NYS Comptroller Thomas Napoli has announced a Cost-of-Living Adjustment (COLA) of 3% for September 2022 for a maximum annual increase of $540.00, or $45.00 per month before taxes.
Eligible retired public employees automatically receive an annual COLA increase each September.
Who is eligible to receive a Cost-of-Living Adjustment?
- Disability retirees, regardless of age, who have been retired for at least years
- Service retirees who are at least age 62 AND who have been retired for at least years
- Service retirees who are at least age 55 AND who have been retired for at least 10 years years
- Spouses receiving a Joint-and- are eligible to receive 50% of the monthly COLA for which the retiree would have been eligible
View full eligibility here.
How COLA is Determined?
COLA payments be calculated based on 50 percent of the annual rate of inflation, measured at the end of the State fiscal year (March 31). The annual COLA will be at least 1 percent, but no more than 3 percent, of your benefit. This percentage is then applied up to the first $18,000 of your pension as if you had chosen the Single Life Allowance pension payment option, even if you selected a different option at retirement. Using the Single Life Allowance provides you the highest COLA amount possible, since this option offers the highest benefit. If your Single Life Allowance is less than $18,000, the COLA calculation is based on your actual retirement benefit.
The annual NYCERS COLA letter was mailed on September 20, 2021. For full info, visit the NYS Comptrollers Office website here.
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