Please note that all COLA increases as of July 1, 2024 will be reflected in the July monthly benefit payment payable at the end of July.  The ERS One-Time Payment will be a separate payment at the end of June 2024.

During the Annual Board meetings on April 18, 2024, the Boards of Trustees for the Employees’ Retirement System (ERS), the Legislative Retirement System (LRS), the Judicial Retirement System (JRS), and the Public School Employees Retirement System (PSERS) considered whether to grant post-retirement benefit adjustments to retirees and beneficiaries in the upcoming year. Actions taken by the Boards are as follows:

ERS One-Time Payment

A one-time payment equal to 4.75% of the annual ERS benefit in pay as of June 2024, to a maximum payment of about $560.

If a survivor benefit is spread between multiple beneficiaries, each beneficiary will share proportionally in the one-time payment described above, so that the total one-time benefit payable on behalf of the deceased member does not exceed a payment of about $560.

To be eligible for this one-time payment, the retiree or beneficiary must meet the following stipulations:

• must receive a monthly benefit during June 2024 – this one-time payment will not be paid in a subsequent month
• must have a retirement effective date on or before 06/01/2023
• non-disability retiree’s Normal Retirement Date must be on or before 06/01/2023

Other conditions:

• not available to GSEPS retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)
• no one-time payment will be made based on the receipt of a SGLI monthly annuity

The exact amount of payment will be determined at the time of payment.

ERS COLA

A 0.25% monthly cost of living adjustment (COLA) for retirees and beneficiaries, payable on benefits not in excess of the Social Security wage base, with the following stipulations:

• must have a retirement effective date on or before 07/01/2023 for the July 2024 COLA, and
• non-disability retiree’s Normal Retirement Date must be on or before 07/01/2023, and
• not available to GSEPS retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)
• SGLI annuities are not eligible for COLA

The 0.25% increase as of July 1, 2024 will be reflected in the July monthly benefit payment payable at the end of July. This increase will be payable for life.

LRS COLA

A 1.0% monthly cost of living adjustment (COLA) for retirees and beneficiaries, with the following stipulations:

• must have a retirement effective date on or before 12/01/2023 for the July 2024 COLA, and
• non-disability retirees must be 45 years of age or older
• disability retirees have no age restrictions
• not available to retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)

The 1.0% increase as of July 1, 2024 will be reflected in the July monthly benefit payment payable at the end of July. This increase will be payable for life. A one-time payment will NOT be paid this year.

JRS COLA

A 1.0% monthly cost of living adjustment (COLA) for retirees and beneficiaries, payable on benefits not in excess of the Social Security wage base, with the following stipulations:

• must have a retirement effective date on or before 12/01/2023 for the July 2024 COLA, and
• non-disability retirees must be 45 years of age or older
• disability retirees have no age restrictions
• not available to retirees with a membership date on or after 07/01/2009 (this group is specifically excluded by statute from receiving post retirement adjustment payments)

The 1.0% increase as of July 1, 2024 will be reflected in the July monthly benefit payment payable at the end of July. This increase will be payable for life. A one-time payment will NOT be paid this year.

PSERS COLA

A 0.5% monthly cost of living adjustment (COLA) for retirees and beneficiaries, with the following stipulations:

• must have a retirement effective date on or before 12/01/2023 for the July 2024 COLA, and
• non-disability retirees must be 45 years of age or older
• disability retirees have no age restrictions

The 0.5% increase as of July 1, 2024 will be reflected in the July monthly benefit payment payable at the end of July. This increase will be payable for life. A one-time payment will NOT be paid this year.