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 2018, the recommendation by the Governor, the House and the Senate was a 3% increase on the first $13,000 of your annual benefit.
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.
FY 2018 COLA: APPROVED!
On Monday July 17, 2017, Governor Baker approved most of the FY 2018 budget, including the retiree COLA (Cost-of-Living Adjustment), as submitted by the Legislature. If you retired prior to July 1, 2016 and are otherwise eligible, your July 31, 2017 benefit payment included the COLA.
The COLA allows an increase of 3% of the first $13,000 of your annual benefit paid in monthly installments, and was effective on July 1, 2017, for a maximum increase of $390/year or $32.50/month.
If you have direct deposit and have not elected to go-green you should have received a July statement. We suggest you keep the statement as a record of your monthly benefit. As always, you can view your statement online at www.mass.gov/payinfo. Your ID is on your statement below your name