Bill Text: NY S01809 | 2009-2010 | General Assembly | Amended
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 (Republican 1-0)
Status: (Introduced - Dead) 2010-01-25 - PRINT NUMBER 1809A [S01809 Detail]
Download: New_York-2009-S01809-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
1809--A
2009-2010 Regular Sessions
I N S E N A T E
February 9, 2009
___________
Introduced by Sen. LANZA -- read twice and ordered printed, 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 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:
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,
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05613-04-0
S. 1809--A 2
1 AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN SHALL EQUAL
2 ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
3 increase in the consumer price index in the one year period ending on
4 the March thirty-first prior to the cost-of-living adjustment effective
5 on the ensuing September first. Said percentage shall then be rounded up
6 to the next higher one-tenth of one percent and shall not exceed three
7 percent nor be less than one percent.
8 S 3. Subdivision d of section 532-a of the education law, as added by
9 chapter 125 of the laws of 2000, is amended to read as follows:
10 d. The percentage referred to in this section shall be determined
11 annually by reference to the consumer price index (all urban consumers,
12 CPI-U, U.S. city average, all items, 1982-84=100), published by the
13 United States bureau of labor statistics, for each applicable calendar
14 year. Said percentage shall equal fifty percent of the annual inflation,
15 AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN SHALL EQUAL
16 ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
17 increase in the consumer price index in the one year period ending on
18 the March thirty-first prior to the cost-of-living adjustment effective
19 on the ensuing September first. Said percentage shall then be rounded up
20 to the next higher one-tenth of one percent and shall not exceed three
21 percent nor be less than one percent.
22 S 4. Subdivision d of section 13-696 of the administrative code of the
23 city of New York, as added by chapter 125 of the laws of 2000, is
24 amended to read as follows:
25 d. The percentage referred to in this section shall be determined
26 annually by reference to the consumer price index (all urban consumers,
27 CPI-U, U.S. city average, all items, 1982-84=100), published by the
28 United States bureau of labor statistics, for each applicable calendar
29 year. Said percentage shall equal fifty percent of the annual inflation,
30 AND EFFECTIVE THE FIRST DAY OF SEPTEMBER, TWO THOUSAND TEN SHALL EQUAL
31 ONE HUNDRED PERCENT OF THE ANNUAL INFLATION, as determined from the
32 increase in the consumer price index in the one year period ending on
33 the March thirty-first prior to the cost-of-living adjustment effective
34 on the ensuing September first. Said percentage shall then be rounded up
35 to the next higher one-tenth of one percent and shall not exceed three
36 percent nor be less than one percent.
37 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.
