Provides cost-of-living adjustments for certain public retirees, including an adjusted benefit in monthly installments.

This bill 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. Specifically, it provides an adjusted benefit in monthly installments that is equal to the percentage of the change in consumer price index according to the included schedule. The adjusted benefit is computed on a base benefit amount not to exceed eighteen thousand dollars of the retirement allowance otherwise payable, computed without optional modification.

Provides cost-of-living adjustments for certain public retirees, including an adjusted benefit in monthly installments.

This bill 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. Specifically, it provides an adjusted benefit in monthly installments that is equal to the percentage of the change in consumer price index according to the included schedule. The adjusted benefit is computed on a base benefit amount not to exceed eighteen thousand dollars of the retirement allowance otherwise payable, computed without optional modification.