Three Things Your Should Know About COLA
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Here are five things you should know about Part HH, the income limitations section of the law:
DROPDOWN
- It only applies to retirees who return to employment with either a NYC or NYS public school.
- A retiree employed by a public school should file a Certificate of Employment Form #353 to notify NYCERS of their return to service.
- You can file Form #353 by logging in to your secure MyNYCERS account and uploading the completed form. [Comms to confirm if the form can be filed in MyNYCERS and if so, provide a direct link and instructions].
- NYCERS will require supporting documents (list documents required) to waive income limitations for retirees under 65.
- Part HH expires on June 30, 2023. After that date, retirees who return to work in a public school will be subject to income limitations
Each year, NYCERS makes an annual Cost-of-Living Adjustment (COLA) to the retirement allowance of eligible retirees. Here are three things you should know about COLA:
- COLA is an annual adjustment to your retirement allowance based on the Consumer Price Index (CPI).
- If eligible, your 2022 COLA payment is 3.0% of your Annual Maximum Retirement Allowance (AMRA) or $18,000, whichever is less.
- See COLA Fact Sheet #707 for a list of eligible retirees who will receive COLA.
If you’re eligible to receive COLA, it will be reflected in your September 30, 2022 pension payment.
Have you registered for a MyNYCERS account?
MyNYCERS account holders can manage many aspects of retirement online – updating address and Federal tax withholding, accessing the latest correspondence from NYCERS, and submitting forms and documentation. Register for/log in to MyNYCERS
