New York A 5875: Provides for cost-of-living adjustments

Bill Text

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A05875 Summary:

BILL NOA05875 

&nbsp

SAME ASSAME AS S06631

&nbsp

SPONSORPheffer Amato

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd

&nbsp

Provides for cost-of-living adjustments; provides that the base benefit amount shall be increased annually by reference to the consumer price index for each applicable calendar year beginning on September 1, 2025.

Go to top A05875 Actions:

BILL NOA05875 

&nbsp

02/24/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA05875 Committee&nbspVotes:

Go to topA05875 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA05875 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5875

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 24, 2025
 ___________

 Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
 Committee on Governmental Employees

 AN ACT to amend the retirement and social security law, the education
 law and the administrative code of the city of New York, in relation
 to providing cost-of-living adjustments

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subdivision c of section 78-a of the retirement and social
 2 security law, as added by chapter 125 of the laws of 2000, is amended to
 3 read as follows:
 4 c. Said cost-of-living adjustment shall be computed on a base benefit
 5 amount [not to exceed] of eighteen thousand dollars of the annual
 6 retirement allowance defined in subdivision b of this section, provided,
 7 however, such base benefit amount shall be increased annually by refer-
 8 ence to the consumer price index (all urban consumers, CPI-U, U.S. city
 9 average, all items, 1982-84=100), published by the United States
 10 bureau of labor statistics, for each applicable calendar year beginning
 11 on September first, two thousand twenty-five. The annual percentage
 12 increase to the base amount shall equal fifty percent of the annual
 13 inflation, as determined from the increase in the consumer price index
 14 in the one year period ending on the March thirty-first prior to the
 15 cost-of-living adjustment effective on the ensuing September first.
 16 Said percentage shall then be rounded up to the next higher one-tenth of
 17 one percent and shall not exceed three percent nor be less than one
 18 percent.
 19 § 2. Subdivision c of section 378-a of the retirement and social secu-
 20 rity law, as added by chapter 125 of the laws of 2000, is amended to
 21 read as follows:
 22 c. Said cost-of-living adjustment shall be computed on a base benefit
 23 amount [not to exceed] of eighteen thousand dollars of the annual
 24 retirement allowance defined in subdivision b of this section, provided,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08199-02-5

 A. 5875 2

 1 however, such base benefit amount shall be increased annually by refer-
 2 ence to the consumer price index (all urban consumers, CPI-U, U.S. city
 3 average, all items, 1982-84=100), published by the United States
 4 bureau of labor statistics, for each applicable calendar year beginning
 5 on September first, two thousand twenty-five. The annual percentage
 6 increase to the base amount shall equal fifty percent of the annual
 7 inflation, as determined from the increase in the consumer price index
 8 in the one year period ending on the March thirty-first prior to the
 9 cost-of-living adjustment effective on the ensuing September first.
 10 Said percentage shall then be rounded up to the next higher one-tenth of
 11 one percent and shall not exceed three percent nor be less than one
 12 percent.
 13 § 3. Subdivision c of section 532-a of the education law, as added by
 14 chapter 125 of the laws of 2000, is amended to read as follows:
 15 c. Said cost-of-living adjustment shall be computed on a base benefit
 16 amount [not to exceed] of eighteen thousand dollars of the annual
 17 retirement allowance defined in subdivision b of this section, provided,
 18 however, such base benefit amount shall be increased annually by refer-
 19 ence to the consumer price index (all ur