Post-Retirement Benefit Adjustment History
ERS
|
FY24 |
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. The COLA rate for FY24 was determined in accordance with the ERS COLA Methodology . View or download the specific ERS COLA Calculation for FY24. |
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FY23 |
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. |
|
FY23 |
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. |
|
FY22 |
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. |
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FY21 |
No COLAs granted |
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FY20 |
Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
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FY19 |
Two 2% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
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FY18 |
3% one-time, non-compounded payment for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
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FY17 |
3% one-time, non-compounded payment for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
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FY16 |
No COLAs granted |
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FY15 |
No COLAs granted |
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FY14 |
No COLAs granted |
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FY13 |
No COLAs granted |
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FY12 |
No COLAs granted |
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FY11 |
No COLAs granted |
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FY10 |
A bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit |
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FY09 |
A total of 2% was granted (1% payable July 2008 and 1% January 2009) |
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FY08 |
A total of 2% was granted (1.5% payable July 2007 and .5% January 2008) |
|
FY07 |
A total of 3% was granted (1.5% payable July 2006 and 1.5% January 2007) |
LRS
| FY24 | 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. |
| FY23 | 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. |
| FY22 | 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. |
| FY21 | No COLAs granted |
| FY20 | Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY19 | Two 2% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY18 | A 3% one-time, non-compounded payment for retirees and beneficiaries |
| FY17 | A 3% one-time, non-compounded payment for retirees and beneficiaries |
| FY16 | No COLAs granted |
| FY15 | No COLAs granted |
| FY14 | No COLAs granted |
| FY13 | No COLAs granted |
| FY12 | No COLAs granted |
| FY11 | No COLAs granted |
| FY10 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2010) |
| FY09 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2009) |
| FY08 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2008) |
| FY07 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2007) |
PSERS
| FY24 | 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. |
| FY23 | 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. |
| FY22 | 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. |
| FY21 | No COLAs granted |
| FY20 | 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 |
| FY19 | A 2% monthly COLA for retirees and beneficiaries, effective July 2018 |
| FY18 | A 2% monthly COLA for retirees and beneficiaries, effective July 2017 |
| FY17 | A 2% monthly COLA for retirees and beneficiaries, effective July 2016 |
| FY16 | No COLAs granted |
| FY15 | No COLAs granted |
| FY14 | No COLAs granted |
| FY13 | No COLAs granted |
| FY12 | No COLAs granted |
| FY11 | No COLAs granted |
| FY10 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2010) |
| FY09 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2009) |
| FY08 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2008) |
| FY07 | A total of 3% was granted (1.5% payable July 2009 and 1.5% January 2007) |
JRS
| FY24 | 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. |
| FY23 | 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. |
| FY22 | 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. |
| FY21 | No COLAs granted |
| FY20 | Two 3% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY19 | Two 2% one-time, non-compounded payments for retirees and beneficiaries, payable on the first $30,000 of annual pension benefit |
| FY18 | A 2% monthly COLA for retirees and beneficiaries, effective July 2017 |
| FY17 | A 2% monthly COLA for retirees and beneficiaries, effective July 2016 |
| FY16 | TBD |
| FY15 |
No COLAs granted |
| FY14 |
No COLAs granted |
| FY13 |
No COLAs granted |
| FY12 |
No COLAs granted |
| FY11 |
No COLAs granted |
| FY10 | A bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit |
| FY09 |
FY09 – A total of 1.5% was granted effective July 1, 2008 for the fiscal year |
| FY08 | A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2008) |
| FY07 | A total of 3% was granted (1.5% payable July 2007 and 1.5% January 2007) |