Relates to providing increases of cost-of-living adjustments

This bill updates the cost-of-living adjustment rules for public retirees, including those in the education system and city of New York. It changes the maximum annual increase from three percent to five percent, effective September 1, 2025, while keeping the minimum increase at one percent. The adjustments will continue to be calculated based on fifty percent of the annual inflation rate as measured by the Consumer Price Index.