§ 532-a. Cost-of-living adjustment. a. A cost-of-living adjustment\nshall be payable on the basis provided for in this section to:
(i)all\npensioners who have attained age sixty-two and have been retired for\nfive years;
(ii)all pensioners who have attained age fifty-five and\nhave been retired for ten years;
(iii)all disability pensioners\nregardless of age who have been retired for five years; and (iv) all\nrecipients of an accidental death benefit regardless of age who have\nbeen receiving such benefit for five years.\n b. Said cost-of-living adjustment shall be a percentage of the annual\nretirement allowance otherwise payable, computed without optional\nmodification, excluding any annuity derived from voluntary contributions\nmade by members, except those made pursuant to electi
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§ 532-a. Cost-of-living adjustment. a. A cost-of-living adjustment\nshall be payable on the basis provided for in this section to: (i) all\npensioners who have attained age sixty-two and have been retired for\nfive years; (ii) all pensioners who have attained age fifty-five and\nhave been retired for ten years; (iii) all disability pensioners\nregardless of age who have been retired for five years; and (iv) all\nrecipients of an accidental death benefit regardless of age who have\nbeen receiving such benefit for five years.\n b. Said cost-of-living adjustment shall be a percentage of the annual\nretirement allowance otherwise payable, computed without optional\nmodification, excluding any annuity derived from voluntary contributions\nmade by members, except those made pursuant to elections under\nsubdivision one of section five hundred eleven-a or paragraph c of\nsubdivision three of section five hundred sixteen of this article, but\nincluding any benefit derived from subdivision f of this section and any\nprior year's cost-of-living adjustment derived from this section. Said\npercentage is set forth in subdivision d of this section.\n c. Said cost-of-living adjustment shall be computed on a base benefit\namount not to exceed eighteen thousand dollars of the annual retirement\nallowance defined in subdivision b of this section.\n d. The percentage referred to in this section shall be determined\nannually by reference to the consumer price index (all urban consumers,\nCPI-U, U.S. city average, all items, 1982-84=100), published by the\nUnited States bureau of labor statistics, for each applicable calendar\nyear. Said percentage shall equal fifty percent of the annual inflation,\nas determined from the increase in the consumer price index in the one\nyear period ending on the March thirty-first prior to the cost-of-living\nadjustment effective on the ensuing September first. Said percentage\nshall then be rounded up to the next higher one-tenth of one percent and\nshall not exceed three percent nor be less than one percent.\n e. Said cost-of-living adjustment shall be payable in monthly\ninstallments and shall take effect September first of each year\ncommencing with a payment for the month of September, two thousand one,\nor, if later, as soon as practicable after the retired member first\nbecomes eligible to receive the benefits provided pursuant to paragraph\na of this section.\n f. Commencing September first, two thousand, all retired members who\nhave retired prior to the calendar year nineteen hundred ninety-seven\nand who meet the eligibility criteria set forth in subdivision a of this\nsection shall be paid an adjusted benefit in monthly installments on the\nbasis provided for in this subdivision. Said adjusted benefit shall be\nequal to a percentage of the change in consumer price index (all urban\nconsumers, CPI-U, U.S. city average, all items, 1982-84=100), published\nby the United States bureau of labor statistics, measured from the year\nof retirement through calendar year nineteen hundred ninety-seven\naccording to the following schedule:\n Year of retirement Percentage\n 1968 through 1996 50%\n 1966 and 1967 55%\n 1965 60%\n 1964 65%\n 1963 70%\n 1962 80%\n 1961 90%\n prior to 1961 100%\nSaid adjusted benefit shall be computed on a base benefit amount not to\nexceed eighteen thousand dollars of the retirement allowance otherwise\npayable, computed without optional modification excluding any annuity\nderived from voluntary contributions made by members, except those made\npursuant to elections under subdivision one of section five hundred\neleven-a or paragraph c of subdivision three of section five hundred\nsixteen of this article. Any benefits received pursuant to this\nsubdivision shall be in lieu of any benefits received pursuant to\nsection five hundred thirty-two of this article, unless such benefits\nare in excess of those provided by this section, in which case such\nbenefits shall be paid by the retirement system pursuant to such\nprovision.\n g. Notwithstanding any other provision of law, the surviving spouse of\na deceased retired member who retired under an option which provides\nthat benefits are to be continued for life to the surviving spouse after\nthe death of the retired member, shall be entitled to receive benefits\npursuant to this section. Said benefits shall be fifty percent of the\nmonthly benefits which the pensioner would be receiving pursuant to this\nsection if living, and shall commence (i) with a payment for the month\nof September, two thousand, or (ii) the month following the death of the\ndeceased retired member, whichever is later.\n h. The benefits provided pursuant to this section shall be in lieu of\nthe benefits presently provided by section five hundred ten or article\nfour or six of the retirement and social security law unless such\nbenefits are in excess of those provided by this section, in which case\nsuch benefits shall be paid by the retirement system pursuant to such\nprovision.\n i. The liability created by this section shall be funded through the\nnormal rate of contribution in accordance with subparagraph two of\nparagraph f of subdivision two of section five hundred seventeen of this\narticle.\n