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What is the pension Cola for 2023?

For 2023, the COLA surged to 8.7%, and federal retirees saw the highest inflation increase in their benefits since the early 1980s. Now, inflation rates are slowly leveling out after docHubing a four-decade high in 2022, and in response, the COLA is projected to be much more modest.

Do state of CT retirees get a raise?

COLA Increase COLA increases are paid in either January or July depending on the members effective date of retirement. The annual COLA date for members retiring November through April is January and the annual COLA date for members retiring May through October is July. The COLA will increase a members taxable income.

Will CT State employees get a raise in 2023?

EFFECTIVE JULY 1, 2023: Cost of Living Adjustment (COLA): a. Salary Plan Adjustments: As a result of the Cost of Living Adjustment (COLA), the minimum and maximum rates of the EX, MP, MD, SE, HE, and DM range pay plans, and the rates in the CJ- EX pay plan shall be increased by 2.5% effective July 1, 2023.

What is the average pension in CT?

The average pension among all state retirees was about $42,000 last year, or approximately $1,100 more than in 2021. Some retirees received much larger pension payouts. In 2022, a total of 229 retirees collected pensions topping $150,000, including 44 who received more than $200,000, data shows.

How do I change my address in CT retiree?

Form CO-1049 is available at .osc.ct.gov or by calling the Customer Service Center at 860-702-3480.

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What is the projected cola for retirees?

The Senior Citizens League (TSCL), a nonpartisan senior advocacy group, had estimated in mid-June that 2024s COLA increase could be somewhere around 2.7% a huge drop-off from 2023s 8.7% increase.

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