The Spring 2023 Newsletter has been posted to the website. Highlights of this issue include information on the COLA, what you need to know if you are applying for Medicare, Board recognition for staff members who are retiring, the new Employee Self-Service module, and much more.
We are pleased to report that Chapter 269 of the Acts of 2022, a local option which allows a one-time increase from 3% to 5% to the COLA previously granted to retirees on July 1, 2022, was earlier approved by the Board and has now received the necessary local option approvals by the System’s municipalities.
The one-time increase of 2% to the COLA percentage for FY 2023 will result in an additional annual COLA payment of $320 to retirees and beneficiaries whose annual pensions exceed $16,000. As are all COLAs, the increase will be included in retirement allowances going forward. Those receiving less than $16,000 annually will receive an adjustment in proportion to their allowances. The 2% COLA adjustment is expected to be included in eligible benefit recipients’ June 2023 payment.
In addition, as reported earlier, the Board has voted to grant the maximum COLA allowed for retirees of the Middlesex County Retirement System as of July 1, 2023, in the amount of 3% of the first $16,000 of retirement benefits, or $480.00/year. Monthly payments of the FY 2024 COLA will begin in July 2023.
The Middlesex County Retirement Board will present the last program of its Pension Education Series: Understanding Your Public Pension and Social Security virtually on November 8, 2023 from 4:00 p.m. – 6:00 p.m.
This session is important for your financial planning, whether you are a new member, a vested mid-career member, or nearing retirement. Topics include the retirement benefit calculation formula, health insurance, taxes, working after retirement, cost-of-living adjustments and how your retirement benefits interact with Social Security. By attending this webinar you will learn more about one of your most valuable assets. Register here!
The Middlesex County Retirement System’s 2022 Annual Statement of Financial Condition is now available.
The Middlesex County Retirement System voted unanimously on April 19th to grant retirees the maximum allowable Cost of Living Adjustment (COLA). The maximum COLA allowed by law for retirees of the Middlesex County Retirement System is 3% of the first $16,000 of retirement benefits, or $480.00 per year. The increase will take effect for eligibile retirees on July 1st.