Cost-of-Living Adjustments Paid to Retired Teachers in 2023  

*2023 COLA figure represents the average rate paid out across all classes or tiers of benefits offered by the plan

[1]: This data reflects COLA payouts for pension plans that are currently open to adding new members. For COLA data related to legacy plans, please contact us for details. [2]: Pension plans have a wide range of provisions for when during the calendar year they adjust benefits. Some are related to the pension plan’s valuation year, or a state’s fiscal year. Others start adjustments on the anniversary of a member’s retirement date or at the start of a select money. Certain pension plans require retirees to wait 1-3 years before COLAs start adjusting benefits. The table above simply reports the COLA amount that is adjusting benefits during the 2023 calendar year at some point; for starting date details see Equable’s pension benefit database. [3]: Data in this table reflects COLA rates that were announced to be paid out starting at some point in the 2023 calendar year, or that are the rates expected to be paid out starting at some point in the 2023 calendar year based on reported COLA rules and formulas. States that adopted ad hoc, one-time COLAs as of December 31, 2023 are reflected in this table too.
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