SERS Board Approves Maximum COLA for Eligible Retirees and Beneficiaries 2023

September 23, 2022 Najuk Priya Stimulus Check, US Local News 0

COLA is dependable on the Consumer Price Index for the working class on the third quarter.

At its September meeting, the Social Employees Retirement System of Ohio Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2023.

By statute, SERS’ COLA is based on the year-to-year change in the Consumer Price Index (June 2021 to June 2022) for Urban Wage Earners (CPI-W), with a floor of 0% and a cap of 2.5%.

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While the Board has the authority to adjust the percentage, based on information provided to the Board from SERS’ actuary, Cavanaugh MacDonald, the Board approved the statutorily determined 2.5% COLA without adjustment.

The 2023 COLA takes effect on the benefit anniversary of the recipient’s effective date of retirement.

Benefit recipients whose benefit effective date is on or after April 1, 2018, must wait until the fourth anniversary of their allowance or benefit before receiving a COLA.

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