July payment will include COLA of 3% on the first $13,000 of your benefit
As you may know, the Governor and Legislature have approved a cost-of-living adjustment (COLA) as part of the Commonwealth’s FY2019 budget. Effective July 1, 2018, this COLA allows an increase of three percent on the first $13,000 of your retirement benefit, for a maximum increase of $390 per year or $32.50 per month (3% x $13,000/year = $390/year; $390/year ÷ 12 months = $32.50/month).
You are eligible to receive this COLA if you are:
- a retiree who retired on or before June 30, 2017;
- a survivor of an Option C retiree who retired on or before June 30, 2017;
- a survivor of a member who died while in active service on or before June 30, 2017; or,
- an accidental death benefit recipient whose benefit began on or before June 30, 2017.
If you are eligible to receive this COLA, it will be included in your July 2018 payment and, if you receive your payment via direct deposit, you will receive a mailed statement this month. Your monthly gross amount for July will then be your new monthly gross amount until any future COLAs are granted.
For more information, see Your Benefit Payment › Cost-of-Living adjustments and How to read your check or direct deposit statement.