For 2024, the COLA for eligible retirees and beneficiaries will be 4.44%.
The TVARS Rules and Regulations (TVARS Rules) provide that eligible retirement benefits (pension and supplemental benefits) will receive a COLA benefit based on a formula using the Consumer Price Index – All Urban Consumers (CPI-U) – an index maintained by the U.S. Labor Department that measures the price changes in a broad group of various goods and services purchased by consumers. The COLA is calculated as the percentage change in the average CPI-U for the period of November 2021 – October 2022 to the period November 2022 – October 2023 (4.69%) minus 0.25%. Eligible retirees and beneficiaries will see the increase in checks beginning January 31, 2024.