State/Teacher, Legislative and Judicial Plan Recipients (COLA)
2023 Cost-of-Living Adjustment (COLA) increases
Who: Those receiving a monthly State/Teacher, Legislative or Judicial benefit and are eligible for COLA in 2023*
What: Permanent Increase to monthly benefit
When: Paid as a part of your monthly benefit, beginning September 2023
How: 3% paid on first $24,911.84 of benefit.
*Normal Retirement Age 60: Your effective date of retirement must have been on or before September 1, 2022.
*Normal Retirement age 62 or 65:You must have reached your normal retirement age by August 31, 2022 and your effective date of retirement must have been on or before September 1, 2022.
If you are eligible for a COLA, your benefit will increase by 3% on the first $24,911.84 of your annual benefit. This is a permanent increase in your benefit. For example, if your annual benefit is $25,000, your benefit will increase by $747.36 ($24,911.84 multiplied by 3%) for a total of $25,747.36.
The $24,911.84 COLA base will be adjusted each year going forward for any COLA paid. For example, the COLA base in 2024 will be the 2023 base of $24,911.84 plus the 3% COLA ($747.36) for a new COLA base of $25,659.20.