Retired State Employees Who Qualify For Cost of Living Adjustment Will Receive COLA Beginning This Month

Retired State Employees Who Qualify For Cost-of-Living Adjustment Will Receive COLA Beginning This Month

Published on Wednesday, July 24, 2024

Providence, RI - Today, Rhode Island General Treasurer James A. Diossa announced that retired state employees, teachers, and municipal employees (including municipal public safety) who retired on or before June 30, 2012, will receive the full COLA payment beginning with the July pension benefit. This comes after the General Assembly passed - and Governor McKee signed - the FY2025 Budget which included several changes to the ERSRI pension system, including a COLA for those retirees.

"I'm proud of our team at the Employees' Retirement System of Rhode Island for their efforts to quickly implement the necessary changes and expedite COLA payments to retirees," said General Treasurer Diossa.

The COLA payment for these retired members, for 2024, will increase from 0.71% to 2.84% and will be based on the lesser of either a member's retirement allowance or the first $29,776 of their retirement allowance (this index increases annually pursuant to state law). For more details, visit www.ersri.org/or call (401) 462-7600.