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Federal Retirees


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EngineerJim  
#1 Posted : Wednesday, October 13, 2021 5:30:37 AM(UTC)
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The CPI data for Sep 2021 was released this morning.
This is used to calculate the federal retirees (and Social Security) COLA starting in January 2022.
CSRS retirees (and Social Security) will receive a 5.9% increase. The highest in 40 years.
FERS retirees will receive a 4.9% increase.
Xerxes99  
#2 Posted : Sunday, October 17, 2021 5:34:26 PM(UTC)
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Do the employees who retire this year get the increase in January?
GoHuskers  
#3 Posted : Monday, October 18, 2021 11:04:54 AM(UTC)

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They get a prorated amount, depending on the month of retirement. For example, if the retirement date was September 1, you would have received the pension in only 3 of the 12 months prior to the December effective date of the increase, so would only get 3/12, or 1/4, of the COLA. This is for CSRS retirees and FERS retirees over age 62. If you are FERS and under age 62 there is no COLA.

Social Security COLAs are not prorated, so if you are also on SS the entire 5.9% will apply to the SS benefit.

Edited by user Monday, October 18, 2021 3:27:40 PM(UTC)  | Reason: added SS info

GSBS  
#4 Posted : Wednesday, October 20, 2021 10:33:27 AM(UTC)
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Originally Posted by: Xerxes99 Go to Quoted Post
Do the employees who retire this year get the increase in January?

As you were just approved for Disability Retirement, if you are receiving 60% payments during your first year, you will not see any COLA payment until 2023

When is the Cost-of-Living Adjustment (COLA) paid? View less
Cost-of-Living Adjustments are effective each December first. The adjustment appears in your payment on the first business day of January, which is when your benefit for December is paid. Federal Employees Retirement System (FERS) and FERS Special Cost-of-Living Adjustments are not provided until age 62, except for disability, survivor benefits, and other special provision retirements. FERS disability retirees get the adjustment, except when they are receiving a disability annuity based on 60 percent of their high-3 average salary. Also, under FERS, if you have a CSRS component, the component is subject to the CSRS COLA calculation.
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