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

FY 2024 COLA STATUS

UPDATE AS OF August 9, 2023: FY24 COLA is Approved for Eligible MSERS Benefit Recipients

Governor Healey signed the Fiscal Year 2024 (FY24) Budget on August 9, 2023. The FY' 2024 (July 1, 2023-June 30, 2024) budget includes a 3% COLA (Cost-of-Living Adjustment) on the first $13,000 base pension increase for eligible retirees of the State Employees Retirement System.

The COLA is effective as of July 1, 2023, for those eligible members who retired prior to July 1, 2022.  Eligible MSERS benefit recipients will receive the COLA in their 8/31/23 benefit payment, and it will be retro to July 1, 2023. 

To track the progress of the Legislature's budgetary process, click here. If you have any questions about the COLA amount or base, please contact your local state legislator or the Governor's Office.

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.