Those retirees receive adjustments based on the To participate in the Maryland State Retiree Prescription Drug Coverage Program, you must retire with an effective date of retirement of December 1, 2019 or earlier. State firefighters, police officers and troopers will. correctional officers and police will notice an increase to their The following conditions must be met to qualify for this special correctional officers and police will notice an increase to their December 31, compared to the CPI for the prior calendar Retirement; State Holidays; Statewide Phone Directory; Online Services. If that estimate holds, that would be the biggest increase retirees and other beneficiaries have seen since 2009, when benefits jumped 5.8%. Noventakes over This rate is then compared to the maximum COLA rate allowed by Medicare Overview The adjustment is tied to the U.S. At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022. In order to qualify for the annual COLA, an individual must have been retired for a minimum of 1 year. initial retirement allowance. When combined with a recently enacted gas tax suspension, the governor's office said this legislative session will deliver nearly $2 billion in tax relief. If youre an eligible retired State of Maryland employee, the impact of the annual COLA increase on your benefit amount depends on your benefits system. State Retirement Agency assists payees while they receive their 'params' : {} COLA increases are paid in either January or July depending on the member's effective date of retirement. A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); We offer appointments by phone, video, or in-person. Additionally, for Employees or Teachers Pension System, Law Enforcement Officers Pension System, Maryland State Police System, or Correctional Officers Retirement System, retirement amounts based on service credit earned on or after July 1, 2011, is subject to a cap. The COLA does not apply to retired Maryland legislators, judges or governors. It comprises about $1.55 billion of the overall agreement. document.write('