S 7783 New York Senate · 2025 Regular Session

Relates to providing increases of cost-of-living adjustments

Bill S 7783 aims to increase the maximum cost-of-living adjustments (COLAs) for public retirees. Currently, these annual adjustments, which are tied to consumer price index changes, are capped at three percent. Effective September 1, 2027, this bill raises the maximum COLA percentage from three percent to five percent, while maintaining a one percent minimum adjustment. This change directly affects public retirees whose benefits are subject to these COLA provisions.

Bill status in committee 1 of 4 stages cleared

Introduction

May 2025

Committee Review

Floor Vote

Governor

Introduced May 6, 2025 Last action May 13, 2026

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What changed between versions

S7783 → S7783A · 4 edits

MODERATE

This bill amends the cost-of-living adjustment (COLA) for New York State and local retirement systems, raising the maximum annual increase from 3% to 5% effective September 2028. The revision also updates the fiscal estimates to reflect the higher cost, adjusting the projected present value of benefits and the state's required contribution for retrospective funding.

Scope change

The scope of the bill remains focused on the same retirement systems (NYSLERS and NYSLPFRS), but the financial impact and specific funding obligations have increased due to the higher COLA cap.

TIMELINE

The effective date for the new 5% COLA cap was changed from September 2027 to September 2028.

FISCAL

The state's required one-time payment to fund retrospective benefit increases was increased from $819 million to $806 million, with the payment deadline moved from March 1, 2026, to March 1, 2027.

The projected annual contribution required from participating employers was updated, increasing the estimated cost to the state from $4.8 million to $5.5 million and to local employers from $7.3 million to $8.2 million.

The total estimated increase in the present value of benefits was revised from approximately $844 million for NYSLERS and $91.7 million for NYSLPFRS to $840 million and $94 million, respectively.

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Full legislative history

Actions timeline

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Key actions

Committee

Amendments

May 13, 2026

Upper · Passed

PRINT NUMBER 7783A

upper

May 13, 2026

Upper · Passed

AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

upper

Jan 7, 2026

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

May 6, 2025

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

1 primary · 1 co-sponsor