5% increase on the first $13,000 of your benefit, or $650 per year

As you may know, the Legislature approved the FY 2023 budget on July 18th and the Governor signed it into law on July 28th.  The budget includes a cost-of-living adjustment (COLA) effective July 1, 2022, which provides an increase of five percent on the first $13,000 of your retirement benefit, for a maximum increase of $650 per year or $54.17 per month (5% x $13,000/year = $650/year; $650/year ÷ 12 months = $54.17/month).

Unfortunately, the budget was signed after the cutoff date for MTRS July pension payments, so the FY2023 COLA could not be included in the July payment; instead, it will be paid to eligible recipients in their August payment, which will include the COLA amount for BOTH July and August 2022.

You are eligible to receive this COLA if you are:

  • a retiree who retired on or before June 30, 2021;
  • a survivor of an Option C retiree who retired on or before June 30, 2021;
  • a survivor of a member who died while in active service on or before June 30, 2021; or,
  • an accidental death benefit recipient whose benefit began on or before June 30, 2021.

Questions? See your benefit payment or email GenInfo@trb.state.ma.us.