Bill Text: NY S06049 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Provides a cost-of-living adjustment for New York public retirement systems.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced - Dead) 2018-03-19 - PRINT NUMBER 6049A [S06049 Detail]

Download: New_York-2017-S06049-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6049
                               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 a 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    a. [A] Effective on the first day of September,  two  thousand  seven-
     5  teen, a cost-of-living adjustment shall be payable on the basis provided
     6  for  in  this  section  to:  (i)  all  pensioners  who have attained age
     7  [sixty-two] fifty-five and have been retired for five years;  (ii)  [all
     8  pensioners  who  have  attained age fifty-five and have been retired for
     9  ten years; (iii)] all disability pensioners regardless of age  who  have
    10  been retired for five years; and [(iv)] (iii) all recipients of an acci-
    11  dental  death  benefit  regardless  of  age who have been receiving such
    12  benefit for five years.
    13    § 2. Subdivision a of section 378-a of the retirement and social secu-
    14  rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
    15  read as follows:
    16    a.  [A]  Effective  on the first day of September, two thousand seven-
    17  teen, a cost-of-living adjustment shall be payable on the basis provided
    18  for in this section  to:  (i)  all  pensioners  who  have  attained  age
    19  [sixty-two]  fifty-five  and  have been retired for five years; and (ii)
    20  [all pensioners who have attained age fifty-five and have  been  retired
    21  for  ten  years;  and (iii)] all disability pensioners regardless of age
    22  who have been retired for five years.
    23    § 3. Subdivision a of section 532-a of the education law, as added  by
    24  chapter 125 of the laws of 2000, is amended to read as follows:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11287-01-7
        S. 6049                             2
     1    a.  [A]  Effective  on the first day of September, two thousand seven-
     2  teen, a cost-of-living adjustment shall be payable on the basis provided
     3  for in this section  to:  (i)  all  pensioners  who  have  attained  age
     4  [sixty-two]  fifty-five  and have been retired for five years; (ii) [all
     5  pensioners  who  have  attained age fifty-five and have been retired for
     6  ten years; (iii)] all disability pensioners regardless of age  who  have
     7  been retired for five years; and [(iv)] (iii) all recipients of an acci-
     8  dental  death  benefit  regardless  of  age who have been receiving such
     9  benefit for five years.
    10    § 4. Subdivision a of section 13-696 of the administrative code of the
    11  city of New York, as amended by chapter 288 of  the  laws  of  2001,  is
    12  amended to read as follows:
    13    a.  [A]  Effective  on the first day of September, two thousand seven-
    14  teen, a cost-of-living adjustment shall be payable to retired members of
    15  the New York city employees' retirement system, the New York city teach-
    16  ers' retirement system, the New York city police pension fund,  the  New
    17  York  city  fire  department  pension  fund,  the New York city board of
    18  education retirement system or  the  relief  and  pension  fund  of  the
    19  department  of  street  cleaning  provided for in subchapter one of this
    20  chapter on the basis provided for in this section to:  (i)  all  retired
    21  members  who  have  attained  age  [sixty-two]  fifty-five and have been
    22  retired for five years; (ii) [all retired members who have attained  age
    23  fifty-five  and  have been retired for ten years; (iii)] all members who
    24  retired for disability regardless of age who have been retired for  five
    25  years;  and  [(iv)]  (iii) all recipients of an accidental death benefit
    26  regardless of age who have been receiving such benefit for five years.
    27    § 5. This act shall take effect immediately.