The annual cost-of-living adjustment (COLA) applied to eligible NYSTRS pensions has been calculated and will take effect beginning with the September 2017 payment.
The COLA effective for the 12-month period beginning in September will be 1.2%. The maximum increase a retired member will receive is $18 per month. By law, the COLA is applied to the first $18,000 of a benefit. Eligible members receiving an annual benefit under $18,000 will receive a lesser monthly increase. Retirees who become eligible for the COLA after September will receive their adjustment when first eligible.
When the new COLA kicks in, the cumulative maximum monthly increase since New York state COLA legislation was enacted in 2001 will be $330, or nearly $4,000 annually. COLAs help dampen the effects of inflation for retirees.
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.)
For more information, see the Retirees > Cost-of-Living Adjustment page.