Beginning with the September 2016 payment, eligible NYSTRS retired members and beneficiaries receiving a monthly benefit from NYSTRS will see a cost-of-living adjustment (COLA) of 1.0%. This COLA will bring the cumulative maximum monthly increase to $312, or $3,740 annually, since the 2001 New York state COLA legislation was enacted.
An eligible retired member with an annual benefit of at least $18,000 will receive a maximum increase of $15 per month beginning with the Sept. 30, 2016 payment. (Eligible members receiving an annual benefit under $18,000 will receive a lesser monthly increase.) Retirees who become eligible for the COLA after September will receive their adjustment when first eligible.
To be eligible for a COLA, you must meet one of the following requirements:
- At least 62 and retired at least five years; OR,
- At least 55 and retired at least 10 years; OR,
- A retiree receiving a NYSTRS disability benefit for at least five years (regardless of age); OR,
- A 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.)
For more details on how the COLA is calculated, refer to the Retirees section of NYSTRS.org.