This is a result of the Consumer Price Index for All Urban Consumers (1967 = 100) that is 4.70% for 2021. >> WE WILL ENTERTAIN CONVERSATIONS ABOUT HOW WE CAN PROTECT WHAT WE HAVE AND INVEST IN THE FUTURE. The purpose of a COLA for any type of pay or retirement benefit is to help you cope with inflation. By 2020, the state paid $2.2 billion to 55,348 retirees. Without doubt, they deserve these increases.. We will not have all the data we need to calculate the 2023 COLA until mid-January. Current employees contribute a portion of their monthly paycheck to the fund, and taxpayers supplement. February 16, 2022 County Budgets / County News / News You Can Use / Pensions & Public Funds Baltimore County Executive Johnny Olszewski today announced that the Employees' Retirement Board voted to approve a three percent cost of living adjustment for eligible retirees, effective July 1, 2022. The unions membership includes workers in health care positions in the Department of Health, the Department of Juvenile Services and the Department of Public Safety and Correctional Services. 2.50%. 10630 Little Patuxent Parkway, Suite 450 See the article, The 2021 COLA is Here, and the COLA page on our website for more information. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and span both the FY 2022 and FY 2023 state budgets. | RELATED: Hogan's last legislative agenda aims to provide tax relief. The adjustment is tied to the U.S. Department of Labor's Consumer Price Index. The minimum 2 percent COLA also means that during years in which inflation was low, they still got a boost over the inflation rate. Your email address will not be published. All retired members of MSEP 2000 and MSEP 2011, MSEP retirees who have reached their 65% COLA cap, MSEP retirees first employed on or after August 28, 1997. Though the list of reforms may be exhausting to review, it is far from exhaustive! It doesn't have to be zero, but I think it should be reduced taxes on distributions on retirement accounts," said Martin Turchin, a Maryland taxpayer. Based upon the consumer price index all urban consumers (CPI-U) table, the July 1, 2022 COLA is calculated to be 4.698%. 2020 to Kurt Stolzenbach at DBM: kurt.stolzenbach@maryland.gov, copying your budget analyst at OBA. Enter your email address to subscribe to this blog and receive notifications of new posts by email. The maximum increase is 5% (minimum 0%). ANNAPOLIS, MdGovernor Larry Hogan today announced that all employees across state government will receive a 4.5% cost of living adjustment (COLA) increaseeffective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. The term of the incumbent public member is due to expire on June 30, 2023. The plan would remove 70,000 low-income seniors from the state's tax rolls starting this year. But legislative presiding officers are not yet on board with the retiree tax relief plan. See the article,The 2022 COLA is Here, and theCOLApage on our website for more information. 1, Regular increments of approximately 2% in FY 23 and a 2% COLA Jul. Good question Hope I cant find the answer either. It doesn't have to be zero, but I think it should be reduced taxes on distributions on retirement accounts," said Martin Turchin, a Maryland taxpayer. April 21, 2022 Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect. House Bill 1047 (Public) Filed Wednesday, May 25, 2022. COLAs for most retirees are equal to 80% of the percentage increase in the average Consumer Price Index (CPI) from one year to the next, with a maximum of 5% (minimum of 0%). "House Speaker Adrienne Jones issued a statement saying: "I am disappointed this budget continues to undermine the (Blueprint for Maryland's Future's) commitment to providing a world-class K-12 education for children in every ZIP code. Is there going to be a cost of living increase in So, if you retire in August of 2022, you will receive your first COLA in August of 2023. Meanwhile, the administration also struck an agreement with AFT Healthcare-Maryland that will result in workers receiving a salary increment of 2% and a $1,000 bonus in January. the end of January. You reach the COLA cap when the sum of your COLAs equals 65% of your initial base benefit amount. Retired state employees now get annual cost-of-living adjustments: a minimum of 2 percent and a maximum of 7 percent, depending on inflation. Concerns over energy prices, inflation, and general cost of living continue to dominate the headlines and the threat of a recession hovers over economic forecasts. Phone: (619) 525-3600 - Toll Free: (800) 774-4977 - FAX: (619) 595-0513, Copyright 2018 San Diego City Employees' Retirement System All Rights Reserved, Cost of Living Adjustment (COLA) for Fiscal Year 2022, External Quality Control Review (Peer Review), San Diego County Regional Airport Authority, City of San Diego - Proposition B (Comprehensive Pension Reform Initiative), California Public Employees Pension Reform Act of 2013 (PEPRA), Collecting Overpaid Benefits or Underpaid Contributions, Annual Supplemental Benefit, Corbett, COLA, COL Annuity, Community Property Matters: Pension Benefits and Divorce, Prepare for Your Retirement Counseling Appointment, Comprehensive Annual Financial Report (CAFR). | PDF: Proposed FY 2023 budget highlights | Governor's office presents budget highlights. MCPS Retirement Plan Members MOSERS will be able to determine the 2022 COLA in mid-January 2022. The Charter provides commonsense reforms to make Connecticuts government work for its residents. And the starting pay for troopers once they finish the training academy will be $55,704. A retiree who has been retired at least one year as of July 1, 2021 qualifies for this year's COLA. Hogan previously announced that the state would increase the salary for state trooper candidates from $35,000 to $51,000. 2007. $900 - $1400. Winds could occasionally gust over 40 mph.. They reach the COLA cap when the sum of their COLAs equals 65% of their initial benefit amount. To that end, we have produced a new edition of our Charter for Change. Retirees with Maryland income up to $50,000 would pay no tax in Maryland. Will we get the 5% Cola this year? GOVERNOR HOGANS SURPLUS BUDGET PROVIDES TAX RELIEF RFO RETIREES. Retired Connecticut state employees will see a substantial bump to their pension payments as a result of increasing economic inflation. The COLA rate for 2021 is 0.987%. >> BUT STATE DEMOCRAT LEADSER ARE NOT SO SURE. 10:27 pm, When will REtirees see the 6% in pensions im tier 2, TO vinny, you get The first increase 9 months after you retire, 60% of CPI W. State government workers who are not represented by a union will receive a salary increment worth 2% and a $1,000 bonus in January, plus a 3% cost of living increase in July and another salary increment in 2023. The increaseswhich include a one-time, $1,500 bonuswill be implemented in stages during 2022, and . North Carolina's public-sector retirees have lost roughly 20 percent of the value of their pensions to . What tax reform proposals will there be? the, Consumer Price Index Frequently Recent COLA Increases. The year 2017 membership of the MTA stands at approximately 2,629 of which 1,120 are active members and 1,509 are retirees. Check the box next to Rumor Central. If it gains legislative approval, it Were losing some of our best and brightest as they seek other parts of the country where its easier to make a living. This content is imported from Facebook. The standard monthly premium for Medicare Part B recipients in 2022 is $170.10, an increase of $21.60 from 2021. We strive to provide the most accurate information possible in our answers to Rumor Central questions. For the average pensioner, receiving $39,887 per year, the COLA increase would amount to an annual increase of $1,435.92. We had more people employed in the private sector in 2007 than we do today. Larry Hogan discusses the RELIEF Act, last year's pandemic financial aid bill that combined stimulus payments, tax breaks and business aid, that was signed. December 30, 2021 @ ANNAPOLIS, MD Governor Larry Hogan today announced that all employees across state government would receive a 4.5% cost of living adjustment (COLA )increase effective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. "I think it is a good idea. / CBS Baltimore. DARRELL HACKETT Asked Questionson the Bureau of Labor Statistics website. The governor said he believes the time is right given the fact the state does not face a structural deficit and has a record surplus on the books not only for this year, but for years to come. (COLA) adjustments are also based on state statute and depend on the Asked Questions. The maximum increase is 5% (minimum 0%). At its May 14, 2021 meeting, SDCERS Board of Administration approved the Cost of Living Adjustment (COLA) that will be applied to eligible SDCERS retirees (including active DROP participants) monthly pension benefit amount from July 1, 2021 June 30, 2022. Baltimore, MD 21202, Adelphi Office Morning high of 64F with temps falling to near 50. cost-of-living adjustment (COLA) and $15 per hour minimum base pay standard is for Retirement benefits for general state employees (including Baltimore County government retirees receive the cost of living adjustments (COLAs) through the Post Retirement Increase Fund, overseen by the Retirement Board. Date: May 14, 2021 At its May 14, 2021 meeting, SDCERS' Board of Administration approved the Cost of Living Adjustment ("COLA") that will be applied to eligible SDCERS retirees' (including active DROP participants) monthly pension benefit amount from July 1, 2021 - June 30, 2022. The governor said he is sending an olive branch message with the color of his budget books, which are purple, which is the color that results from combining Republican red with Democrat blue. In an effort to mitigate the potential loss of thousands of state employees, Gov. Baltimore County Executive Johnny Olszewski today announced that the Employees Retirement Board voted to approve a three percent cost of living adjustment for eligible retirees, effective July 1, 2022. The signature feature of the governor's budget proposal is a $4.6 billion tax relief plan for retirees. In 1975, enrollment began . For general state employees, COLAs are based on 80% of the NC can afford COLA for public sector retirees. Maryland state employees could receive a $1,000 bonus in April through a supplemental budget submitted by Gov. Please enter valid email address to continue. of Public Works and Transportation Director, February 16 Board of Public Works Meeting: Heres What Counties Need to Know, Frederick County Pension Shift Detrimental to Public Good, Frederick Launches Website to Highlight Local Opportunity Zones, St. Marys Plans for COVID-19 Mass Vaccination. If you answeryes toall threefollowing questions, you likely qualify. year (maximum 5%) until they reach the COLA cap. As you noted, by law, the maximum increase for theCOLAin a single year is 5%. November 3, 2021 @ The Maryland Troopers Association was organized in 1979 forthe purpose of advancing the principles of professionalismin law enforcement and to facilitate a meaningful dialogue between employees andthe Administrationconcerning issues of mutual concern. For some of Connecticuts highest paid pensioners like Jack Blechner, a former UConn Health Center physician who received $342,325.14 in 2020, the COLA amounts to an additional $12,323.70 per year. with the USM Office of Administration and Finance. Each January 1, Montgomery County Public Schools (MCPS) Employees' Retirement and Pension System includes a provision for an annual cost-of-living adjustment (COLA). - State support per student has grown by 172% since Governor Hogan took office. You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. Maryland Families The Retirement Tax Reduction Act will phase-in the . "Our initiative will eliminate the taxation of all income for Maryland retirees by responsibly phasing in relief over the next six years, removing 70,000 low-income seniors from the tax rolls immediately in the first year alone," Hogan said. Gov. the CPI-U, the Consumer Price Index for Urban Consumers. Under the wage enhancement plan released by the Maryland Department of Budget and Management, beginning this month, USM employees will receive: A 1 percent cost of living adjustment (COLA). part of the Republican governors Re-Fund the Police initiative, Do Not Sell/Share My Personal Information. For general state employees, COLAs are based on 80% of the percentage increase in the average (CPI) from one year to the next. information. (415) 473-6147
USM institutions and programs are among the nation's best in quality and value according to several national rankings. ANNAPOLIS, Md. In years that the CPIs published COLA is less than 2%, each retiree groups COLA bank may be able to increase the actual COLA received by the retiree up to a maximum of 2%, if that retiree groups COLA bank has accrued enough funds from years where the published COLA was greater than 2%. As you noted, for general state employees, COLAs are based on 80% of the percentage increase in the average (CPI) from one year to the next. According to the CPI, the change in cost of living between December 31, 2019 and December 31, 2020 was 1.362%. Adelphi, MD 20783, Columbia Office 2022 CBS Broadcasting Inc. All Rights Reserved. See What is the COLA cap?. The 2021 increase was the smallest COLA since 2017. The bonus would also be available to retirees of local governments who have opted into Retirement Systems of Alabama, though those . For example, while the difference from the month of December 2020 to the month of December 2021 was nearly 7%, the difference from January 2020 to January 2021 was 1.38%. Century Plaza Be sure to visit the COLA page on our website for more information. For retirees under the Local Fire and Police System and Employee's Non-Contributory Pension System, the annual COLA is calculated using the initial retirement allowance. You have permission to edit this article. Click on Personal Information, then on Email Options. This is a great question! variable. individuals retirement plan. COLAs help you maintain your purchasing power as inflation increases the cost of various items you buy. This year's COLA rate is 1.234 percent. "Put the politics aside to get this done for the people of Maryland.". >> HOUSE SPEAKER AIEDRNNE JONES ISSUED A STATEMENT SAYING I AM DISAPPOINTED THIS BUDGET CONTINUES TO UNDERMINE THE BLUEPRINTS COMMITNTME TO PROVIDING A WORLD CLASS K-12 EDUCATION FOR CHILDREN IN EVERY ZIP CO.DE I AM SKEPTICAL THIS BUDGET DOES ENOUGH TO ADDRESS HISTORIC STATE STAFFING SHORTAGES THAT PUT MARYLANDERS AT RISK EVERY DA >> PUT THE POLITICS ASIDE TO GET THIS DONE FOR THE PEOPLE OF MARYLAND. Last year, as FedSmith reported in June, the Senior Citizens League projected a COLA of 5.3 percent. I am skeptical this budget does enough to address historic state staffing shortages that put Marylanders at risk every day.". When autocomplete results are available use up and down arrows to review and enter to select. And thats why we want to work with you to build a broad-based coalition to encourage sound policy reforms to enable Connecticut residents to forge a better future for themselves and their families. DBM will provide funding in the DBM Allowance budget for any FY 2022 salary adjustment for COLA and/or SLEOLA . Lawrence J. Hogan Jr. (R) to the General Assembly on Monday. The maximum cost-of-living adjustment (COLA) for MOSERS retirees and beneficiaries is 5%. These agreements follow the footsteps of previous union agreements with nurses, firefighters, law enforcement officers and other frontline healthcare workers. According to bls.gov, "From December 2020 to December 2021, consumer prices for all items rose 7.0 percent, the largest December to December percent change since 1981.". The CPI for 2022 will increase by 5.94 percent. 2021. Our seniors deserve to have peace of mind that they know they can afford right here in the state of Maryland," Hogan said.| RELATED: Hogan's last legislative agenda aims to provide tax reliefThe retiree tax relief proposal would be phased in over six years and gradually eliminate taxes on all retiree income. Those who retired after July 2019 (August 2019 or later) will receive their first COLA increase in July 2021. Larry Hogan announced Thursday that all employees across state government will receive a 4.5% cost of living adjustment (COLA) increase, effective Nov. 1, as part of a series of measures to . If you are a person with a disability and require an accommodation to participate in a County program, service, or activity, requests may be made by calling (415) 473-4381 (Voice), Dial 711 for CA Relay, or by email at least five days in advance of the event. to provide the 2022 COLA at this time, typically you can expect to see it by the CPI-U, the Consumer Price Index for Urban Consumers. During years of no inflation or deflation, the COLA will be 0%. "It's a lot of hard work. 1, 2023. If the percentage change in the CPI from one year to the next were 5%, the COLA would be 4% (80% of 5%). 2011. A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. If you retired under the Basic Benefit or Advance Pension Option, the COLA calculation is based on your Basic Benefit amount. percentage increase in the average Consumer Price Index (CPI) from one year to or. A general state employee who retires directly from active service will receive their first COLA on the anniversary month of their retirement. HIS BUDGET PROVIDES 500 -- $050 MILLION FOR LAW ENFORCEMENT. "We will entertain conversations about how we can protect what we have and invest in the future. We calculate COLAs based on Note: the above image is a chart for the CPI-U, not the CPI-W. Purple is really red and blue coming together," Hogan said. It also includes an additional $2.4 billion for the state's Rainy Day Fund. This COLA rate applies to: If you were employedbefore August 28, 1997, and retired under theMSEP, you will get a COLA of at least 4% each year (maximum 5%) until you reach your COLA cap. That will be followed by a 3% cost of living increase in July, and another salary increment and a 2% cost of living increase in 2023. The USM also includes three regional centersthe Universities at Shady Grove, the University System of Maryland at Hagerstown, and the University System of Maryland at Southern Marylandat which USM universities offer upper-division undergraduate and graduate courses. Retirees who converted from MSEP to MSEP 2000 during the conversion window in 2000 will have COLAs payable in July. Retirees who elected a BackDROP* will have COLAs payable each year on the anniversary of their BackDROP date rather than on the anniversary of their retirement date. "The governor's surplus budget proposal contains increased funding for school construction projects, the Maryland Park Service, Chesapeake Bay cleanup, K-12 education, law enforcement agencies, assistance for utility and food benefit programs, local health departments and mental health and substance abuse programs. Thank you! For general state employees, COLAs are based on 80% of the Provisions (All Plans)and by plan on our website:MSEP,MSEP But Maryland Gov. Baltimore, MD 21202, Adelphi Office/Mailing Address for All USM Offices 4726 Pacific Avenue SE Lacey, WA 98503 800.544.5219 or 360.413.5496 Fax . Retirees who elected a BackDROP will have COLAs payable on the anniversary of their BackDROP date. Submit your question or just browse our blog to separate facts from fiction. "We are open to discussing but we cannot make decisions that leverage our long-term future and put us in financial jeopardy three to four years down the line," said Senate President Bill Ferguson, a Democrat. You reach the COLA cap when the sum of your COLAs equals 65% of your initial base benefit amount. If not please explain. Its also imperative that we do so. Some Maryland taxpayers who spoke with 11 News said they would support the issue. The USM and its institutions compete successfully nearly $1.5 billion in external grants and contracts annually. 1/1/2022 and after. Contact Montgomery County Public Schools. The COLA does not apply to retired Maryland legislators, judges or governors. Pleasevisit our lodges section for more detailed information concerning the lodges. According to Missouri state law, each January, MOSERS must compare the average monthly values of theConsumer Price Index (CPI) for the calendar year just completed (2021) to the average CPI from the prior year (2020) to determine the percentage change between the two years. We calculate COLAs based on Maryland State Retirees Medicare eligible retirees do not need to enroll in Medicare Part D at this time. If I retire in August of 2022 will I get that years cola. Privacy Policy. Enhancements for State Employees Most employees will receive: - FY 22 - 1% COLA, 2 - 4% increment, $1,500 bonus . PURPLE IS RED AND BLUE COMBINED. Retirees in this situation, get a guaranteed COLA of at least 4% each "The governor said he is sending an olive branch message with the color of his budget books, which are purple, which is the color that results from combining Republican red with Democrat blue. The COLA that our retirees or their beneficiaries will receive this year is 3.758%. The Hogan administration is still in negotiations with two unions, including the largest union for state workers, the American Federation of State, County and Municipal Employees Maryland Council 3. The governor announced two agreements with state employee unions on Dec. 20. Please see the article, The 2022 COLA is Here, for additional information. April 12, 2022. Please see the 2022 COLA Calculation Memo for details. Columbia, MD 21044, Annapolis Office Because of the high rate of inflation, the July COLAs are calculated based on 60 percent of CPI-W, which translates to a bump of 3.6 percent as of July 2021. According to the Bureau of Labor Statistics, between 2015 and 2020 there was only one year 2018 during which the CPI-W for July was above 2 percent. You may be able to find the same content in another format, or you may be able to find more information, at their web site. This increase in compensation is well deserved and long overdue.. In other words, retirees eligible for the guaranteed In the past, similar planned changes to retirement benefits have triggered waves of retirements before the changes take place, the OLR report states. This is a noticeable increase from the 2021 COLA. Hogan proposed a $74.1 million increase to the 2022 fiscal year budget that would cover the cost of the bonuses, which would be made to permanent state employees. SYMBOLIC THE GOVERNOR POINTS OUT OF HIS DESIRE TO WORK TOGETH. 3300 Metzerott Rd. February 16, 2022 Baltimore County. Unionized state employees gathered in Baltimore on Wednesday evening to demand that Gov. A mix of clouds and sun with gusty winds. "I think it is something they've earned and definitely something that would help them stay here," said Steve Adams, a Maryland taxpayer.The budget proposal also makes the Enhanced Earned Income Tax Credit permanent and enhances benefits for low-income households. These enhancements to the USM wage and salary structure are in addition to plans approved by the USM Board of Regents in December 2021 to increase pay for certain nonexempt employees to at least $15 per hour. The SSA is anticipating the largest COLA increase of the last 40 years at around 6% for 2022. These bonuses are made. "We will entertain conversations about how we can protect what we have and invest in the future.". As you noted, for general state employees, COLAs are based on 80% of the percentage increase in the average (CPI) from one year to the next. If you are eligible to receive a Fiscal Year 2022 COLA, the applicable increase will be reflected in your July 2021 pension payment. Subscribe to receive a monthly email that includes answers to recent Rumor Central questions. Employees of the University System of Maryland will benefit from both cost-of-living and merit pay increases according to budget plans announced by the administration of Governor Larry Hogan on Jan. 4, 2022. "The entire mission of our administration has been to leave the state in a stronger fiscal position than when we found it. "The entire mission of our administration has been to leave the state in a stronger fiscal position than when we found it. Photo by Stephanie S. Cordle Not sure your co-worker has it right? The long session, as non-election years are called in Hartford, will be centered around the biennial budget. You may also visit the Cost of Living Adjustment page for more on how the COLA is calculated and to see all COLA information for 2022. The COLA prediction for 2023 could also turn out to be too low as inflation is still raging and still increasing. Marc was a 2014 Robert Novak Journalism Fellow and his work has appeared in The Federalist, American Thinker, The Skeptical Inquirer, World Net Daily and Real Clear Policy. the end of January. Jan 13, 2022 at 11:00 am Expand Gov. ANNAPOLIS, Md. The Governors proposal for a 5.5% The largest increase in recent years was the 3.6% increase in 2012. "I think it is a good idea. 2:19 pm. 2022, and their first potential COLA would come in . However, the maximum allowable increase in any given year is 2.0%. Were not attracting innovation and industry. Workers who have received their coronavirus vaccinations also will be able to take up to 10 days of COVID-19 leave if they experience breakthrough infections. Log in to myMOSERS. April 21, 2022. 701 E. Pratt St. Intro. Currently, Maryland seniors can . Maryland State Employees To See Pay Increase. USM Headquarters At the February meeting, the Retirement Board affirmed the actuary's calculation of a 3% cost of living adjustment (COLA) for the plan. of COLAs and theCOLApage on our website for more information. Maryland Troopers Association > News > General > COLA. Medicare gave a raise of 5.9%. The agreement includes tax relief for retirees 65 and older making up to $100,000 in retirement income, and married couples making up to $150,000 in retirement income. Under the deal, 80% of. Larry Hogan on Wednesday rolled out his last budget proposal as governor, focusing on tax relief.| PDF: Proposed FY 2023 budget highlights | Governor's office presents budget highlightsThe governor said that with the economy doing well, he's able to put together a budget proposal without tax increases. To facilitate the effective management and participation of our members, the MTAhas13 Lodges located thoughout the State of Maryland. And an additional merit increase averaging 2.5 percent (for employees with performance reviews of meets standards or better). . Baltimore County Executive Johnny Olszewski today announced that the Employees' Retirement Board voted to approve a three percent cost of living adjustment for eligible retirees, effective July 1, 2022. Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve to be recognized for their contributions to our communities, Olszewski said. BUT ITS GETTING MIXED REVIEWS FROM PEOPLE WE CAUGHT UPITH IN W ANNAPOLIS. Larry Hogan unveiled the highlights of his proposed Fiscal Year 2022 budget Tuesday afternoon as the state continues to grapple with the effects of the COVID-19 pandemic. The MSEA Retired Advisory Council makes recommendations to the MSEA Board of Directors and helps to implement goals, objectives, and program priorities that help support and engage MSEA's Retired members. It's a lot of dramatically increased revenues," Hogan said. The source you reference is comparing the change from just the month of December in 2020 to just the month of December in 2021. Annapolis, MD 21401, Contact: Mike LuriePhone: 301.445.2719Email: mlurie@usmd.edu. In years where the COLA is greater than the maximum 2.0% (such as last year), the amount over 2% is added to what is called a COLA bank. A retirees COLA bank accumulates based on their fiscal year of retirement (or DROP entry), and each annual retiree group has its own COLA bank. "I think it is something they've earned and definitely something that would help them stay here," said Steve Adams, a Maryland taxpayer. "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve . At Yankee Institute, we know Connecticut is a state with boundless opportunity, and we intend to help make our state more than a place where people are just able to make ends meet! Missouri State Employees' Retirement System, Summary of Pension Benefit When the CPI-W rises above 2 percent, those retirees will receive either 2 percent or a percentage of the rate of inflation, depending on how high the rate rises. The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. The budget proposal does not specifically address staffing shortages, but it does contain pay raises and bonuses for state workers. According to Missouri state law, MOSERS calculates COLAS as follows: Each January, we must compare the average Consumer Price Index for Urban Consumers (CPI-U) for the calendar year just completed (2021) to the average CPI from the prior year (2020) to determine the percentage change between the two years.