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If you have at least 10 years of actual state service, you will be eligible for an annual cost of living adjustment (COLA) after you start receiving retirement benefits. The first increase will take place on the January 1st or July 1st (whichever comes first) after at least nine full months of retirement.
Social Security has announced that they will be granting a cost of living increase of 8.7% for 2023. The investment performance for the preceding fiscal year is -7.63%.
Social Security has announced that they will be granting a cost of living increase of 8.7% for 2023. The investment performance for the preceding fiscal year is -7.63%.
What Is a Cost-of-Living Adjustment (COLA)? A cost-of-living adjustment (COLA) is an increase made to Social Security and Supplemental Security Income (SSI) to counteract the effects of rising prices in the economy?called inflation. The COLA for 2023 was 8.7%.
Highest-paid employees The highest-paid state employee in 2022 was former University of Connecticut basketball coach Kevin Ollie, who received a special payment of $11.15 million after arbitration in a long-running dispute with the university.
EFFECTIVE JULY 1, 2023: Cost of Living Adjustment (COLA): a. Salary Plan Adjustments: As a result of the Cost of Living Adjustment (COLA), the minimum and maximum rates of the EX, MP, MD, SE, HE, and DM range pay plans, and the rates in the CJ- EX pay plan shall be increased by 2.5% effective July 1, 2023.
Cost of living adjustments (COLA) are increases designed to offset inflation. The expected COLA for 2023 is 8.7%, meaning if you were going to give an employee an annual salary increase of $10,000, you would adjust that amount to $10,870 to account for inflation.
Cost of Living Adjustments COLA GroupJanuary 2023 COLA IncreaseJuly 2023 COLA IncreaseMembers retired prior to September 19925%3.6%Members retired on or after September 1, 1992 and joined the Teachers' Retirement System prior to July 1, 20071.5%1.5%1 more row
Larson (CT-01) released the following statement on the announcement that the Social Security Cost of Living Adjustment (or COLA) for 2024 will be 3.2 percent. "Seniors know that Social Security's annual COLA is vital," Larson said.
Employee Salary Adjustments: This Item authorizes a 2.5% COLA increase, effective July 1, 2023, to employees who are assigned to any of the pay plans noted in paragraph 1.