Post-Retirement Benefit Adjustment History
ERS
|
FY2027 |
A 2.25% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.25% increase to those who receive a monthly benefit as of July 1, 2026. ERS COLA Calculation for FY2027 |
|
FY2026 |
A one-time payment equal to 5% of the annual ERS benefit in pay as of December 2025, to a maximum payment of $837.72. |
|
FY2026 |
A 0.50% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 0.50% increase to those who receive a monthly benefit as of July 1, 2025. ERS COLA Calculation for FY2026 |
|
FY2025 |
A one-time payment equal to 4.5% of the annual ERS benefit in pay as of June 2025, to a maximum payment of $572.64. |
|
FY2025 |
A 0.25% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 0.25% increase to those who receive a monthly benefit as of July 1, 2024. ERS COLA Calculation for FY2025 |
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FY2024 |
A one-time payment equal to 4.75% of the annual ERS benefit in pay as of June 2024, to a maximum payment of $568.92. |
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FY2024 |
A 0.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 0.5% increase to those who receive a monthly benefit as of July 1, 2023. ERS COLA Calculation for FY2024 |
|
FY2023 |
A one-time payment of $531.27 or the amount of the regular monthly ERS benefit (whichever is less) will be paid at the end of June 2023 to most retirees and beneficiaries. |
|
FY2023 |
A 1.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.5% increase to those who receive a monthly benefit as of July 1, 2022. ERS COLA Calculation for FY2023 |
|
FY2022 |
Two one-time, non-compounded payments for ERS retirees and beneficiaries. The payments will be made to those who receive a monthly benefit as of July 1, 2021, and January 1, 2022, respectively. Each payment will be 3% of the payee’s annual benefit up to an income cap of $30,000. The total payment to someone receiving payment on both dates will be 6% of the annual benefit up to $30,000. |
|
FY2021 |
No COLAs granted |
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FY2020 |
Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
|
FY2019 |
Two 2% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
|
FY2018 |
3% one-time, non-compounded payment for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
|
FY2017 |
3% one-time, non-compounded payment for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
|
FY2016 |
No COLAs granted |
|
FY2015 |
No COLAs granted |
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FY2014 |
No COLAs granted |
|
FY2013 |
No COLAs granted |
|
FY2012 |
No COLAs granted |
|
FY2011 |
No COLAs granted |
|
FY2010 |
A bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit |
|
FY2009 |
A total of 2% was granted (1% payable July 2008 and 1% January 2009) |
|
FY2008 |
A total of 2% was granted (1.5% payable July 2007 and .5% January 2008) |
|
FY2007 |
A total of 3% was granted (1.5% payable July 2006 and 1.5% January 2007) |
LRS
| FY2027 | A 2.8% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.8% increase to those who receive a monthly benefit as of July 1, 2026. LRS COLA Calculation for FY2027 |
| FY2026 | A 2.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.5% increase to those who receive a monthly benefit as of July 1, 2025. LRS COLA Calculation for FY2026 |
| FY2025 | A 1.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.0% increase to those who receive a monthly benefit as of July 1, 2024. LRS COLA Calculation for FY2025 |
| FY2024 | A 2.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.0% increase to those who receive a monthly benefit as of July 1, 2023. |
| FY2023 | A 1.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.5% increase to those who receive a monthly benefit as of July 1, 2022. |
| FY2022 | Two one-time, non-compounded payments for LRS retirees and beneficiaries. The payments will be made to those who receive a monthly benefit as of July 1, 2021, and January 1, 2022, respectively. Each payment will be 3% of the payee’s annual benefit up to an income cap of $30,000. The total payment to someone receiving payment on both dates will be 6% of the annual benefit up to $30,000. |
| FY2021 | No COLAs granted |
| FY2020 | Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY2019 | Two 2% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY2018 | A 3% one-time, non-compounded payment for retirees and beneficiaries |
| FY2017 | A 3% one-time, non-compounded payment for retirees and beneficiaries |
| FY2016 | No COLAs granted |
| FY2015 | No COLAs granted |
| FY2014 | No COLAs granted |
| FY2013 | No COLAs granted |
| FY2012 | No COLAs granted |
| FY2011 | No COLAs granted |
| FY2010 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2010) |
| FY2009 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2009) |
| FY2008 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2008) |
| FY2007 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2007) |
PSERS
| FY2027 | A 2.8% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.8% increase to those who receive a monthly benefit as of July 1, 2026. PSERS COLA Calculation for FY2027 |
| FY2026 | A 1.25% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.25% increase to those who receive a monthly benefit as of July 1, 2025. PSERS COLA Calculation for FY2026 |
| FY2025 | A 0.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 0.5% increase to those who receive a monthly benefit as of July 1, 2024. PSERS COLA Calculation for FY2025 |
| FY2024 | A 3.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 3.0% increase to those who receive a monthly benefit as of July 1, 2023. |
| FY2023 | A 1.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.5% increase to those who receive a monthly benefit as of July 1, 2022. |
| FY2022 | A 3% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as two 1.5% increases to those who receive a monthly benefit as of July 1, 2021, and January 1, 2022, respectively. |
| FY2021 | No COLAs granted |
| FY2020 | A 3% COLA for retirees and beneficiaries; the COLA will be paid as two 1.5% increases to those who receive a monthly benefit as of July 1, 2019, and January 1, 2020, respectively |
| FY2019 | A 2% monthly COLA for retirees and beneficiaries, effective July 2018 |
| FY2018 | A 2% monthly COLA for retirees and beneficiaries, effective July 2017 |
| FY2017 | A 2% monthly COLA for retirees and beneficiaries, effective July 2016 |
| FY2016 | No COLAs granted |
| FY2015 | No COLAs granted |
| FY2014 | No COLAs granted |
| FY2013 | No COLAs granted |
| FY2012 | No COLAs granted |
| FY2011 | No COLAs granted |
| FY2010 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2010) |
| FY2009 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2009) |
| FY2008 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2008) |
| FY2007 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2007) |
JRS
| FY2027 | A 2.8% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.8% increase to those who receive a monthly benefit as of July 1, 2026. JRS COLA Calculation for FY2027 |
| FY2026 | A 2.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.5% increase to those who receive a monthly benefit as of July 1, 2025. JRS COLA Calculation for FY2026 |
| FY2025 | A 1.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.0% increase to those who receive a monthly benefit as of July 1, 2024. JRS COLA Calculation for FY2025 |
| FY2024 | A 2.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 2.0% increase to those who receive a monthly benefit as of July 1, 2023. |
| FY2023 | A 1.5% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.5% increase to those who receive a monthly benefit as of July 1, 2022. |
| FY2022 | Two one-time, non-compounded payments for JRS retirees and beneficiaries. The payments will be made to those who receive a monthly benefit as of July 1, 2021, and January 1, 2022, respectively. Each payment will be 3% of the payee’s annual benefit up to an income cap of $30,000. |
| FY2021 | No COLAs granted |
| FY2020 | Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY2019 | Two 2% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY2018 | A 2% monthly COLA for retirees and beneficiaries, effective July 2017 |
| FY2017 | A 2% monthly COLA for retirees and beneficiaries, effective July 2016 |
| FY2016 |
No COLAs granted |
| FY2015 |
No COLAs granted |
| FY2014 |
No COLAs granted |
| FY2013 |
No COLAs granted |
| FY2012 |
No COLAs granted |
| FY2011 |
No COLAs granted |
| FY2010 | A bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit |
| FY2009 |
FY09 – A total of 1.5% was granted effective July 1, 2008 for the fiscal year |
| FY2008 | A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2008) |
| FY2007 | A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2007) |