New York A05307 amends retirement laws to provide cost-of-living adjustments for certain public retirees.

New York A05307 amends the retirement and social security law, the education law, and the administrative code of the city of New York to provide cost-of-living adjustments for certain public retirees. The bill introduces adjusted benefits in monthly installments for retirees who retired prior to 1997, calculated based on the change in the consumer price index. The adjusted benefit percentages vary by the year of retirement, ranging from 50% to 100%. The bill also specifies that these benefits will be in lieu of any other benefits received under certain sections.

New York A05307 amends retirement laws to provide cost-of-living adjustments for certain public retirees.

New York A05307 amends the retirement and social security law, the education law, and the administrative code of the city of New York to provide cost-of-living adjustments for certain public retirees. The bill introduces adjusted benefits in monthly installments for retirees who retired prior to 1997, calculated based on the change in the consumer price index. The adjusted benefit percentages vary by the year of retirement, ranging from 50% to 100%. The bill also specifies that these benefits will be in lieu of any other benefits received under certain sections.