Eligible retirees will receive an extra $45 monthly beginning with the September 30 pension payment under New York’s legislated cost-of-living adjustment (COLA).
The 3% COLA for 2022-23 is applied to the first $18,000 of the maximum retirement benefit.
To be eligible for a COLA, you must be one of the following:
- At least 62 and retired at least five years.
- At least 55 and retired at least 10 years.
- A retiree receiving a NYSTRS disability benefit for at least five years regardless of age.
- The 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.