COLA/Post-Retirement Benefit Adjustment
July, 2022

Post

Please note that the 1.5% increase as of July 1, 2022 will be reflected in the July monthly benefit payment payable at the end of July. 

During the Annual Board meetings on April 21, 2022, the Boards of Trustees for the Employees’ Retirement System (ERS), the Legislative Retirement System (LRS), the Judicial Retirement System (JRS), and the Public School Employees Retirement System (PSERS) considered whether to grant post-retirement benefit adjustments to retirees and beneficiaries in FY 2023.  Actions taken by the Boards are as follows:

ERS

APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries, payable on benefits not in excess of the Social Security wage base, with the following stipulations:

  • must have a retirement effective date on or before 07/01/2021 for the July 2022 COLA, and
  • non-disability retiree’s Normal Retirement Date must be at least 12 months prior to July 2022
  • disability retirees must be at least 45 years of age or older
  • not available to GSEPS retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)
  • SGLI annuities are not eligible for COLA

The 1.5% increase as of July 1, 2022 will be reflected in the July monthly benefit payment payable at the end of July.  This increase will be payable for life.  A one-time payment will be paid this year.

LRS

APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries, with the following stipulations:

  • must have a retirement effective date on or before 12/1/2021 for the July 2022 COLA, and
  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions
  • not available to retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)

The 1.5% increase as of July 1, 2022 will be reflected in the July monthly benefit payment payable at the end of July.  This increase will be payable for life.  A one-time payment will be paid this year.

JRS

APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries, payable on benefits not in excess of the Social Security wage base, with the following stipulations:

  • must have a retirement effective date on or before 12/01/2021 for the July 2022 COLA, and
  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions
  • not available to retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)

The 1.5% increase as of July 1, 2022 will be reflected in the July monthly benefit payment payable at the end of July.  This increase will be payable for life.  A one-time payment will be paid this year.

PSERS

APPROVED: A 1.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries.  The COLA will be paid as a 1.5% increase as of July 1, 2022 with the following stipulations:

  • must have a retirement effective date on or before 12/01/2021 for the July 2022 COLA, and
  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions

Please note that the 1.5% increase as of July 1, 2022 will be reflected in the July monthly benefit payment payable at the end of July.