Eligible Benefit Recipients to Receive Cost-of-Living Increase
In March 2022, the State Teachers Retirement Board approved a 3% cost-of-living adjustment (COLA) to eligible benefit recipients for fiscal year 2023, effective July 1, 2022. An increase of 3% will be added to the base benefit on the retirement date anniversary and each month thereafter. STRS Ohio notified each individual retiree who is eligible to receive a COLA when they can expect their cost-of-living increase to be in their monthly benefit check (the anniversary month of retirement).
Notification is also being sent to COLA recipients when the monthly benefit amount changes. At the time of payment, these individuals can view the new benefit payment amount in the Online Personal Account area, where monthly, year-to-date and previous year’s benefit information is also available.
The motion passed by the Retirement Board to approve this COLA payment also indicated the board’s intent to review benefits again, no later than spring 2023, to evaluate whether additional enhancements are possible in accordance with the laws in effect at that time.
If you have questions, email STRS Ohio or call 888-227-7877 (toll-free), Monday-Friday, 8 a.m.–5 p.m.