Cost-of-Living Adjustment

The cost-of-living adjustment (COLA) for September 2024 through August 2025 benefit payments is 1.8%.

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As a result, an eligible retired member with a maximum retirement benefit of $18,000 or more will receive a maximum increase of $27 per month beginning with the Sept. 30, 2024 payment. (Eligible members receiving a maximum retirement benefit under $18,000 will receive a lesser monthly increase.)

This latest COLA brings the cumulative maximum monthly increase since COLA legislation was enacted in 2000 to $508.50 (see chart below).

New York's permanent, automatic COLA is designed to help offset inflation's adverse effects on the fixed retirement benefits of the state's public retirees. By law, the COLA can be no less than 1% and no more than 3% annually and is applied only to the first $18,000 of the retirement benefit. The COLA percentage is calculated by taking 50% of the Consumer Price Index (CPI) increase from one March to the next and rounding up to the nearest tenth. The CPI increased 3.5% from March 2023 to March 2024.

COLA Eligibility

To be eligible for a COLA, you must either be:

  • At least age 62 and retired at least five years; or,
  • At least age 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.

COLA Percentages and Maximum Increases

COLA Effective DateCPI IncreaseCOLAMaximum Monthly Increase*
September 20243.50%1.8%$27.00
September 20234.98%2.5%$37.50
September 20228.54%3%$45.00
September 20212.62%1.4%$21.00
September 20201.54%1.0%$15.00
September 20191.86%1.0%$15.00
September 20182.36%1.2%$18.00
September 20172.38%1.2%$18.00
September 20160.85%1.0%$15.00
September 2015-0.07%1.0%$15.00
September 20141.51%1.0%$15.00
September 20131.47%1.0%$15.00
September 20122.65%1.4%$21.00
September 20112.68%1.4%$21.00
September 20102.31%1.2%$18.00
September 2009-0.38%1.0%$15.00
September 20083.98%2.0%$30.00
September 20072.78%1.4%$21.00
September 20063.36%1.7%$25.50
September 20053.15%1.6%$24.00
September 20041.74%1.0%$15.00
September 20033.02%1.6%$24.00
September 20021.48%1.0%$15.00
September 20012.92%1.5%$22.50

*Maximum monthly increase for eligible retirees with a maximum retirement benefit of $18,000. Retirees receiving a maximum retirement benefit less than $18,000 received a lesser monthly increase.