New York S 3414: Establishes the New York State Employee Loan Forgiveness Program

Bill Text

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S03414 Summary:

BILL NOS03414A

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SAME ASSAME AS A05307-B

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SPONSORJACKSON

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COSPNSRADDABBO, HARCKHAM, CLEARE, FERNANDEZ, GOUNARDES, SCARCELLA-SPANTON, SKOUFIS

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MLTSPNSR

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

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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.

Go to top S03414 Actions:

BILL NOS03414A

&nbsp

01/27/2025REFERRED TO CIVIL SERVICE AND PENSIONS

01/07/2026REFERRED TO CIVIL SERVICE AND PENSIONS

04/20/2026AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

04/20/2026PRINT NUMBER 3414A

05/05/2026REPORTED AND COMMITTED TO FINANCE

Go to topS03414 Committee&nbspVotes:

Go to topS03414 Floor&nbspVotes:

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

Go to topS03414 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3414--A

 2025-2026 Regular Sessions

 IN SENATE

 January 27, 2025
 ___________

 Introduced by Sens. JACKSON, ADDABBO, HARCKHAM, CLEARE, FERNANDEZ,
 GOUNARDES, SCARCELLA-SPANTON, SKOUFIS -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Civil Service
 and Pensions -- 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 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:

 1 Section 1. Subdivision f 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 f. Commencing September first, two thousand, all retired members who
 5 have retired prior to the calendar year nineteen hundred ninety-seven
 6 and who meet the eligibility criteria set forth in subdivision a of this
 7 section shall be paid an adjusted benefit in monthly installments on the
 8 basis provided for in this subdivision. Said adjusted benefit shall be
 9 equal to a percentage of the change in consumer price index (all urban
 10 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published
 11 by the United States bureau of labor statistics, measured from the year
 12 of retirement through calendar year nineteen hundred ninety-seven
 13 according to the following schedule:

 14 Year of retirement Percentage
 15 1968 through 1996 50%
 16 1966 and 1967 55%
 17 1965 60%
 18 1964 65%

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06255-07-6

 S. 3414--A 2

 1 1963 70%
 2 1962 80%
 3 1961 90%
 4 prior to 1961 100%
 5 Said adjusted benefit shall be computed on a base benefit amount not to
 6 exceed eighteen thousand dollars of the retirement allowance otherwise
 7 payable, computed without optional modification. Any benefit received
 8 pursuant to this subdivision shall be in lieu of any benefit received
 9 pursuant to section seventy-eight of this title.
 10 Commencing September first, two thousand twenty-six, all retired
 11 members who have retired prior to the calendar year nineteen hundred
 12 ninety-seven and who meet the eligibility criteria set forth in subdivi-
 13 sion a of this section shall be paid an adjusted benefit in monthly
 14 installments on the basis provided for in this subdivision. Said
 15 adjusted benefit shall be equal to a percentage of the change in consum-
 16 er price index (all urban consumers, CPI-U, U.S. city average, all
 17 items, 1982-84=100), published by the United States bureau of labor
 18 statistics, measured from the year of retirement through calendar year
 19 nineteen hundred ninety-seven according to the following schedule:

 20 Year of retirement Percentage
 21 1973 through 1996 50%
 22 1971 and 1972 55%
 23 1970 60%
 24 1969 65%
 25 1968 70%
 26 1967 80%
 27 1966 90%
 28 prior to 1966 100%
 29 Said adjusted benefit commencing September first