Cost-of-Living Adjustment (COLA) for 2023 has been announced by NYCERS. Each year, NYCERS makes an annual Cost-of-Living Adjustment (COLA) to the retirement allowance of eligible retirees. Here are three things you should know about COLA:
- COLA is an annual adjustment to your retirement allowance based on the Consumer Price Index (CPI).
- If eligible, your 2023 COLA payment is 2.5% of your Annual Maximum Retirement Allowance (AMRA) or $18,000, whichever is less.
- See COLA Fact Sheet #707 (also attached below) for a list of eligible retirees who will receive COLA.
If you’re eligible to receive COLA, it will be reflected in your September 30, 2023 pension payment.