The spouse of a deceased retiree receiving a lifetime benefit under an option elected by the retiree at retirement or.A disability retiree for five years or.Age 55 or older and retired for ten or more years (uniformed employees such as police officers, firefighters and correction officers covered by a special plan that allows for retirement, regardless of age, after a specific number of years) or.Age 62 or older and retired for five or more years or.To begin receiving COLA payments, you must be: Retirees who receive their pension through direct deposit will also receive a notification of the net change in your monthly pension amount at the end of September if you are eligible to receive this COLA increase. You can sign in to your Retirement Online account to view a current breakdown of your pension payment. The September 2022 COLA equals 3 percent, for a maximum annual increase of $540.00, or $45.00 per month before taxes. If your Single Life Allowance is less than $18,000, the COLA calculation is based on your actual retirement benefit. Using the Single Life Allowance provides you the highest COLA amount possible, since this option offers the highest benefit. This percentage is then applied up to the first $18,000 of your pension as if you had chosen the Single Life Allowance pension payment option, even if you selected a different option at retirement. The annual COLA will be at least 1 percent, but no more than 3 percent, of your benefit. The law requires that COLA payments be calculated based on 50 percent of the annual rate of inflation, measured at the end of the State fiscal year (March 31). Included in your monthly pension benefit (once you become eligible), it’s designed to address inflation as it occurs. What is Cost-of-Living Adjustment (COLA)?Ī Cost-of-Living Adjustment (COLA) is a permanent annual increase to your retirement benefit that is based on the cost-of-living index and a formula set by State law.
This Google™ translation feature is provided for informational purposes only.