The Connecticut Teachersí Retirement Board provides for a cost of living adjustment (COLA) once a member has been receiving a retirement benefit or disability allowance for at least nine months. Eligible benefit recipients who retired on or after September 1, 1992 will receive a 3.6% COLA in 2012. Members who began receiving a benefit between November and April will receive the COLA in January 2012; members who began receiving a benefit between May and October will receive the COLA in July 2012.
Members who retired prior to September, 1992 and who receive their annual cost of living adjustment in July (not January) will receive an increase of 3.0%. Their 2012 cost of living adjustment will be based on the National Consumer Price Index for the twelve month period ending on May 31, 2012. For further information on this topic, you may refer to the Cost of Living Adjustments Bulletin (PDF 31KB).
The COLA will increase a memberís taxable income. Members may change their federal or state withholding tax by submitting a Federal and CT Tax Withholding Change Form (PDF 271KB).
For members who chose the extra annuity option for their Supplemental and/or Voluntary Account balance at retirement, the COLA does not apply to the annuity portion of the retirement benefit.
A history of the Cost of Living Adjustments Granted From 1978 to 2012 (PDF 39KB) is available on the Statistics and Research page of this website.
Refer to the Cost of Living Adjustments Bulletin (PDF 31KB) for further information on this topic.