New York State’s most recent Cost-of-Living Adjustment (COLA) for eligible retirees will take effect this fall.
The new rate is 1 percent, effective September 2019. The COLA is based on 50 percent of the Consumer Price Index increase for the year as of March 31, 2019. The adjustment is calculated based on whichever is lower: an eligible retiree’s fixed maximum retirement allowance or $18,000. For this year, the maximum annual COLA adjustment is $180 or $15 a month.
To be eligible, you must;
- be at least 62 years old and have been retired for a minimum of five years, or
- be at least 55 years old and have been retired for 10 years or more.
Retirees on disability and surviving spouses may also be eligible for a COLA adjustment.