Senate Bill S6307

2023-2024 Legislative Session

Relates to increasing the base benefit amount for computation of pension cost-of-living adjustments

download bill text pdf

Sponsored By

Current 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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Bill Amendments

co-Sponsors

2023-S6307 (ACTIVE) - Details

See Assembly Version of this Bill:
A7023
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
Versions Introduced in 2021-2022 Legislative Session:
S6835

2023-S6307 (ACTIVE) - Summary

Increases the base benefit amount for computation of pension cost-of-living adjustments.

2023-S6307 (ACTIVE) - Sponsor Memo

2023-S6307 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6307
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 12, 2023
                                ___________
 
 Introduced  by  Sen. JACKSON -- 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 and the education
   law, in relation to increasing the base benefit amount for computation
   of pension cost-of-living adjustments

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivisions c and d of section 78-a of the retirement and
 social security law, as added by chapter 125 of the laws  of  2000,  are
 amended to read as follows:
   c.  Said cost-of-living adjustment shall be computed on a base benefit
 amount not to exceed eighteen thousand dollars of the annual  retirement
 allowance  defined  in subdivision b of this section, EXCEPT THAT EFFEC-
 TIVE ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TWENTY-FOUR, THE  COST-
 OF-LIVING  ADJUSTMENT  SHALL BE COMPUTED ON A BASE BENEFIT AMOUNT NOT TO
 EXCEED TWENTY-ONE THOUSAND DOLLARS OF THE  ANNUAL  RETIREMENT  ALLOWANCE
 DEFINED IN SUBDIVISION B OF THIS SECTION.
   d.  The  percentage  referred  to  in this section shall be determined
 annually by reference to the consumer price index (all urban  consumers,
 CPI-U,  U.S.  city  average,  all  items, 1982-84=100), published by the
 United States bureau of labor statistics, for each  applicable  calendar
 year. Said percentage shall equal fifty percent of the annual inflation,
 as  determined  from the increase in the consumer price index in the one
 year period ending on the March thirty-first prior to the cost-of-living
 adjustment effective on the ensuing  September  first.  Said  percentage
 shall then be rounded up to the next higher one-tenth of one percent and
 shall  not  exceed  three  percent  nor be less than one percent, EXCEPT
 THAT, COMMENCING THE FIRST DAY OF SEPTEMBER, TWO  THOUSAND  TWENTY-FOUR,
 THE  COST-OF-LIVING ADJUSTMENTS PAID BETWEEN THE FIRST DAY OF SEPTEMBER,
 TWO THOUSAND TWO AND THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TWENTY-TWO
 SHALL EQUAL ONE HUNDRED PERCENT OF THE ANNUAL INFLATION,  AS  DETERMINED
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09889-02-3
              

2023-S6307A (ACTIVE) - Details

See Assembly Version of this Bill:
A7023
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
Versions Introduced in 2021-2022 Legislative Session:
S6835

2023-S6307A (ACTIVE) - Summary

Increases the base benefit amount for computation of pension cost-of-living adjustments.

2023-S6307A (ACTIVE) - Bill Text download pdf

                            

              

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