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A COLA for pensioners

Posted 6/24/22

To the Editor:
Back in September 1999, Chapter 390 of the Laws of 1998, and later action by the City Council, provided a cost-of-living adjustment (COLA) to be paid to certain pensioners of the NYC Employees Retirement System in two stages: Retroactive to September 1998, a COLA was provided to pensioners who retired prior to 1993 and was based on the first $13,500 of the pensioner’s annual maximum retirement allowance, and, in September 1999, a COLA was provided to those pensioners who retired in 1993. Since that time, many of those pensioners have passed away, but the rest of us retired 30+ years and making under $13,500 certainly need a cost-of-living adjustment comparable to what was paid out to other pensioners, and, calculated on how long the pensioner has been retired. In other words, the cost of-living adjustment should be more for those pensioners who have been retired longer. Currently the very small incremental annual increases the pensioners receive continue to keep many retirees way below the poverty level. The precedent set in 1998-1999 should apply even more so today especially since inflation is at an all-time high and a dollar doesn't buy as much as it did at one time. New York City retirees deserve better and it’s time for the City Council to provide more to pensioners.

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