Provides a cost-of-living adjustment for members of retirement systems

This bill increases the base amount used to calculate cost-of-living adjustments (COLAs) for retirement system members from $18,000 to $21,000 annually. It affects current and future retirees covered by specific retirement systems under New York State law (including public employees, education workers, and city of New York retirees). The key change modifies how COLAs are computed, raising the threshold for the calculation base effective September 1, 2026. This does not directly increase retirement payments but adjusts the formula used to determine future COLA increases. The bill amends multiple sections of retirement and education laws to implement this change.