Annual Cost-of-Living Adjustment (COLA)
On August 13, 2020, MainePERS Board of Trustees adopted the 0.6% Consumer Price Index – Urban Consumers (CPI-U) rate compiled by the U.S. Department of Labor’s Bureau of Labor Statistics on June 30, 2020, as the basis for 2020 cost-of-living adjustment (COLA) for all pension plans to which it applies.
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 0.6% COLA on their benefit up to $22,810.25 (which is the 2020 base), or a maximum increase of $11.41/month. The 2021 COLA-base will increase by 0.6%, to $22,947.11. The total amount that will be paid to the approximately 36,400 eligible benefit recipients in these plans during the next 12 months as a result of the 2020 COLA is expected to be approximately $3,600,000.
Eligible Participating Local District – Consolidated Plan (PLD) retirees will receive a 0.6% COLA on their current benefit. The total amount that will be paid to the approximately 8,500 eligible benefit recipients in this plan during the next 12 months as a result of the 2020 COLA is expected to be approximately $900,000.
You can read more about eligibility requirements and how your plan implements this COLA by clicking your COLA info below. You can also call our office at 800-451-9800 and speak with one of our service representatives.