Bill Text: NY S06282 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides a cost-of-living adjustment for members of retirement systems.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO CIVIL SERVICE AND PENSIONS [S06282 Detail]

Download: New_York-2015-S06282-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6282
                    IN SENATE
                                       (Prefiled)
                                     January 6, 2016
                                       ___________
        Introduced  by  Sen. RITCHIE -- 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 c 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    c. Said cost-of-living adjustment shall be computed on a base  benefit
     5  amount  not to exceed eighteen thousand dollars of the annual retirement
     6  allowance defined in subdivision b of this section.   Effective  on  the
     7  first  day  of  September,  two  thousand  sixteen,  said cost-of-living
     8  adjustment shall be computed on a base  benefit  amount  not  to  exceed
     9  twenty-five  thousand dollars of the annual retirement allowance defined
    10  in subdivision b of this section.
    11    § 2. Subdivision c of section 378-a of the retirement and social secu-
    12  rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
    13  read as follows:
    14    c.  Said cost-of-living adjustment shall be computed on a base benefit
    15  amount not to exceed eighteen thousand dollars of the annual  retirement
    16  allowance  defined  in  subdivision b of this section.  Effective on the
    17  first day  of  September,  two  thousand  sixteen,  said  cost-of-living
    18  adjustment  shall  be  computed  on  a base benefit amount not to exceed
    19  twenty-five thousand dollars of the annual retirement allowance  defined
    20  in subdivision b of this section.
    21    §  3. Subdivision c of section 532-a of the education law, as added by
    22  chapter 125 of the laws of 2000, is amended to read as follows:
    23    c. Said cost-of-living adjustment shall be computed on a base  benefit
    24  amount  not to exceed eighteen thousand dollars of the annual retirement
    25  allowance defined in subdivision b of this section.   Effective  on  the
    26  first  day  of  September,  two  thousand  sixteen,  said cost-of-living
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11017-02-5