Bill Text: NY S06047 | 2017-2018 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Provides cost-of-living adjustments, 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S06047 Detail]
Download: New_York-2017-S06047-Introduced.html
Bill Title: Provides cost-of-living adjustments, 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-06-20 - COMMITTED TO RULES [S06047 Detail]
Download: New_York-2017-S06047-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 6047 2017-2018 Regular Sessions IN SENATE May 10, 2017 ___________ Introduced by Sen. GOLDEN -- 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, 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% 19 1963 70% 20 1962 80% 21 1961 90% 22 prior to 1961 100% EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11292-01-7S. 6047 2 1 Said adjusted benefit shall be computed on a base benefit amount not to 2 exceed eighteen thousand dollars of the retirement allowance otherwise 3 payable, computed without optional modification. Any benefit received 4 pursuant to this subdivision shall be in lieu of any benefit received 5 pursuant to section seventy-eight of this title. 6 Commencing September first, two thousand seventeen, all retired 7 members who have retired prior to the calendar year nineteen hundred 8 ninety-seven and who meet the eligibility criteria set forth in subdivi- 9 sion a of this section shall be paid an adjusted benefit in monthly 10 installments on the basis provided for in this subdivision. Said 11 adjusted benefit shall be equal to a percentage of the change in consum- 12 er price index (all urban consumers, CPI-U, U.S. city average, all 13 items, 1982-84=100), published by the United States bureau of labor 14 statistics, measured from the year of retirement through calendar year 15 nineteen hundred ninety-seven according to the following schedule: 16 Year of retirement Percentage 17 1973 through 1996 50% 18 1971 and 1972 55% 19 1970 60% 20 1969 65% 21 1968 70% 22 1967 80% 23 1966 90% 24 prior to 1966 100% 25 Said adjusted benefit commencing September first, two thousand seven- 26 teen, shall be computed on the base benefit amount of the retirement 27 allowance otherwise payable, computed without optional modification, set 28 forth herein above. Any benefit received pursuant to this subdivision 29 shall be in lieu of any benefit received pursuant to section seventy- 30 eight of this title. 31 § 2. Subdivision f of section 378-a of the retirement and social secu- 32 rity law, as added by chapter 125 of the laws of 2000, is amended to 33 read as follows: 34 f. Commencing September first, two thousand, all retired members who 35 have retired prior to the calendar year nineteen hundred ninety-seven 36 and who meet the eligibility criteria set forth in subdivision a of this 37 section shall be paid an adjusted benefit in monthly installments on the 38 basis provided for in this subdivision. Said adjusted benefit shall be 39 equal to a percentage of the change in consumer price index (all urban 40 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published 41 by the United States bureau of labor statistics, measured from the year 42 of retirement through calendar year nineteen hundred ninety-seven 43 according to the following schedule: 44 Year of retirement Percentage 45 1968 through 1996 50% 46 1966 and 1967 55% 47 1965 60% 48 1964 65% 49 1963 70% 50 1962 80% 51 1961 90% 52 prior to 1961 100% 53 Said adjusted benefit shall be computed on a base benefit amount not to 54 exceed eighteen thousand dollars of the retirement allowance otherwiseS. 6047 3 1 payable, computed without optional modification. Any benefit received 2 pursuant to this subdivision shall be in lieu of any benefit received 3 pursuant to section three hundred seventy-eight of this title. 4 Commencing September first, two thousand seventeen, all retired 5 members who have retired prior to the calendar year nineteen hundred 6 ninety-seven and who meet the eligibility criteria set forth in subdivi- 7 sion a of this section shall be paid an adjusted benefit in monthly 8 installments on the basis provided for in this subdivision. Said 9 adjusted benefit shall be equal to a percentage of the change in consum- 10 er price index (all urban consumers, CPI-U, U.S. city average, all 11 items, 1982-84=100), published by the United States bureau of labor 12 statistics, measured from the year of retirement through calendar year 13 nineteen hundred ninety-seven according to the following schedule: 14 Year of retirement Percentage 15 1973 through 1996 50% 16 1971 and 1972 55% 17 1970 60% 18 1969 65% 19 1968 70% 20 1967 80% 21 1966 90% 22 prior to 1966 100% 23 Said adjusted benefit commencing September first, two thousand seven- 24 teen, shall be computed on the base benefit amount of the retirement 25 allowance otherwise payable, computed without optional modification, set 26 forth herein above. Any benefit received pursuant to this subdivision 27 shall be in lieu of any benefit received pursuant to section three 28 hundred seventy-eight of this title. 29 § 3. Subdivision f of section 532-a of the education law, as added by 30 chapter 125 of the laws of 2000, is amended to read as follows: 31 f. Commencing September first, two thousand, all retired members who 32 have retired prior to the calendar year nineteen hundred ninety-seven 33 and who meet the eligibility criteria set forth in subdivision a of this 34 section shall be paid an adjusted benefit in monthly installments on the 35 basis provided for in this subdivision. Said adjusted benefit shall be 36 equal to a percentage of the change in consumer price index (all urban 37 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published 38 by the United States bureau of labor statistics, measured from the year 39 of retirement through calendar year nineteen hundred ninety-seven 40 according to the following schedule: 41 Year of retirement Percentage 42 1968 through 1996 50% 43 1966 and 1967 55% 44 1965 60% 45 1964 65% 46 1963 70% 47 1962 80% 48 1961 90% 49 prior to 1961 100% 50 Said adjusted benefit shall be computed on a base benefit amount not to 51 exceed eighteen thousand dollars of the retirement allowance otherwise 52 payable, computed without optional modification excluding any annuity 53 derived from voluntary contributions made by members, except those made 54 pursuant to elections under subdivision one of section five hundred 55 eleven-a or paragraph c of subdivision three of section five hundredS. 6047 4 1 sixteen of this article. Any benefits received pursuant to this subdivi- 2 sion shall be in lieu of any benefits received pursuant to section five 3 hundred thirty-two of this article, unless such benefits are in excess 4 of those provided by this section, in which case such benefits shall be 5 paid by the retirement system pursuant to such provision. 6 Commencing September first, two thousand seventeen, all retired 7 members who have retired prior to the calendar year nineteen hundred 8 ninety-seven and who meet the eligibility criteria set forth in subdivi- 9 sion a of this section shall be paid an adjusted benefit in monthly 10 installments on the basis provided for in this subdivision. Said 11 adjusted benefit shall be equal to a percentage of the change in consum- 12 er price index (all urban consumers, CPI-U, U.S. city average, all 13 items, 1982-84=100), published by the United States bureau of labor 14 statistics, measured from the year of retirement through calendar year 15 nineteen hundred ninety-seven according to the following schedule: 16 Year of retirement Percentage 17 1973 through 1996 50% 18 1971 and 1972 55% 19 1970 60% 20 1969 65% 21 1968 70% 22 1967 80% 23 1966 90% 24 prior to 1966 100% 25 Said adjusted benefit, commencing September first, two thousand seven- 26 teen, shall be computed on the base benefit amount of the retirement 27 allowance otherwise payable, computed without optional modification, set 28 forth herein above. Any benefit received pursuant to this subdivision 29 shall be in lieu of any benefit received pursuant to section five 30 hundred thirty-two of this article. 31 § 4. Subdivision f of section 13-696 of the administrative code of the 32 city of New York, as added by chapter 125 of the laws of 2000, is 33 amended to read as follows: 34 f. Commencing September first, two thousand, all retired members who 35 have retired prior to the calendar year nineteen hundred ninety-seven 36 and who meet the eligibility criteria set forth in subdivision a of this 37 section shall be paid an adjusted benefit in monthly installments on the 38 basis provided for in this subdivision. Said adjusted benefit shall be 39 equal to a percentage of the change in consumer price index (all urban 40 consumers, CPI-U, U.S. city average, all items, 1982-84=100), published 41 by the United States bureau of labor statistics, measured from the year 42 of retirement through calendar year nineteen hundred ninety-seven 43 according to the following schedule: 44 Year of retirement Percentage 45 1968 through 1996 50% 46 1966 and 1967 55% 47 1965 60% 48 1964 65% 49 1963 70% 50 1962 80% 51 1961 90% 52 prior to 1961 100% 53 Said adjusted benefit shall be computed on a base benefit amount not to 54 exceed eighteen thousand dollars of the annual fixed retirement allow- 55 ance otherwise payable, computed without optional modification. AnyS. 6047 5 1 benefit received pursuant to this subdivision shall be in lieu of any 2 benefit received pursuant to chapter three hundred ninety of the laws of 3 nineteen hundred ninety-eight, and any preceding provision of law 4 providing for supplementation. 5 Commencing September first, two thousand seventeen, all retired 6 members who have retired prior to the calendar year nineteen hundred 7 ninety-seven and who meet the eligibility criteria set forth in subdivi- 8 sion a of this section shall be paid an adjusted benefit in monthly 9 installments on the basis provided for in this subdivision. Said 10 adjusted benefit shall be equal to a percentage of the change in consum- 11 er price index (all urban consumers, CPI-U, U.S. city average, all 12 items, 1982-84=100), published by the United States bureau of labor 13 statistics, measured from the year of retirement through calendar year 14 nineteen hundred ninety-seven according to the following schedule: 15 Year of retirement Percentage 16 1973 through 1996 50% 17 1971 and 1972 55% 18 1970 60% 19 1969 65% 20 1968 70% 21 1967 80% 22 1966 90% 23 prior to 1966 100% 24 Said adjusted benefit, commencing September first, two thousand seven- 25 teen, shall be computed on the base benefit amount of the retirement 26 allowance otherwise payable, computed without optional modification, set 27 forth herein above. Any benefit received pursuant to this subdivision 28 shall be in lieu of any benefit received pursuant to section 13-695 of 29 this article. 30 § 5. This act shall take effect immediately.
