enacted, the increase in the present  value  of  benefits
 would  be approximately $475,000. The estimated first year cost would be
 S. 6060--C                          6

 approximately $9,800 to the State of New York and approximately  $38,000
 to the participating employers in the PFRS.
   Summary of relevant resources:
   Membership  data as of March 31, 2021 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2021 actuari-
 al valuation. Distributions and other statistics can  be  found  in  the
 2021  Report  of the Actuary and the 2021 Comprehensive Annual Financial
 Report.
   The actuarial assumptions and methods used are described in  the  2020
 and  2021 Annual Report to the Comptroller on Actuarial Assumptions, and
 the Codes, Rules and Regulations of the State of  New  York:  Audit  and
 Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2021
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This fiscal note does not constitute a legal opinion on the  viability
 of  the  proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
   This estimate, dated December 28, 2021,  and  intended  for  use  only
 during  the  2022  Legislative  Session,  is  Fiscal  Note  No. 2022-38,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

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Senate Bill S6060C

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Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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Sponsored By

Andrew Gounardes

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

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co-Sponsors

Todd Kaminsky

Kevin Thomas

Alexis Weik

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