Annual Cost-of-Living Adjustment (COLA)
On August 10, 2023, MainePERS Board of Trustees adopted the 2023 cost-of-living adjustment (COLA) using the Consumer Price Index – Urban Consumers (CPI-U) rate compiled by the U.S. Department of Labor’s Bureau of Labor Statistics on June 30, 2023, as the basis for COLA for all pension plans to which it applies. Since the June 30, 2023 rate was 3.0%, all plans will receive the maximum COLA allowable by law.
Eligible recipients will first see the COLA reflected in their September pension payment.
Eligible State, Teacher, Judicial, and Legislative retirement plan retirees will receive the 3% COLA on their benefit up to $24,911.84 (which is the 2023 base), or a maximum increase of $62.28/month. The 2023 COLA base will increase by 3%, to $25,659.20, which will be the COLA base in 2024. The total amount that will be paid to the approximately 38,300 eligible benefit recipients in these plans during the next 12 months as a result of the 2023 COLA is expected to be approximately $20,125,000.
Eligible Participating Local District – Consolidated Plan (PLD) retirees will receive a 2.5% COLA on their current benefit. The total amount that will be paid to the approximately 9,100 eligible benefit recipients in this plan during the next 12 months as a result of the 2023 COLA is expected to be approximately $4,340,000.
For information about eligibility requirements and how your plan implements this COLA click on the appropriate plan button below. You may also call our office at 800-451-9800 and speak with one of our service representatives.
