COLA Information - Updated February 15, 2017:

The Cost Of Living Adjustment (COLA) to be applied as of July 1, 2017 is:

All non-disability retirees with 25 or more years of service credit and whose monthly annuity is less than or equal to $1,605.46 will receive an annual adjustment of 1.17%

 

All remaining non-disability retirees will receive an annual adjustment of 1.04%

 

All disability retirees will receive an annual adjustment of 1.3%

 

Please refer to the letter below for details on how these amounts were calculated and information on COLAs for previous years. Click here.

 

 

Click here for information on the 2013 ERB COLA adjustment.

 

 

 
General COLA Information

The first COLA to a retiree’s benefit will be made on July 1 of the year in which the retired member reaches age 65, or on July 1 of the year following the members retirement date, whichever is later. Thereafter, each July 1, a retiree’s annuity will be adjusted by either one-half the percent change in the Consumer Price Index of the preceding calendar year or four percent, whichever is less. The annual adjustment shall be no less than two percent unless the CPI is less than two percent. In this case, the COLA will be the same as the percent change in the CPI.

For those members who retired under a disability retirement or anyone who retired under a regular retirement who can provide evidence to the ERA medical review board that they were disabled at the time of retirement a cost-of-living adjustment is provided. The adjustment is calculated as described above and will occur on July 1 of the third year following retirement.

 

For more information please see the ERB Member Handbook or email ERB-memberhelp@state.nm.us.