NY State Senate Bill 2017-S6049A

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 19, 2018	print number 6049a
Mar 19, 2018	amend and recommit to civil service and pensions
Jan 03, 2018	referred to civil service and pensions
May 10, 2017	referred to civil service and pensions

Bill Amendments

Original

A (Active)

2017-S6049 - Details

See Assembly Version of this Bill:: A10351
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2013-2014: S6785
2015-2016: S3919
2019-2020: S5902
2021-2022: S6651
2023-2024: S6160

2017-S6049 - Summary

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

2017-S6049 - Sponsor Memo

                                 BILL NUMBER:  S6049

 TITLE OF BILL :  An act to amend the retirement and social security
law, the education law and the administrative code of the city of New
York, in relation to providing cost-of-living adjustments

 PURPOSE :

To protect public retirees from the continued erosion of their
retirement income from inflation by providing to cost-of-living
benefits to more pensioners.

 SUMMARY OF PROVISIONS :

Section one of this bill amends subdivision a of section 78-a of the
Retirement and Social Security Law to provide cost-of-living (COLA)
pension adjustments to all pensioners who are at least 55 years old
and who have been retired for 5 years. These benefits shall be paid to
eligible retirees starting September 1, 2017.

Section two of this bill amends subdivision a of section 378-a of the
Retirement and Social Security Law to provide cost-of-living (COLA)
pension adjustments to all pensioners who are at least 55 years old
and who have been retired for 5 years. These benefits shall be paid to
eligible retirees starting September 1, 2017.

Section three of this bill amends subdivision a of section 532-a of
the Education Law to provide cost-of-living (COLA) pension adjustments
to all pensioners who are at least 55 years old and who have been
retired for 5 years. These benefits shall be paid to eligible retirees
starting September 1, 2017.

Section four of this bill amends subdivision a of section 13-696 of
the Administrative Code of New York City to provide cost-of-living
(COLA) pension adjustments to all pensioners who are at least 55 years
old and who have been retired for 5 years. These benefits shall be
paid to eligible retirees starting September 1, 2017.

Section five of this bill provides that this act shall take effect
immediately.

 JUSTIFICATION :

In 2000, Chapter 125 recognized the need to provide public retirees
with a cost-of-living (COLA) adjustment to prevent them from facing
financial hardship because the amount of their pensions did not change
even though it cost more for them to live.  Currently, public
employees who retire at age 55 must wait ten years before receiving a
COLA adjustment that would result in an increased pension, while those
who retire at age 62 only have to wait five years before receiving the
COLA adjustment.

Due to the hazardous nature of their duties, many police and Fire
personnel retire before their 62nd birthday. Allowing those who
retired at age 55 to receive a COLA adjustment after they have been
retired 5 years will help provide them with the resources needed to
combat inflation.

This bill will help ensure public retirees achieve a dignified and
secure retirement. The COLA adjustment will allow them to continue to
contribute more effectively to the long-term health of our economy.

 LEGISLATIVE HISTORY :

2014: S.6785 - Referred to Senate Civil Service & Pensions Committee.

 FISCAL IMPLICATIONS :

See Fiscal Note attached to bill.

 EFFECTIVE DATE :
This act shall take effect immediately.

2017-S6049 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6049
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 10, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- 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,  the  education
   law  and  the administrative code of the city of New York, in relation
   to providing cost-of-living adjustments

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Subdivision a of section 78-a of the retirement and social
 security law, as added by chapter 125 of the laws of 2000, is amended to
 read as follows:
   a. [A] EFFECTIVE ON THE FIRST DAY OF SEPTEMBER,  TWO  THOUSAND  SEVEN-
 TEEN, A cost-of-living adjustment shall be payable on the basis provided
 for  in  this  section  to:  (i)  all  pensioners  who have attained age
 [sixty-two] FIFTY-FIVE and have been retired for five years;  (ii)  [all
 pensioners  who  have  attained age fifty-five and have been retired for
 ten years; (iii)] all disability pensioners regardless of age  who  have
 been retired for five years; and [(iv)] (III) all recipients of an acci-
 dental  death  benefit  regardless  of  age who have been receiving such
 benefit for five years.
   § 2. Subdivision a of section 378-a of the retirement and social secu-
 rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
 read as follows:
   a.  [A]  EFFECTIVE  ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND SEVEN-
 TEEN, A cost-of-living adjustment shall be payable on the basis provided
 for in this section  to:  (i)  all  pensioners  who  have  attained  age
 [sixty-two]  FIFTY-FIVE  and  have been retired for five years; AND (ii)
 [all pensioners who have attained age fifty-five and have  been  retired
 for  ten  years;  and (iii)] all disability pensioners regardless of age
 who have been retired for five years.
   § 3. Subdivision a of section 532-a of the education law, as added  by
 chapter 125 of the laws of 2000, is amended to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11287-01-7

 S. 6049                             2
 
   a.  [A]  EFFECTIVE  ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND SEVEN-
 TEEN, A cost-of-living adjustment shall be payable on the basis provided
 for in this section  to:  (i)  all  pensioners  who  have  attained  age
 [sixty-two]  FIFTY-FIVE  and have been retired for five years; (ii) [all
 pensioners  who  have  attained age fifty-five and have been retired for
 ten years; (iii)] all disability pensioners regardless of age  who  have
 been retired for five years; and [(iv)] (III) all recipients of an acci-
 dental  death  benefit  regardless  of  age who have been receiving such
 benefit for five years.
   § 4. Subdivision a of section 13-696 of the administrative code of the
 city of New York, as amended by chapter 288 of  the  laws  of  2001,  is
 amended to read as follows:
   a.  [A]  EFFECTIVE  ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND SEVEN-
 TEEN, A cost-of-living adjustment shall be payable to retired members of
 the New York city employees' retirement system, the New York city teach-
 ers' retirement system, the New York city police pension fund,  the  New
 York  city  fire  department  pension  fund,  the New York city board of
 education retirement system or  the  relief  and  pension  fund  of  the
 department  of  street  cleaning  provided for in subchapter one of this
 chapter on the basis provided for in this section to:  (i)  all  retired
 members  who  have  attained  age  [sixty-two]  FIFTY-FIVE and have been
 retired for five years; (ii) [all retired members who have attained  age
 fifty-five  and  have been retired for ten years; (iii)] all members who
 retired for disability regardless of age who have been retired for  five
 years;  and  [(iv)]  (III) all recipients of an accidental death benefit
 regardless of age who have been receiving such benefit for five years.
   § 5. This act shall take effect immediately.

co-Sponsors

2017-S6049A (ACTIVE) - Details

See Assembly Version of this Bill:: A10351
Current Committee:: Senate Civil Service And Pensions
Law Section:: Retirement and Social Security Law
Laws Affected:: Amd §§78-a & 378-a, R & SS L; amd §532-a, Ed L; amd §13-696, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2013-2014: S6785
2015-2016: S3919
2019-2020: S5902
2021-2022: S6651
2023-2024: S6160

2017-S6049A (ACTIVE) - Summary

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

2017-S6049A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6049A

SPONSOR: GOLDEN
 
TITLE OF BILL:  An act to amend the retirement and social security
law, the education law and the administrative code of the city of New
York, in relation to providing cost-of-living adjustments

 
PURPOSE OR GENERAL IDEA OF BILL:

To protect public retirees from the continued erosion of their retire-
ment income from inflation by providing to cost-of-living benefits to
more pensioners.

 
SUMMARY OF PROVISIONS:

Section one of this bill amends subdivision a of section 78-a of the
Retirement and Social Security Law to provide cost-of-living (COLA)
pension adjustments to all pensioners who are at least 55 years old and
who have been retired for 5 years. These benefits shall be paid to
eligible retirees starting September 1, 2018.

Section two of this bill amends subdivision a of section 378-a of the
Retirement and Social Security Law to provide cost-of-living (COLA)
pension adjustments to all pensioners who are at least 55 years old and
who have been retired for 5 years. These benefits shall be paid to
eligible retirees starting September 1, 2018.

Section three of this bill amends subdivision a of section 532-a of the
Education Law to provide cost-of-living (COLA) pension adjustments to
all pensioners who are at least 55 years old and who have been retired
for 5 years. These benefits shall be paid to eligible retirees starting
September 1, 2018.

Section four of this bill amends subdivision a of section 13-696 of the
Administrative Code of New York City to provide cost-of-living (COLA)
pension adjustments to all pensioners who are at least 55 years old and
who have been retired for 5 years. These benefits shall be paid to
eligible retirees starting September 1, 2018.

Section five of this bill provides that this act shall take effect imme-
diately.

 
EXISTING LAW:

Currently under section 120.08 of the penal law, assault on a peace
officer, police officer, firefighter, emergency medical services profes-
sional in the first degree is a class C felony.

 
JUSTIFICATION:

In 2000, Chapter 125 recognized the need to provide public retirees with
a cost-of-living (COLA) adjustment to prevent them from facing financial
hardship because the amount of their pensions did not change even though
it cost more for them to live. Currently, public employees who retire at
age 55 must wait ten years before receiving a COLA adjustment that would
result in an increased pension, while those who retire at age 62 only
have to wait five years before receiving the COLA adjustment.


Due to the hazardous nature of their duties, many police and Fire
personnel retire before their 62nd birthday. Allowing those who retired
at age 55 to receive a COLA adjustment after they have been retired 5
years will help provide them with the resources needed to combat
inflation.

This bill will help ensure public retirees achieve a dignified and
secure retirement. The COLA adjustment will allow them to continue to
contribute more effectively to the longterm health of our economy.

 
PRIOR LEGISLATIVE HISTORY:

2017: S.6049 - Referred to Civil Service and Pensions

 
FISCAL IMPLICATIONS:

See Fiscal Note attached to bill.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2017-S6049A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6049--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 10, 2017
                                ___________
 
 Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Civil Service and Pensions
   -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
   accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee
 
 AN  ACT  to  amend the retirement and social security law, the education
   law and the administrative code of the city of New York,  in  relation
   to providing cost-of-living adjustments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision a of section 78-a of the retirement and  social
 security law, as added by chapter 125 of the laws of 2000, is amended to
 read as follows:
   a. [A] EFFECTIVE ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND EIGHTEEN,
 A  cost-of-living  adjustment shall be payable on the basis provided for
 in this section to: (i) all pensioners who have attained age [sixty-two]
 FIFTY-FIVE and have been retired for five years;  (ii)  [all  pensioners
 who  have  attained  age fifty-five and have been retired for ten years;
 (iii)] all disability pensioners regardless of age who have been retired
 for five years; and [(iv)] (III) all recipients of an  accidental  death
 benefit  regardless of age who have been receiving such benefit for five
 years.
   § 2. Subdivision a of section 378-a of the retirement and social secu-
 rity law, as added by chapter 125 of the laws of  2000,  is  amended  to
 read as follows:
   a. [A] EFFECTIVE ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND EIGHTEEN,
 A  cost-of-living  adjustment shall be payable on the basis provided for
 in this section to: (i) all pensioners who have attained age [sixty-two]
 FIFTY-FIVE and have been retired for five years; AND (ii) [all  pension-
 ers  who  have  attained  age  fifty-five  and have been retired for ten

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD11287-03-8

 S. 6049--A                          2

 years; and (iii)] all disability pensioners regardless of age  who  have
 been retired for five years.
   §  3. Subdivision a of section 532-a of the education law, as added by
 chapter 125 of the laws of 2000, is amended to read as follows:
   a. [A] EFFECTIVE ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND EIGHTEEN,
 A cost-of-living adjustment shall be payable on the basis  provided  for
 in this section to: (i) all pensioners who have attained age [sixty-two]
 FIFTY-FIVE  and  have  been retired for five years; (ii) [all pensioners
 who have attained age fifty-five and have been retired  for  ten  years;
 (iii)] all disability pensioners regardless of age who have been retired
 for  five  years; and [(iv)] (III) all recipients of an accidental death
 benefit regardless of age who have been receiving such benefit for  five
 years.
   § 4. Subdivision a of section 13-696 of the administrative code of the
 city  of  New  York,  as  amended by chapter 288 of the laws of 2001, is
 amended to read as follows:
   a. [A] EFFECTIVE ON THE FIRST DAY OF SEPTEMBER, TWO THOUSAND EIGHTEEN,
 A cost-of-living adjustment shall be payable to retired members  of  the
 New  York city employees' retirement system, the New York city teachers'
 retirement system, the New York city police pension fund, the  New  York
 city  fire department pension fund, the New York city board of education
 retirement system or the relief and pension fund of  the  department  of
 street  cleaning  provided  for in subchapter one of this chapter on the
 basis provided for in this section to: (i) all retired members who  have
 attained  age  [sixty-two]  FIFTY-FIVE  and  have  been retired for five
 years; (ii) [all retired members who have attained  age  fifty-five  and
 have  been  retired  for  ten  years; (iii)] all members who retired for
 disability regardless of age who have been retired for five  years;  and
 [(iv)] (III) all recipients of an accidental death benefit regardless of
 age who have been receiving such benefit for five years.
   § 5. This act shall take effect immediately.
   FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
   This  bill  would  provide an increase in the defined benefit cost-of-
 living adjustment (COLA) for New York public retirement systems.  Start-
 ing with a payment in September 2018, COLA will be payable to pensioners
 who have attained age fifty-five and been retired at least five years.
   Insofar as this bill affects the New York State and  Local  Employees'
 Retirement  System,  pursuant to Section 25 of the Retirement and Social
 Security Law, the increased costs would be borne entirely by  the  State
 of  New  York  and would require an itemized appropriation sufficient to
 pay the cost of the provision. If this bill were enacted,  the  increase
 in the present value of benefits would be approximately $418 million.
   Insofar  as  this bill affects the New York State and Local Police and
 Fire Retirement System (PFRS), the increased costs would  be  shared  by
 the  State  of  New York and the participating employers in the PFRS. If
 this bill were enacted, the increase in the present  value  of  benefits
 would  be approximately $77 million. The estimated first year cost would
 be approximately $1.8 million to the State of New York and approximately
 $7.5 million to the participating employers in the PFRS.
   Summary of relevant resources:
   The membership data used in  measuring  the  impact  of  the  proposed
 change  was  the same as that used in the March 31, 2017 actuarial valu-
 ation.  Distributions and other statistics can  be  found  in  the  2017
 Report  of  the  Actuary  and  the  2017  Comprehensive Annual Financial
 Report.

 S. 6049--A                          3
 
   The actuarial assumptions and methods used are described in the  2015,
 2016,  and  2017  Annual  Report to the Comptroller on Actuarial Assump-
 tions, and the Codes Rules and Regulations of the  State  of  New  York:
 Audit and Control.
   The Market Assets and GASB Disclosures are found in the March 31, 2017
 New  York  State  and  Local  Retirement System Financial Statements and
 Supplementary Information.
   I am a member of the American Academy of Actuaries and meet the Quali-
 fication Standards to render the actuarial opinion contained herein.
   This estimate, dated January 19,  2018,  and  intended  for  use  only
 during  the  2018  Legislative  Session,  is  Fiscal  Note  No. 2018-37,
 prepared by the Actuary for the New  York  State  and  Local  Retirement
 System.

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Senate Bill S6049A

Sponsored By

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Bill Amendments

2017-S6049 - Details

2017-S6049 - Summary

2017-S6049 - Sponsor Memo

2017-S6049 - Bill Text download pdf

co-Sponsors

2017-S6049A (ACTIVE) - Details

2017-S6049A (ACTIVE) - Summary

2017-S6049A (ACTIVE) - Sponsor Memo

2017-S6049A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S6049A

Share this bill

Sponsored By

Martin J. Golden

Archive: Last Bill Status - In Senate Committee Civil Service And Pensions Committee

Bill Amendments

2017-S6049 - Details

2017-S6049 - Summary

2017-S6049 - Sponsor Memo

2017-S6049 - Bill Text download pdf

co-Sponsors

Joseph P. Addabbo Jr.

Tony Avella

Luis R. Sepúlveda

2017-S6049A (ACTIVE) - Details

2017-S6049A (ACTIVE) - Summary

2017-S6049A (ACTIVE) - Sponsor Memo

2017-S6049A (ACTIVE) - Bill Text download pdf

Comments