Based on the statutes governing Cost of Living Adjustments (COLA)forCTRB members, the Connecticut Teachers Retirement Board will be granting COLA as follows. %%EOF Therefore, the first thing you should do is sit down and figure out a monthly budget that will allow you to live the lifestyle you want to live in retirement. View the mailing dates for retiree payroll checks for the current year. Reality is going to win the day, Campbell said. Keep in mind, if you do not qualify for normal retirement in any of these plans, then you will not receive the full amount of the benefit. endstream endobj 59 0 obj <>stream PC1%g As we mentioned in ourSeptember 23 storyand latest issue ofRetiree Focus, the Board unanimously voted to approve a 0.5% cost-of-living adjustment (COLA) for eligible retirees and beneficiaries in 2021. ALERT: Tell lawmakers to vote NO on the TCI Gas Tax Loophole that forces CT residents to pay unlimited energy taxes! Retiree Portal Income Tax Exemption for Teacher Pensions. Benefits that originate from the same member account will not have more than a four-year waiting period in total. All Rights Reserved. Only Kentucky, Illinois and New Jersey are consistently ranked in worse shape than Connecticut, but the rankings vary based on assumptions. Marc has a Master of Fine Arts degree from Western Connecticut State University. Intro. Enter the new amount in the Salary Estimate application on eSERS byMay 19, 2023. All SERS pension increases should be reported to Social Security if you are receiving Social Security benefits based on your spouses Social Security earnings. For more information on the current COLA please visit the Cost of Living Adjustments page. The formula used took 60% of the increase in the Consumer Price Index (CPI-W) up to 6% and then anything above that took 75% of the increase to calculate the COLA. If you plan to retire prior to turning 65 then doing it before the July cutoff will allow you to lock into the lower premiums. End of tax on retirement income begins Monday - The Middletown Press Retired state employees now get annual cost-of-living adjustments: a minimum of 2 percent and a maximum of 7 percent, depending on inflation. endstream endobj 56 0 obj <> endobj 57 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/Type/Page>> endobj 58 0 obj <>stream font size. This provides relief for the category of people to handle other expenses while they age.. As a result of HB 49, passed in 2017, the COLA is now based on the June-to-June change in the Consumer Price Index for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%, unless the Board chooses to adjust the COLA above or below the CPI-W.
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