In May 2023, the State Teachers Retirement Board approved a 1% cost-of-living adjustment (COLA) to eligible benefit recipients effective July 1, 2023. New STRS Ohio benefit recipients are eligible to receive a COLA beginning on the fifth anniversary of their retirement date. Retirees who started receiving benefits on June 1, 2019, or earlier will be eligible for this COLA in fiscal year 2024 (July 1, 2023–June 30, 2024). An increase of 1% will be added to the benefit payment on the anniversary date of retirement. The increase is calculated on the base benefit and added to the regular monthly check. Email notification will be sent to COLA recipients by STRS Ohio when the benefit changes.
The retirement anniversary date and COLA amount is available in the Online Personal Account area, where benefit recipients can also access monthly, year-to-date and previous year’s benefit information.
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 2024, to evaluate whether additional benefit plan design changes may be made 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.