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%.
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.
Projected 8.7% COLA for 2023 pic.twitter.com/OX30edBXsE
— maryhelen (@FFaxhdr) September 15, 2022
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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