The FY2020 budget, signed into law by the Governor on July 31, 2019, included a cost-of-living adjustment (COLA) for our retirees of 3% on the first $13,000 of the benefit, for a maximum increase of $390 per year, or $32.50 per month (3% x $13,000 = $390/year; $390/year divided by 12 months = $32.50/month).
Since the FY2020 budget was not approved as of the date we had to process our retirees’ July benefits, the new COLA could not be included in the July benefit payment. We will, however, include the FY2020 COLA—retroactive to July 1—in our eligible benefit recipients’ August payments, payable on 08/30/2019. Recipients with effective retirement dates on or before 6/30/2018 are eligible for this year’s COLA.
For more info on the COLA, see Cost-of-living adjustment eligibility and history