Please note that all COLA increases as of July 1, 2023 will be reflected in the July monthly benefit payment payable at the end of July.  The ERS One-Time Payment will be a separate payment at the end of June 2023.

During the Annual Board meetings on April 20, 2023, 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 the upcoming year. Actions taken by the Boards are as follows:

ERS One-Time Payment

A one-time payment of about $515 to be paid at the end of June 2023 to most retirees and beneficiaries, with the following restrictions:

• If the regular monthly ERS benefit is less than $515, the one-time payment will be equal to the amount of the regular monthly ERS benefit
• If a member’s survivor benefit is spread between multiple beneficiaries, each beneficiary will share pro-rata in the one-time payment described above, so that the total one-time benefit payable on behalf of the deceased member is $515, but not greater than the regular monthly survivor benefit

To be eligible for this one-time payment, the retiree or beneficiary must meet the following stipulations:

• must have a retirement effective date on or before 06/01/2022, and
• non-disability retiree’s Normal Retirement Date must be at least 12 months prior to June 2023
• disability retirees must be 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)
• no one-time payment will be made based on the receipt of a SGLI monthly annuity

The exact amount of payment will be determined at the time of payment.

ERS COLA

A 0.5% 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 07/01/2022 for the July 2023 COLA, and
• non-disability retiree’s Normal Retirement Date must be at least 12 months prior to July 2023
• disability retirees must be 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 0.5% increase as of July 1, 2023 will be reflected in the July monthly benefit payment payable at the end of July. This increase will be payable for life.

LRS COLA

A 2.0% monthly cost of living adjustment (COLA) for retirees and beneficiaries, with the following stipulations:

• must have a retirement effective date on or before 12/01/2022 for the July 2023 COLA, and
• non-disability retirees must be 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 2.0% increase as of July 1, 2023 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 NOT be paid this year.

JRS COLA

A 2.0% 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 12/01/2022 for the July 2023 COLA, and
• non-disability retirees must be 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 2.0% increase as of July 1, 2023 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 NOT be paid this year.

PSERS COLA

A 3.0% monthly cost of living adjustment (COLA) for retirees and beneficiaries, with the following stipulations:

• must have a retirement effective date on or before 12/01/2022 for the July 2023 COLA, and
• non-disability retirees must be 45 years of age or older
• disability retirees have no age restrictions

The 3.0% increase as of July 1, 2023 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 NOT be paid this year.