COLA (Cost-of-Living Adjustment) Updates (MSRB)

FY 2023 COLA STATUS

 

FY 2023 Retiree COLA Update: APPROVED!

We are pleased to inform you that if you retired before July 1, 2021, and are otherwise eligible, the approved 5% COLA (Cost-of-Living Adjustment) increase for eligible retirees of the State Employees' Retirement System will be included in the July 2022 benefit payment. The COLA, effective July 1, 2022, is 5% of the first $13,000 of your annual benefit paid in monthly installments.

This means a maximum increase of $650/year or $54.17/month.

If you have direct deposit and have not elected to Go Green, you will receive a statement in the mail as a record of your monthly benefit. You can also view your statement online at mass.gov/payinfo. Your ID is on your statement below your name.

What is a COLA?

The COLA is a Cost-of-Living Adjustment for eligible retired state employees receiving a pension. A COLA is handled by the Legislature, which includes Senators, Representatives and the Governor. Each year, they may or may not recommend a COLA amount to include in the state's annual budget.

If you have additional questions about the COLA, please contact your local State Senator and Representative. Visit https://malegislature.gov/ to find your Legislator’s contact information.

As always, you can view your benefit pay statements online at www.mass.gov/payinfo. Your ID is on your statement below your name.

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