Post-Retirement Benefit Adjustment History

Post

ERS

FY25

A 0.25% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 0.25% increase to those who receive a monthly benefit as of July 1, 2024.

FY24

A one-time payment of $568.92 or the amount of the regular monthly ERS benefit (whichever is less) will be paid at the end of June 2024 to most retirees and beneficiaries.

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.

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.

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

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

FY17

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

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 bonus of 1.5% of their annual benefit payable October 2009 – this was a one-time check not compounded on the monthly benefit

FY09

A total of 2% was granted (1% payable July 2008 and 1% January 2009)

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

FY25 A 1.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.0% increase to those who receive a monthly benefit as of July 1, 2024.
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

FY25 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, 2024.
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

FY25 A 1.0% Cost-of-Living Adjustment (COLA) for retirees and beneficiaries. The COLA will be paid as a 1.0% increase to those who receive a monthly benefit as of July 1, 2024.
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

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 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)