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Who is Eligible to Receive a COLA in 2024?
Members of eighty-three municipal (MERS) pension plans that are funded over 80% will receive a cost-of-living adjustment (COLA) in 2024 of 2.84% on the first $29,776.
Members in units less than 80% funded will receive 25% of the COLA, or 0.71% in 2024 on the first $35,731 of annual benefit if retired before 6/30/2015 or $29,776 if retired after 6/30/2015.
View the full list of employers eligible for the full 2.84% COLA in 2024
All members of these 83 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 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 2024, is 3.2% as announced by the Social Security Administration in Fall 2023.
