COLA increase slated for September

Can retirees expect a Cost-of-Living Adjustment for the upcoming year?

Yes, they can. The COLA for September 2024 through August 2025 is 1.8 percent. That means that eligible retirees who have an annual benefit of $18,000 or more will receive a monthly increase of $27 beginning with the Sept. 30 pension payment. The permanent, automatic COLA, which is determined by New York state law, is designed to help offset the adverse effects of inflation on the fixed retirement benefits of the state’s public retirees.

The 1.8 percent COLA for 2024–25 will apply to the first $18,000 of the maximum retirement benefit, which translates to a $27 monthly increase. Those receiving less than $18,000 will get a smaller (pro-rated) monthly COLA increase. This latest COLA brings the cumulative maximum monthly increase since COLA legislation was enacted in 2000 to $508.50. Visit the Retirees/COLA page to learn if you are eligible to receive the COLA.

I noticed the New York State Teachers’ Retirement System website has a new look. What’s changed?

After 24 years, NYSTRS unveiled a new logo as part of a phased rebrand based on extensive member research over the past year. According to NYSTRS officials, the new look will make the content more accessible and inclusive for members, including high-color contrast for members who are visually impaired, textures in graphs for members with color-vision deficiency, easier-to-read and larger fonts and illustrations more representative of the fund’s diverse membership. The changes extend to NYSTRS’ publications, website and emails.