Improvements in the COLA
Passed by the Retired Teachers’ Chapter membership meeting on March 20, 2007. This resolution was amended and approved by the NYSUT Representative Assembly on April 27, 2007.
WHEREAS, NYSUT has successfully achieved the enactment of permanent COLA legislation; and
WHEREAS, this is a significant first step in rectifying the long-term loss of purchasing power for our retirees; and
WHEREAS, despite these long sought after improvements having been achieved, more needs to be done to protect the financial security of retired public employees; therefore be it
RESOLVED, that NYSUT continue to seek legislation to expand the current law so that the COLA will ultimately be based upon 100% of one’s pension.
RESOLVED, that NYSUT continue to seek legislation to expand the current law so the COLA will be based upon the full consumer price index.
RESOLVED, that NYSUT seek legislation to eliminate the waiting period for the COLA.
RESOLVED, that NYSUT capitalize on the new opportunity presented by a new governor and a new legislature and that NYSUT redouble its efforts to seek legislation and to expand the current law so that the COLA will provide enhanced inflation protection for older retirees.