Eligible Retirees to Receive 1.465% COLA Beginning July 2014
Eligible retirees and beneficiaries of the Maryland State Retirement and Pension System will receive a 1.465% increase in their retirement payment in July 2014 as the annual cost-of-living adjustment (COLA) takes effect. Since this year’s COLA rate does not exceed the system limit or cap in place for retirees of the Pension System, all eligible retirees will receive the full COLA applied to their monthly benefit payable July 31, 2014.
Members who retired after July 1, 2013 are not eligible for a COLA until they have been retired one full year as of July 1.
The COLA does not apply to most legislative and judicial retirees. Retirees from the legislative and judicial systems receive adjustments based on the increases received by active legislators and judges.