COLA Increase
As a reminder-Led by Michael Fitzmaurice, Antonio Torres, Paul Hynes and Tom Flynn, the MHFA Employees’ Retirement Board has approved a 3% COLA (cost of living allowance) effective July 1, 2023, for all eligible retirees and survivors of the system who retired on or before June 30, 2022. In addition, the Board has voted to increase the COLA base as follows:
1. To increase the COLA base from $16,000 to $17,000 effective July 1, 2023.
2. To increase the COLA base from $17,000 to $18,000 effective July 1, 2024.
For this year, the 3% COLA applies up to the first $17,000 of the retirement allowance. Therefore, the maximum monthly COLA is $42.50/month-(will be in July’s check). The Board understands the importance of the COLA to our retirees and beneficiaries, especially as inflation rises and the costs of health care and health insurance continue to increase.
SEE PDF FOR ADDITIONAL INFORMATION
