There are no 13th checks or cost-of-living adjustments (COLAs) planned for PERF or TRF Hybrid retirees for 2023.
There will be COLAs for the following plan retirees in accordance with their plan rules.
1977 Fund
Retired 1977 Fund members will receive a 3% COLA effective July 1, 2023. This includes all retired, disabled, and surviving beneficiaries of members of the fund for benefits that began on or before Dec. 31, 2022.
The COLA for the 1977 Fund is linked to the Consumer Price Index (CPI). This methodology was approved by the INPRS board.
Judges’ Retirement System
Judges’ plan members will receive a 7.8% COLA effective July 1, 2023.
The COLA benefit increase of 7.8% is based upon the state-mandated increase to the salary for actively employed judges and magistrates in positions covered by the Judges’ Retirement System.