Good news, qualified retirees – IT’S COLA TIME! As you know, COLA is the acronym for cost of living adjustment, the annual increase to your monthly annuity, currently set by the state legislature at three percent.
To qualify, retirees and those entering the DROP must have been receiving benefit payments for 12 months. The increases go into effect on the annuity payments issued in July. You’ll also see the new rate reflected on your Explanation of Benefits (EOB) statements, which are available in the MSS portal, mailed to retirees each July and January, and also mailed to members any time your net benefit amount changes.
If this is your first COLA – after having retired or entered the DROP in the spring or early summer of last year – CONGRATULATIONS! It’s essentially a small raise, and luckily for us it’s also the law.
Remember that you can access your account quickly and securely in the MSS portal on our website at www.apers.org, or give us a call if you have questions, weekdays 7:30 a.m. to 4:30 p.m. at (501) 682-7800 or (800) 682-7377. CHEERS!