ERS June 2023 One-Time Payment COLA/Post-Retirement Benefit Adjustment
Please note that the ERS one-time payments have been processed. Only active payees (retirees / beneficiaries) at the time the one-time payment was processed at the end of June 2023 will receive this payment. The amount allotted to ERS for the one-time payment was allocated to the active payees based on the eligibility below. Those with direct deposit should see the deposit within three business days of the check date 06/30/2023.
A one-time payment of about $531.27 to be paid at the end of June 2023 to eligible retirees and beneficiaries, with the following restrictions:
- If the regular monthly ERS benefit is less than $531.27, 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 $531.27, 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
- 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
* Note: Normal Retirement is age 60 with at least 10 years or 30 years at any age. Those retired under Early Retirement must have reached age 60, or what would have been 30 years of service, at least 12 months prior to June 2023.