S 8160: Increases the base benefit amount for computation of pension cost-of-living adjustments.

  
  STATE OF NEW YORK ________________________________________________________________________ 8160 2025-2026 Regular Sessions  IN SENATE May 15, 2025 ___________ Introduced by Sen. JACKSON -- 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 and the education law, in relation to increasing the base benefit amount for computation of pension 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. Subdivisions c and d of section 78-a of the retirement and 2 social security law, as added by chapter 125 of the laws of 2000, are 3 amended to read as follows: 4 c. [Said] (i) In calendar years two thousand three through two thou- 5 sand twenty-five, said cost-of-living adjustment shall be computed on a 6 base benefit amount not to exceed eighteen thousand dollars of the annu- 7 al retirement allowance defined in subdivision b of this section. 8 (ii) In calendar year two thousand twenty-six and thereafter, said 9 cost-of-living adjustment shall be computed on a base benefit amount not 10 to exceed twenty-one thousand dollars of the annual retirement allowance 11 defined in subdivision b of this section, except that effective on the 12 first day of September, two thousand twenty-six, the cost-of-living 13 adjustment shall be computed on a base benefit amount not to exceed 14 twenty-one thousand dollars of the annual retirement allowance defined 15 in subdivision b of this section. 16 d. The percentage referred to in this section shall be determined 17 annually by reference to the consumer price index (all urban consumers, 18 CPI-U, U.S. city average, all items, 1982-84=100), published by the 19 United States bureau of labor statistics, for each applicable calendar 20 year. Said percentage shall equal fifty percent of the annual inflation, 21 as determined from the increase in the consumer price index in the one 22 year period ending on the March thirty-first prior to the cost-of-living 23 adjustment effective on the ensuing September first. [Said] (i) In 24 calendar years two thousand three through two thousand twenty-four, said EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11214-01-5 
 S. 8160 2 1 percentage shall equal one hundred percent of the annual inflation, as 2 determined from the increase in the consumer price index in the one-year 3 period ending on the March thirty-first prior to the cost-of-living 4 adjustment effective on the next succeeding September first. 5 (ii) In calendar year two thousand twenty-five and thereafter, said 6 percentage shall then be rounded up to the next higher one-tenth of one 7 percent and shall not exceed three percent nor be less than one percent, 8 except that, commencing the first day of September, two thousand twen- 9 ty-six, the cost-of-living adjustments paid between the first day of 10 September, two thousand three and the first day of September, two thou- 11 sand twenty-four shall equal one hundred percent of the annual 12 inflation, as determined from the increase in the consumer price index 13 in the one year period ending on the March thirty-first prior to the 14 cost-of-living adjustment effective on the ensuing September first. Said 15 percentage shall then be rounded up to the next higher one-tenth of one 16 percent and shall not exceed three percent nor be less than one percent. 17 § 2. Subdivisions c and d of section 378-a of the retirement and 18 social security law, as added by chapter 125 of the laws of 2000, are 19 amended to read as follows: 20 c. Said cost-of-living adjustment shall be computed on a base benefit 21 amount not to exceed eighteen thousand dollars of the annual retirement 22 allowance defined in subdivision b of this section, except that, effec- 23 tive on the first day of September, two thousand twenty-six, the cost- 24 of-living adjustment shall be computed on a base benefit amount not to 25 exceed twenty-one thousand dollars of the annual retirement allowance 26 defined in subdivision b of this section. 27 d. The percentage referred to in this section shall be determined 28 annually by reference to the consumer price index (all urban consumers, 29 CPI-U, U.S. city average, all items, 1982-84=100), published by the 30 United States bureau of labor statistics, for each applicable calendar 31 year. Said percentage shall equal fifty percent of the annual inflation, 32 as determined from the increase in the consumer price index in the one 33 year period ending on the March thirty-first prior to the cost-of-living 34 adjustment effective on the ensuing September first. Said percentage 35 shall then be rounded up to the next higher one-tenth of one percent and 36 shall not exceed three percent nor be less than one percent, except 37 that, commencing the first day of September, two thousand twenty-six, 38 the cost-of-living adjustments paid between the first day of September, 39 two thousand three and the first day of September, two thousand twenty- 40 three shall equal one hundred percent of the annual inflation, as deter- 41 mined from the increase in the consumer price index in the one year 42 period ending on the March thirty-first prior to the cost-of-living 43 adjustment effective on the ensuing September first. Said percentage 44 shall then be rounded up to the next higher one-tenth of one percent and 45 shall not exceed three percent nor be less than one percent. 46 § 3. Subdivisions c and d of section 532-a of the education law, as 47 added by chapter 125 of the laws of 2000, are amended to read as 48 follows: 49 c. Said cost-of-living adjustment shall be computed on a base benefit 50 amount not to exceed eighteen thousand dollars of the annual retirement 51 allowance defined in subdivision b of this section, except that effec- 52 tive on the first day of September, two thousand twenty-six, the cost- 53 of-living adjustment shall be computed on a base benefit amount not to 54 exceed twenty-one thousand dollars of the annual retirement allowance 55 defined in subdivision b of this section. 
 S. 8160 3 1 d. The percentage referred to in this section shall be determined 2 annually by reference to the consumer price index (all urban consumers, 3 CPI-U, U.S. city average, all items, 1982-84=100), published by the 4 United States bureau of labor statistics, for each applicable calendar 5 year. Said percentage shall equal fifty percent of the annual inflation, 6 as determined from the increase in the consumer price index in the one 7 year period ending on the March thirty-first prior to the cost-of-living 8 adjustment effective on the ensuing September first. Said percentage 9 shall then be rounded up to the next higher one-tenth of one percent and 10 shall not exceed three percent nor be less than one percent, except 11 that, commencing the first day of September, two thousand twenty-six, 12 the cost-of-living adjustments paid between the first day of September, 13 two thousand three and the first day of September, two thousand twenty- 14 four shall equal one hundred percent of the annual inflation, as deter- 15 mined from the increase in the consumer price index in the one year 16 period ending on the March thirty-first prior to the cost-of-living 17 adjustment effective on the ensuing September first. Said percentage 18 shall then be rounded up to the next higher one-tenth of one percent and 19 shall not exceed three percent nor be less than one percent. 20 § 4. Notwithstanding any other provision of law to the contrary, none 21 of the provisions of this act shall be subject to section 25 of the 22 retirement and social security law. 23 § 5. This act shall take effect September 1, 2026; provided, however, 24 that no benefits payable prior to the first day of September two thou- 25 sand twenty-five shall be affected by this act.