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

FY 2022 COLA STATUS

 

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.

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