July 2016 statement message
TO MEMBERS WHO RETIRED ON OR BEFORE 6/30/2015: As you may know, the Governor and Legislature approved a 3% cost-of-living adjustment (COLA) as part of the Commonwealth's FY2017 budget. Effective July 1, 2016, this COLA allows an increase of 3% on the first $13,000 of the retirement benefit, for a maximum increase of $390/year or $32.50/month. Members who retired on or before 6/30/2015 are eligible to receive this COLA. The COLA is included in this month's gross amount, which will be your new monthly gross amount until any future COLAs are granted. Questions? See mass.gov/mtrs or call 617-679-6877.