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To the editor:
Will there ever be a cost-of-living adjustment (COLA) for New York City pensioners that provides a livable income?
In September 1999, following Chapter 390 of the Laws of 1998 and subsequent City Council action, a COLA was provided to certain NYC Employees’ Retirement System pensioners. This adjustment was retroactive to September 1998 for those who retired prior to 1993, based on the first $13,500 of their annual maximum retirement allowance. In September 1999, it was extended to 1993 retirees.
Since then, many of those pensioners have passed away. Those of us who retired over 30 years ago and receive less than $13,500 annually urgently need a COLA comparable to what other pensioners receive. This adjustment should be calculated based on the length of retirement, providing more support to those who have been retired the longest.
Currently, the small incremental annual increases continue to keep many retirees well below the poverty level. The precedent set in 1998–1999 is even more critical today, as high inflation significantly reduces our purchasing power. New York City retirees deserve better, and it is time for the City Council to provide adequate support to its pensioners.
DB Brugman
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Joel Frank
The City's no-care policy is SHAME-SHAME-SHAME!!! Social Security Income includes an annual COLA. This should not be a reason for the City to adopt a no-care policy. We paid into TWO systems and BOTH should have a COLA benefit.
Thursday, July 23 Report this