When Will I Receive My COLA?

July 31, 2017: Most retirees will receive Cost of Living Adjustments (COLAs) in 2017. The COLA is a permanent increase in the amount of the pension benefit. Most members will see the increase in the month after their retirement date.

(For example, if a member retired in the month of May, he or she will likely see their benefit level increase to reflect the COLA beginning in June.)

The Cost of Living Adjustment for this year is 0.74%. The size of the COLA is based on a formula tied to the Consumer Price Index and the investment performance of the pension fund.

For eligible retired state employees and teachers, as well as certain municipal employees, the 0.74% increase will be applied to the first $31,318 of pension benefit, resulting in an increase of up to $231.75 per year.

For other municipal retirees, the increase will be applied to the first $26,098 of pension benefit, resulting in an increase of up to $193.13 per year.

Notice to teachers: Many teachers retire following the school year with a June 30  effective termination date and a retirement date of July 1. This means that many retired teachers will begin receiving their 2017 COLAs in August.