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To the editor:
The New York State budget for Fiscal Year 2027 contains too little good news for New York City retirees.
The restructuring of Tier 6 for teachers should have been extended to all retirees, including NYCERS and BERS.
Governor Kathy Hochul and the legislature once again ignored the need to update the pension COLA to reflect the affordability crisis many retirees face. The current $18,000 cap was established over 20 years ago and needs to be adjusted to reflect the change in inflation rate.
The maximum benefit needs to be raised to one-half of the cost-of-living up to 3 percent of $35,000. This cap must be adjusted annually to reflect that year’s actual inflation rate. This annual COLA should be equal for all beneficiaries, regardless of pension.
The five-year waiting period should be eliminated.
All city retirees should receive their Medicare Part B reimbursement the following month in their pensions, the same as New York State retirees on Medicare. This should be a priority for our City legislators.
We continue to support the "Health Equity for Retirees Act” (S 9945) with its provision for protecting the health insurance benefits of all protecting the health insurance benefits of all public service retirees both before eligibility for Medicare and those on Medicare.
Retirees are also exceedingly disappointed by the derailing of the State's climate laws.
After signing the law, it was the governor's hypocritical delays and obstruction that made the targets to transform the energy sector unreachable. The governor has traded New Yorkers' health and affordability to mollify and satisfy fossil fuel corporate polluters.
Stuart Eber
Eber is the president of Council of Municipal Retiree Organizations of New York City (COMRO).
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Joel Frank
The current retiree COLA formula is: 3 % X $18,000 = $540.00. Based on the rate of inflation it can be less but not more.
Thursday, June 4 Report this
Etoile
@StuEber Thank you for writing to bring these important points to the fore. Most important yet you did not mention at all the delayed pension payments that can upend the entire NYC pension system. The re-amortization scheme is bad news at any time. With the shifting financial and political environment this is a big gross error on the part of Mamdani, Hochul, Menin, Levina, the NYC City Council , and the NYS Legislature. Kick the can down the road and for $7.6B higher total when it comes due in 2037. Who will take responsiblity for the mess then? The city will reach into retiree pockets through healthcare benefits by raising the deductible and already onerous copays, while diminishing or eliminating the welfare fund benefits. What's the goal here? To close Mamdani's budget for one single year, or to destroy the lives and security of the first responders, surviving spouses, disabled and elderly who dedicated decades to making NYC function?
Thursday, June 4 Report this
krell1349
Couldn't agree with you more about the pension COLA. Also, I did not know that NY State retirees received their Medicare reimbursement in their pensions the following month. Interesting and a great idea for City retirees like me.
Thursday, June 4 Report this
Valete
The current 3% cost-of-living adjustment (COLA) on $18,000.00 is outdated and requires revision to accurately reflect the true cost of living for retirees, taking into account inflation. Numerous retiree pensions fall short of meeting the challenges of maintaining a sustainable standard of living, particularly in New York City.
Friday, June 5 Report this
Joel Frank
The automatic retiree COLA formula began on July 1, 2000.
Saturday, June 6 Report this
krell1349
Finally something the Word Man and I agree on. There is some common ground.
Saturday, June 6 Report this
Valete
Mr. Frank,
As mentioned in your post, the automatic retiree COLA formula commenced on July 1, 2000. Considering the passage of 26 years, one would anticipate revisions, but unfortunately, none have been implemented.
Considering the current COLA formula, it would be beneficial to make some adjustments to ensure that retiree income remains commensurate with the escalating cost of living in New York City. I think that is a reasonable expectation, don’t you?
Saturday, June 6 Report this