During the Annual Board meetings on April 20, 2017, 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 Cost of Living Adjustments (COLAs) or other post-retirement benefit adjustments to retirees and beneficiaries in payment as of July 1, 2017.  Actions taken by the Boards are as follows:

ERS

APPROVED: A 3% one-time, non-compounded payment for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit, with the following stipulations:

• must have a retirement effective date on or before 12/1/2016 and receive a pension benefit in July 2017, and
• non-disability retirees must be at least 45 years of age or older
• disability retirees have no age restrictions
• not available to GSEPS retirees with a membership date on or after 7/1/2009 (this group is specifically excluded by statute from receiving COLA payments)
• Early Retirement Exception – COLA Eligibility is based on attaining age 60, or the date 30 years would have been attained if continuous employment had continued, whichever is earlier

LRS

APPROVED: A 3% one-time, non-compounded payment for retirees and beneficiaries, with the following stipulations:

• must have a retirement effective date on or before 12/1/2016 and receive a pension benefit in July 2017, 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 7/1/2009 (this group is specifically excluded by statute from receiving COLA payments)

JRS

APPROVED: A 2% monthly COLA for retirees and beneficiaries, effective July 2017, with the following stipulations:

• must have a retirement effective date on or before 12/1/2016, 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 7/1/2009 (this group is specifically excluded by statute from receiving COLA payments)

PSERS

APPROVED: A 2% monthly COLA for retirees and beneficiaries, effective July 2017, with the following stipulations:

• must have a retirement effective date on or before 12/1/2016, and
• non-disability retirees must be at least 45 years of age or older
• disability retirees have no age restrictions

The COLAs for JRS and PSERS are expected to be added to payees’ pension payments beginning with their July 2017 payments. The one-time payments for ERS and LRS are expected to be dated August 3, 2017.  The payments will be direct deposited for payees whose regular monthly benefit is direct deposited; all others will be mailed.