S 7614 New York Senate · 2025 Regular Session

Relates to applying cost-of-living adjustments

Bill S 7614 modifies the eligibility requirements for cost-of-living adjustments (COLAs) for New York public retirement systems. Effective September 1, 2025, it lowers the age requirement for general pensioners to receive a COLA from age 62 to age 55, provided they have been retired for five years. The bill also streamlines eligibility for disability pensioners and accidental death benefit recipients, who will continue to be eligible after five years regardless of age. These changes apply to various state and New York City retirement systems.

Bill status in committee 1 of 4 stages cleared

Introduction

Apr 2025

Committee Review

Floor Vote

Governor

Introduced Apr 23, 2025 Last action May 7, 2026

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What changed between versions

S7614 → S7614A · 5 edits

MODERATE

This bill was amended to update its effective date from September 2025 to September 2026 and to adjust the projected financial impact on retirement systems. The changes reflect a shift in the timeline for when pensioners will receive cost-of-living adjustments, which consequently alters the estimated costs and funding requirements for the state and employers.

Scope change

The bill's scope regarding eligible pensioners remains unchanged, but the timeline for implementation has been delayed by one year.

TIMELINE

The effective date for the cost-of-living adjustment was changed from September 2025 to September 2026.

FISCAL

The estimated increase in the present value of benefits for the NYSLERS system was reduced from approximately $599 million to $346 million due to the delayed implementation.

The state's required payment to fund retrospective costs for NYSLERS was reduced from $373 million (due March 1, 2026) to $263 million (due March 1, 2027).

The projected increase in present value of benefits for the NYSLPFRS system was adjusted from $126 million to $116 million.

The annual employer contribution increase for NYSLERS was revised to 0.04% of billable salary, with updated cost-sharing figures between the state and local employers.

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Full legislative history

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Committee

Amendments

May 7, 2026

Upper · Passed

PRINT NUMBER 7614A

upper

May 7, 2026

Upper · Passed

AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

upper

Jan 7, 2026

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

Apr 23, 2025

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

1 primary · 2 co-sponsors