Eligible retirees will see an increase in their monthly benefit payments beginning with their September 28 payment, thanks to New York’s automatic cost-of-living adjustment (COLA). The increase will be effective for a 12-month period, at which point a new COLA will take effect.
Retirees who qualify for a COLA will get a 1.2% increase on the first $18,000 of their benefit to help offset the effects of inflation. Those who collect a monthly payment of $1,500 or more will receive the maximum increase of $18 per month. Eligible members receiving an annual benefit less than $18,000 will receive a smaller monthly increase.
The cumulative maximum cost-of-living increase since New York’s COLA legislation was enacted in 2001 now totals $348 monthly. That translates to nearly $4,200 more annually.
To be eligible for a COLA, you must meet one of the following requirements:
- At least 62 and retired at least five years; OR,
- At least 55 and retired at least 10 years; OR,
- A retiree receiving a NYSTRS disability benefit for at least five years (regardless of age); OR,
- A surviving spouse of an eligible retiree receiving a lifetime benefit. (By law, the spouse receives an increase equal to one-half the COLA the retiree would have received.)
Retirees who become eligible for the COLA after September will receive their adjustment when first eligible.
For more information, visit the Retirees > Cost-of-Living Adjustment page.