New York S07614 provides a cost-of-living adjustment for New York public retirement systems.

New York S07614 amends the retirement and social security law to lower the eligibility age for cost-of-living adjustments (COLA) for pensioners. Effective September 1, 2026, COLA will be payable to pensioners who have attained age fifty-five and have been retired for at least five years. This change primarily benefits current and former members of Tiers 1-5, with the cost borne by current and future members of Tier 6. The bill also affects the New York State and Local Police and Fire Retirement System, increasing the present value of benefits by approximately $346 million.

New York S07614 provides a cost-of-living adjustment for New York public retirement systems.

New York S07614 amends the retirement and social security law to lower the eligibility age for cost-of-living adjustments (COLA) for pensioners. Effective September 1, 2026, COLA will be payable to pensioners who have attained age fifty-five and have been retired for at least five years. This change primarily benefits current and former members of Tiers 1-5, with the cost borne by current and future members of Tier 6. The bill also affects the New York State and Local Police and Fire Retirement System, increasing the present value of benefits by approximately $346 million.