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Learn the answers to our most frequently asked questions about regarding cost of living adjustments and eligibility in 2023.
2023 COLA Frequently Asked Questions
Members of seventy-six municipal (MERS) pension plans will receive a cost-of-living adjustment (COLA) in 2023.
View the document below for a full list of employers eligible for a COLA in 2023.
Download to view a list of employers eligible for a COLA in 2023.
All members of these 76 plans who retired before June 30, 2012 and were previously receiving or eligible for a COLA will receive a COLA beginning the month following their retirement date.
General MERS members of these MERS plans who retired after June 30, 2012 will be eligible to receive a COLA three years after their retirement date or at their Social Security Normal Retirement Age, whichever is later.
Police and Fire MERS members of these plans who retired between July 1, 2012 and June 30, 2015 will be eligible to receive a COLA three years after their retirement date or when they reach age 55, whichever is later.
Police and Fire MERS members of these plans who retired after June 30, 2015 will be eligible to receive a COLA three years after their retirement date or when they reach age 50, whichever is later.
Current eligible beneficiaries of the Teachers’ Survivor Benefit receive the same COLA granted to members of Social Security. The increase, which begins in January 2023, is 8.7% as announced by the Social Security Administration in October 2022.
Eligible retirees of the 76 MERS plans will see an increase of 3.11% on the first $28,878 of their annual pension benefit for calendar year 2023.
The Teachers’ Survivor Benefits plan COLA is determined by the Social Security Administration.
Municipal plans that are part of MERS, and have adopted a COLA provision, provide a 2023 COLA when the actuary determines the individual plan is at least 80% funded as of June 30, 2022.
Plans that have chosen not to offer a COLA and plans that are not 80% funded do not provide a COLA to members.
Recipients of the Teachers’ Survivor Benefit (TSB) will receive a COLA as determined by the Social Security Administration.
NOTE: There may be years that the Social Security Administration does not grant a COLA.
