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Legislation sponsored by Sen. Del Marsh, R-Anniston would provide a one-time bonus of at least $300 to state employees, depending on their length of service. 2:19 pm. It also will affect people who have a significant second income. Maryland Gov. 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. COLA rates established for 2022 Posted on March 14, 2022 Cost-of-Living Adjustments (COLAs) for DRS-administered retirement systems and plans that receive a COLA have been established for 2022. Retirees who converted from MSEP to MSEP 2000 during the conversion window in 2000 will have COLAs payable in July. The study was ordered by the legislature with a mandate that it produce $500 million in savings. A survey found about 70% of the eligible workers were leaning toward retiring. COLAs help you maintain your purchasing power as inflation increases the cost of various items you buy. And a very special thank you must go out to House Ways and Means Chairman Aaron Michlewitz, who made the COLA increase a person priority from the start of this years budget process. New Jersey: Average monthly retirement benefit expected to rise by $146.67 to $1,832.60. Employers with 100 or more employees (passed): June 30, 2022; Employers with 26 to 99 employees (passed): Oct. 31, 2022; Employers with 5 to 25 employees (passed): March 30, 2023; Employers impacted by this state mandate will be notified by MyCTSavings, and businesses will be required to register or certify exemption if they DBM will provide funding in the DBM Allowance budget for any FY 2022 salary adjustment for COLA and/or SLEOLA . WebThe Comptrollers website includes a lot of information explaining changes which will apply to state employees who plan to retire effective August 1, 2022 or later. What can be done to lower home heating bills? Get CT Mirror briefings with enterprise reporting, investigations and more in your inbox daily. Moreover, a 2020 report by the Connecticut Office of Legislative Analysis forecasts that impending cuts in COLAs and new mandatory contributions for health For details, see the Fiscal Year 2022 COLA Memorandum: https://militarypay.defense.gov/Pay/Retirement/cola/ Page updated: Dec 15, 2021 Additionally, following is an additional resource from SEBAC and AFT CT's Ed Leavey: Regardless of whether SEBAC and the State reached an agreement in 2017, 2022 was going to be an enormously important year. In addition, nothing changes for Medicare-eligible retirees (over 65 or on Social Security Disability) who will continue to pay no premium share for retiree healthcare. Such a change in the law would also be local option, needing to be adopted by town meeting and local city councils likely an impossible task.