Decreases the time period before certain retirees receive a cost of living adjustment to their benefits.

This bill would amend the eligibility for the cost-of-living adjustment (COLA) for retirees in New York City's retirement systems. Specifically, it would reduce the time period before certain retirees receive a COLA. For service and vested retirees, the eligibility period would decrease from age 62 and retired for five years to age 62 and retired for two years. For those better than the above, the period would decrease from age 55 and retired for ten years to age 55 and retired for five years.

Decreases the time period before certain retirees receive a cost of living adjustment to their benefits.

This bill would amend the eligibility for the cost-of-living adjustment (COLA) for retirees in New York City's retirement systems. Specifically, it would reduce the time period before certain retirees receive a COLA. For service and vested retirees, the eligibility period would decrease from age 62 and retired for five years to age 62 and retired for two years. For those better than the above, the period would decrease from age 55 and retired for ten years to age 55 and retired for five years.