Board Approves Maximum COLA for 2022
At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022.
By statute, SERS’ COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%. While the Board has the authority to adjust the percentage to maintain the financial stability of the fund, data provided to the Board from the actuary indicates that awarding a 2.5% COLA would not materially impair the fiscal integrity of the system.
Benefit recipients whose benefit effective date is on or after April 1, 2018, must wait until the fourth anniversary of their allowance or benefit before receiving a COLA.