FY2021 COLA not yet approved
Dear MTRS Retiree,
I hope you and your loved ones are well during these times.
As you may know, the MTRS cannot pay a FY2021 cost-of-living adjustment (COLA) unless it is included in the final state budget approved by the Legislature and signed into law by the Governor. At this time, the FY2021 budget has not yet been finalized. Thus, I’m afraid your July benefit payment will not include a new COLA.
If a COLA is ultimately approved in the final FY2021 budget, it will be payable to those retirees whose retirement date was on or before 06/30/2019. The amount and effective date of the COLA are set by the Governor and Legislature, with a maximum increase of 3% on the first $13,000 of your benefit.
The MTRS will keep you updated as more news becomes available.
Please know that we are closely monitoring the state budget process and will work to pay the COLA as soon as possible if it is approved.
For more information on the COLA and your benefit payment please visit Your benefit payment — Cost-of-living adjustment eligibility and history.
Please stay safe,
Erika M. Glaster
Massachusetts Teachers’ Retirement System