N.Y. Education Law § 532-a: Cost-of-living adjustment

§ 532-a. Cost-of-living adjustment. a. 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 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) all

recipients of an accidental death benefit regardless of age who have

been receiving such benefit for five years.

b. Said cost-of-living adjustment shall be a percentage of the annual

retirement allowance otherwise payable, computed without optional

modification, excluding any annuity derived from voluntary contributions

made by members, except those made pursuant to elections under

subdivision one of section five hundred eleven-a or paragraph c of

subdivision three of section five hundred sixteen of this article, but

including any benefit derived from subdivision f of this section and any

prior year's cost-of-living adjustment derived from this section. Said

percentage is set forth in subdivision d of this section.

c. Said cost-of-living adjustment shall be computed on a base benefit

amount not to exceed eighteen thousand dollars of the annual retirement

allowance defined in subdivision b of this section.

d. The percentage referred to in this section shall be determined

annually by reference to the consumer price index (all urban consumers,

CPI-U, U.S. city average, all items, 1982-84=100), published by the

United States bureau of labor statistics, for each applicable calendar

year. Said percentage shall equal fifty percent of the annual inflation,

as determined from the increase in the consumer price index in the one

year period ending on the March thirty-first prior to the cost-of-living

adjustment effective on the ensuing September first. Said percentage

shall then be rounded up to the next higher one-tenth of one percent and

shall not exceed three percent nor be less than one percent.

e. Said cost-of-living adjustment shall be payable in monthly

installments and shall take effect September first of each year

commencing with a payment for the month of September, two thousand one,

or, if later, as soon as practicable after the retired member first

becomes eligible to receive the benefits provided pursuant to paragraph

a of this section.

f. Commencing September first, two thousand, all retired members who

have retired prior to the calendar year nineteen hundred ninety-seven

and who meet the eligibility criteria set forth in subdivision a of this

section shall be paid an adjusted benefit in monthly installments on the

basis provided for in this subdivision. Said adjusted benefit shall be

equal to a percentage of the change in consumer price index (all urban

consumers, CPI-U, U.S. city average, all items, 1982-84=100), published

by the United States bureau of labor statistics, measured from the year

of retirement through calendar year nineteen hundred ninety-seven

according to the following schedule:

Year of retirement Percentage

1968 through 1996 50%

1966 and 1967 55%

1965 60%

1964 65%

1963 70%

1962 80%

1961 90%

prior to 1961 100%

Said adjusted benefit shall be computed on a base benefit amount not to

exceed eighteen thousand dollars of the retirement allowance otherwise

payable, computed without optional modification excluding any annuity

derived from voluntary contributions made by members, except those made

pursuant to elections under subdivision one of section five hundred

eleven-a or paragraph c of subdivision three of section five hundred

sixteen of this article. Any benefits received pursuant to this

subdivision shall be in lieu of any benefits received pursuant to

section five hundred thirty-two of this article, unless such benefits

are in excess of those provided by this section, in which case such

benefits shall be paid by the retirement system pursuant to such

provision.

g. Notwithstanding any other provision of law, the surviving spouse of

a deceased retired member who retired under an option which provides

that benefits are to be continued for life to the surviving spouse after

the death of the retired member, shall be entitled to receive benefits

pursuant to this section. Said benefits shall be fifty percent of the

monthly benefits which the pensioner would be receiving pursuant to this

section if living, and shall commence (i) with a payment for the month

of September, two thousand, or (ii) the month following the death of the

deceased retired member, whichever is later.

h. The benefits provided pursuant to this section shall be in lieu of

the benefits presently provided by section five hundred ten or article

four or six of the retirement and social security law unless such

benefits are in excess of those provided by this section, in which case

such benefits shall be paid by the retirement system pursuant to such

provision.

i. The liability created by this section shall be funded through the

normal rate of contribution in accordance with subparagraph two of

paragraph f of subdivision two of section five hundred seventeen of this

article.