2022 Cost of Living Adjustment

2022 Cost of Living Adjustment

PERA benefit recipients will receive an annual Cost of Living Adjustment (COLA) in January 2022.

Plan

General Plan: 1.5%

Police & Fire Plan: 1.0%

Correctional Plan: 2.5%

Annual benefit recipient increases are determined by MN Statutes. The increase percentage for General and Correctional members is tied to the same Consumer Price Index used by the Social Security Administration (SSA) to determine the annual Social Security benefits increase. The increase percentage for PERA Police & Fire retirees is a fixed rate not currently tied to an inflation index.

PERA benefit counselors will not be able to provide new benefit amounts at this time. January 2022 benefit payment detail of gross benefit, taxes, and other withholding and net payment will be available for viewing in myPERA accounts on or after December 22.

For more information, please see the COLA page