FY 2021 Retiree COLA Update
We are pleased to inform you that if you retired before July 1, 2020, and are otherwise eligible, the approved 3% COLA (Cost-of-Living Adjustment) increase for eligible retirees of the State Employees' Retirement System will be included in the July 30, 2021 benefit payment. The COLA, effective July 1, 2021, is 3% of the first $13,000 of your annual benefit paid in monthly installments.
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. For FY 2021, the recommendation by the Governor, the House, and the Senate was a 3% increase on the first $13,000 of a member's annual pension benefit.
The FY 2021 retiree COLA (cost of living adjustment) for members of the State Employees Retirement System retro-active to July 1, 2020 was approved. Most retirees saw the COLA ($32.50 x 6 months = $195) included with their December 31, 2020 benefit payment.
Member's who retired before July 1, 2019, and were otherwise eligible, the COLA provides an increase of 3% of up to the first $13,000 of your annual benefit paid in monthly installments. This means a maximum increase of $390/year or $32.50/month, retro-active to July 1, 2020.
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.