S 8023 New York Senate · 2025 Regular Session

Provides for cost of living adjustments for certain retirees

This bill (S 8023) shortens the waiting period for certain New York state retirees to receive cost-of-living adjustments (COLAs) to their pension benefits. It reduces the required retirement duration from five years to two years for: retirees aged 62+ or 55+ with longer service, disability retirees, and accidental death benefit recipients. The change applies to multiple retirement systems, including state teachers', police, fire, and city employee pensions. This directly affects eligible retirees by accelerating when they begin receiving COLAs to help offset inflation. The bill modifies existing law without altering benefit amounts or eligibility criteria beyond the shortened waiting period.

Bill status in committee 1 of 4 stages cleared

Introduction

May 2025

Committee Review

Floor Vote

Governor

Introduced May 15, 2025 Last action May 7, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

S8023A → S8023B · 5 edits

MODERATE

This bill updates the cost-of-living adjustment (COLA) eligibility for New York State and local retirement systems, specifically changing the funding amounts and timelines for the New York State and Local Employees' Retirement System (NYSLERS). The revision increases the estimated cost of the benefit improvement from $1.67 billion to $1.7 billion and adjusts the funding mechanism to include a one-time charge for retrospective costs. Additionally, the projected cost increases for the New York State and Local Police and Fire Retirement System (NYSLPFRS) are updated to reflect a $150 million benefit increase.

Scope change

The scope of the bill remains focused on expanding COLA eligibility for specific retirement tiers, but the financial scope has been recalculated to reflect higher projected costs and adjusted contribution rates.

FISCAL

The estimated present value of benefits for NYSLERS increased from approximately $1.67 billion to $1.7 billion, and the retrospective funding source changed from an itemized appropriation to a one-time charge.

The annual employer contribution rate for NYSLERS was increased from 0.12% to 0.14% of billable salary to cover prospective costs.

The projected benefit increase for the NYSLPFRS was updated from $154 million to $150 million, with adjusted contribution requirements for active members in Tiers 1-5 and Tier 6.

TIMELINE

The date for calculating retrospective costs in NYSLERS was updated from March 1, 2026, to March 1, 2027.

TECHNICAL

Minor formatting and line number adjustments were made to align the bill text and fiscal notes with Senate Rule 6, section 8.

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 7, 2026

Upper · Passed

PRINT NUMBER 8023B

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

Nov 3, 2025

Upper · Passed

PRINT NUMBER 8023A

upper

Nov 3, 2025

Upper · Passed

AMEND AND RECOMMIT TO CIVIL SERVICE AND PENSIONS

upper

May 15, 2025

Committee

REFERRED TO CIVIL SERVICE AND PENSIONS

upper

1 primary · 0 co-sponsors