Bill Text: NY A07121 | 2009-2010 | General Assembly | Amended

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Bill Title: Provides cost-of-living adjustments; further provides that effective the first day of September, 2010, the cost-of-living percentage shall equal one hundred percent of the annual inflation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-27 - print number 7121a [A07121 Detail]

Download: New_York-2009-A07121-Amended.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        7121--A
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                    March 20, 2009
                                      ___________
       Introduced  by  M.  of  A.  SCHROEDER  --  read once and referred to the
         Committee on Governmental Employees -- recommitted to the Committee on
         Governmental Employees in accordance with Assembly Rule 3, sec.  2  --
         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 d 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    d. The percentage referred to in  this  section  shall  be  determined
    5  annually  by reference to the consumer price index (all urban consumers,
    6  CPI-U, U.S. city average, all  items,  1982-84=100),  published  by  the
    7  United  States  bureau of labor statistics, for each applicable calendar
    8  year. Said percentage shall equal fifty percent of the annual inflation,
    9  AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN  SHALL  EQUAL
   10  ONE  HUNDRED  PERCENT  OF  THE  ANNUAL INFLATION, as determined from the
   11  increase in the consumer price index in the one year  period  ending  on
   12  the  March thirty-first prior to the cost-of-living adjustment effective
   13  on the ensuing September first. Said percentage shall then be rounded up
   14  to the next higher one-tenth of one percent and shall not  exceed  three
   15  percent nor be less than one percent.
   16    S 2. Subdivision d of section 378-a of the retirement and social secu-
   17  rity  law,  as  added  by chapter 125 of the laws of 2000, is amended to
   18  read as follows:
   19    d. The percentage referred to in  this  section  shall  be  determined
   20  annually  by reference to the consumer price index (all urban consumers,
   21  CPI-U, U.S. city average, all  items,  1982-84=100),  published  by  the
   22  United  States  bureau of labor statistics, for each applicable calendar
   23  year. Said percentage shall equal fifty percent of the annual inflation,
   24  AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN  SHALL  EQUAL
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05613-05-0
       A. 7121--A                          2
    1  ONE  HUNDRED  PERCENT  OF  THE  ANNUAL INFLATION, as determined from the
    2  increase in the consumer price index in the one year  period  ending  on
    3  the  March thirty-first prior to the cost-of-living adjustment effective
    4  on the ensuing September first. Said percentage shall then be rounded up
    5  to  the  next higher one-tenth of one percent and shall not exceed three
    6  percent nor be less than one percent.
    7    S 3. Subdivision d of section 532-a of the education law, as added  by
    8  chapter 125 of the laws of 2000, is amended to read as follows:
    9    d.  The  percentage  referred  to  in this section shall be determined
   10  annually by reference to the consumer price index (all urban  consumers,
   11  CPI-U,  U.S.  city  average,  all  items, 1982-84=100), published by the
   12  United States bureau of labor statistics, for each  applicable  calendar
   13  year. Said percentage shall equal fifty percent of the annual inflation,
   14  AND  EFFECTIVE  THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN SHALL EQUAL
   15  ONE HUNDRED PERCENT OF THE ANNUAL  INFLATION,  as  determined  from  the
   16  increase  in  the  consumer price index in the one year period ending on
   17  the March thirty-first prior to the cost-of-living adjustment  effective
   18  on the ensuing September first. Said percentage shall then be rounded up
   19  to  the  next higher one-tenth of one percent and shall not exceed three
   20  percent nor be less than one percent.
   21    S 4. Subdivision d of section 13-696 of the administrative code of the
   22  city of New York, as added by chapter  125  of  the  laws  of  2000,  is
   23  amended to read as follows:
   24    d.  The  percentage  referred  to  in this section shall be determined
   25  annually by reference to the consumer price index (all urban  consumers,
   26  CPI-U,  U.S.  city  average,  all  items, 1982-84=100), published by the
   27  United States bureau of labor statistics, for each  applicable  calendar
   28  year. Said percentage shall equal fifty percent of the annual inflation,
   29  AND  EFFECTIVE  THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN SHALL EQUAL
   30  ONE HUNDRED PERCENT OF THE ANNUAL  INFLATION,  as  determined  from  the
   31  increase  in  the  consumer price index in the one year period ending on
   32  the March thirty-first prior to the cost-of-living adjustment  effective
   33  on the ensuing September first. Said percentage shall then be rounded up
   34  to  the  next higher one-tenth of one percent and shall not exceed three
   35  percent nor be less than one percent.
   36    S 5. This act shall take effect immediately.
         FISCAL NOTE.-- This bill would provide  an  increase  in  the  defined
       benefit  cost-of-living adjustment (COLA) for New York public retirement
       systems.  Starting with a payment in September 2010 the cost  of  living
       adjustment  will be increased from fifty percent of the annual inflation
       to one hundred percent of the annual inflation, not to exceed an  annual
       increase of 3%.
         Insofar  as  this bill affects the New York State and Local Employees'
       Retirement System and the New York  State  and  Local  Police  and  Fire
       Retirement System, if this bill were enacted there would be an estimated
       first  year cost of approximately $310 million to the State of New York,
       $415 million to participating employers in the New York State and  Local
       Employees'  Retirement  System  and  $50  million  to  the participating
       employers in the New York State and Local  Police  and  Fire  Retirement
       System.
         This estimate, dated December 1, 2009 and Intended for use only during
       the  2010  Legislative  Session, is Fiscal Note No. 2010-29, prepared by
       the Actuary for the New  York  State  and  Local  Employees'  Retirement
       System  and  the  New  York  State  and Local Police and Fire Retirement
       System.