9. When do I receive a cost-of-living increase and how much will it be?
If you are a retired SERS member, you will be eligible for an annual cost of living adjustment (COLA) payable on the January 1st or July 1st following your receipt of at least 9 months of retirement benefits and each January 1st or July 1st thereafter. SERS members who retire today receive a minimum of 2.5% up to maximum 6% based on the following formula: 60% of the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12 months immediately preceding their COLA anniversary date up to 6% and 75% of the annual increase in the CPI-W over 6%.
If you are a retired PJERS member, you will be eligible for an annual cost of living adjustment (COLA) payable beginning with the second July 1st following your retirement. The COLA is based upon the increase in the CPI-W for the 12 months immediately preceding the COLA date up to a maximum of 3%. No COLA will be applied if there is no increase in the CPI-W or the increase is less than 1%.