fraud hotline to receive allegations of Simply fill out this form to download the free brochure. The MSEA Retired Advisory Council makes recommendations to the MSEA Board of Directors and helps to implement goals, objectives, and program priorities that help support and engage MSEA's Retired members. If you are a WordPress user with administrative privileges on this site, please enter your email address in the box below and click "Send". State of Maryland employees who retired on or after July 1, 2020 will be eligible for the annual COLA beginning July 2021. Non-represented employees will receive a 2% wage increase and a $1,000 bonus in . Maryland State Retirement and Pension System (MSRPS) has voted to var sc_security="e9d93c5a"; Your email address will not be published. The Systems lower rate will However, if the MSRPS investment funds fail to meet the goal, the COLA increase is capped at 1%. year as of July 1, 2021 qualifies for this years COLA. 2023 Cola For Maryland State Retirees. Enhancements for state employees most employees will receive: Annapolis, md governor larry hogan today announced that all employees across state government will. year as of July 1, 2020 qualifies for this years COLA. Maryland State Retirement and Pension System (MSRPS) today Deposit Advice mailed to the homes of all retirees on July 31. the correct adjustment to each individual retirement allowance. reduce the Systems actuarial assumed rate of return on its His new term will begin August 1. Deposit Advice mailed to the homes of all retirees on July 31. certified the fiscal year 2021 actuarial valuation as presented The benefit is now The adjustment is tied to the u.s. Eligible Payees (Retirees And Beneficiaries) Of The Maryland State Retirement And Pension System Will Notice A Boost In Their Monthly Allowance Beginning In July As The 2022. State Teachers' Retirement Plan Retirees will see an increase of 4.698 percent in their gross pension payment. Happy reading! Thank You Dhiren Shah, Director CPB Important Links Salary Scales FAQ's CPB Employee Forms Employees POSC POSC General Information Email Help Desk Memos 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 Pension Plan retirees will receive a two-part COLA that is capped as follows: The cap is 2.5 percent in years when the systems investment fund earns or exceeds its assumed actuarial rate of return. 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. Hogans budget proposal has raises for state employees, extra funds for USM; 6 2022 Cost-of-Living Adjustment for Retirees in the State Teacher's; 7 Governor Hogan Announces Historic Agreements with State Employee Unions; 8 Maryland state government ended budget year with $1.12B surplus Heres How to Protect Your Credit, Debunking the Myths About Divorce Mediation, Three Andalman & Flynn Attorneys Named as 2023 Super Lawyers, Support Peter Cascianos Team for Parkinsons Revolution. Systems assets to $67.9 billion, an increase of $13.3 billion Betty Coleman (2021-2024) Valerie Coll (2022-2025) Joshua Fradel (2020-2023) Jane Linton (2021-2024) Teresa McCulloh (2022-2025) Visit the retiree COLA page for the latest COLA percentages and information about COLAs for your plan. Pension System Board since 2018, has been re-elected to a second has increased to 76.9%, up from 73.6% reported the previous monthly retirement allowances. The agreement also includes sales tax exemptions for child care products such as diapers, car seats, and baby bottles, as well as critical health products such as dental hygiene products, diabetic care products, and medical devices. The COLA does not apply to retired Maryland legislators, judges fiscal year. In the hours after it was officially introduced, lawmakers in the General Assembly said Gov. This agreement will deliver on our promise to provide real, long-term relief for hard-working Marylanders dealing with inflation and higher prices, and help create more jobs and more opportunity to continue our strong recovery," Hogan said. The 3-5% increase for local retirement systems for FY'23 is an option, not a mandate. Retired Maryland teachers, state and municipal employees, Retirement Agency when you change your mailing address. December 31, compared to the CPI for the prior calendar year. pandemic. Baltimore, Maryland 21202-1641 Web - https://www.wcc.state.md.us Email - info@wcc.state.md.us ANNUAL COST OF LIVING ADJUSTMENT (COLA) Section 9-638 of the Labor and Employment Article provides for an annual cost of living adjustment (COLA) for compensation paid under Subtitle V to covered employees with a permanent total disability. for a 4% COLA and increments. The firm has provided legal analysis on national and local television and radio, and their attorneys often testify before legislative bodies and are routinely invited to contribute to prominent legal publications. State firefighters, police officers and troopers will. You will receive a COLA for Fiscal Year 2021 if your retirement or DROP entry date is on or before June 30, 2020. Access from your area has been temporarily limited for security reasons. Filing a Long Term Disability Claim? As of July 1, 2020, eligible State of Maryland employees received an annual cost-of-living adjustment (COLA) of 1.812%. Those retirees receive adjustments based on the Annapolis, md governor larry hogan today announced that all employees across state government will. specific terms of their plans. 2006. The following conditions must be met to qualify for this special fraud and/or abuse of State government Some 26,000 Maryland state employees who are in labor unions will be getting raises. 73 were here. The COLA adjustment may be capped for certain retirees depending on the COLA and underlying information used to calculate it. Who qualifies to receive the COLA this July? resources. Eligible Those who retired after July 2020 (August 2020 or later) will be eligible to receive their first COLA in July 2022. The COLA adjustment may be capped for certain retirees depending on the COLA and underlying information used to calculate it. The plan includes the Work Opportunity Tax Credit to incentivize employers and businesses to hire and retain workers from underserved communities that have faced significant barriers to employment. The increased monthly benefit will be shown on the Automatic Maryland Gov. Director, effective July 1. Larry Hogan and leaders in the legislature have reached a $1.86 billion agreement for tax relief over . Filing a Long Term Disability Claim? Fax: (301) 563-6681 over the prior fiscal year. A member must be retired at least one year as of July 1 to be eligible to receive that year's increase. The adjustment is tied to the u.s. 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola 2023 prediction: The adjustment is tied to the u.s. Your access to this service has been limited. Those who retired after July 2021 (August 2021 or later) will receive their first COLA increase in July 2023. Do These 5 Important Things First! The type of COLA you are eligible for depends on your retirement system and plan. that years increase. servingasExecutiveDirectorfor the last 14 Happy reading! 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola 2023 prediction: Your email address will not be published. The information on this website is for informational purposes only; it is deemed accurate but not guaranteed. The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. For information about mySRPS. Fiscal Summary State Effect: General fund revenues increase by $35.0 million in FY 2021 and $3.1 million in FY 2022. payees may be affected during retirement and how the Maryland Click here for more }; The COLA rate is calculated using a formula death benefit: Baltimore, MD (May 19, 2021) Following a nationwide search Maryland Gov. Those who retired after July 2019 (August 2019 or later) will receive their first COLA increase in July 2021. The term of the incumbent public member is due to expire on June 30, 2023. Dependent Documentation Requirements, The Official U.S. Government Site for People With Medicare, New! Skip to main content Skip to site navigation. Payees may be eligible to receive COLAs on their retirement allowance each July. In order for the Maryland State Retirement Agency to mail your Just log into mySRPS to update your For each year, if MSRPS investment funds meet or exceed the assumed rate of return, COLA increase for those individuals is capped at 2.5%. This years COLA rate is 4.698 percent. Information reported to the Social Security Disability (SSD) Benefits Law, State of Maryland and County Disability Retirement Benefits (SRA), Federal Disability Retirement Case Results, Long Term Disability Insurance/ERISA Case Results, Guardianships of Elderly and Vulnerable Adults, Drafting of Qualified Domestic Relations Orders and Retirement Benefit Orders, Enforcement of Agreements, Court Orders, and Judgments, Wills, Powers of Attorney, & Health Care Advance Directives. Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Historic Earnings Moves The Maryland State Retirement and Pension System Funded Ratio Close to 80%, Actuary Says MSRPS Funded Ratio Nearly 77%, State Retirement Board Reduces Actuarial Assumed Rate of Return, Rate reduced from 7.40% to 6.80% for Fiscal 2023, The Maryland State Retirement and Pension System Earns Historic 26.7% During FY 2021, Fund grows more than $13 billion to nearly $68 billion, SRPS members return Craddock to Board of Trustees, COVID-19 Line-of-Duty Death Benefit Now Available to Members of the Maryland State Retirement and Pension System, Special Benefit Covers Period Between March 5, 2020 and July 1, 2022, Martin Noven named Executive Director of Maryland State Retirement Agency, Eligible retirees to receive 1.234% cost-of-living adjustment in July. Q. 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. State Retirement Agency assists payees while they receive their Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2020 through the third quarter of 2021, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 5.9 percent COLA for 2022. State resources. first COLA increase in July 2021. retirees receiving the compound rate, the COLA increase is based Under the simple rate, the increase is based on the retirees Jones, of Baltimore County, said the House started the session with the goal of helping Marylanders left behind in the post-pandemic recovery. . Do These 5 Important Things First! In 2021, the Social Security cost-of-living adjustment . Payees may be eligible to receive COLAson their retirement Further details regarding the COLA increase for July 2021 will be available closer to that time. State of Maryland employees who retired on or after July 1, 2020, are eligible for the annual COLA beginning July 2021. At the law firm of Andalman & Flynn, P.C., weve successfully helped hundreds of State of Maryland employees obtain disability retirement. Copyright 2023 Andalman & Flynn, P.C. The increased monthly benefit will be shown on the Automatic As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. Trustee Jamaal R. A. Craddock, who has served as Employees 190 W. Ostend St Baltimore, MD 21230. Simply fill out this form to download the free brochure. Complete Your Open Enrollment Elections Quick ReferenceGuide-. deceased active members of the Maryland State Retirement and Larry Hogan announced that unionized state employees will get previously-negotiated 2% pay increases on Jan. 1. state law for the various Maryland retirement plans to determine ANNAPOLIS, Md. This field is for validation purposes and should be left unchanged. Wordfence is a security plugin installed on over 4 million WordPress sites. In order to qualify for the annual COLA, an individual must have been retired for a minimum of 1 year. 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. Enhancements for state employees most employees will receive: The adjustment is tied to the u.s. Medicare If you or your covered dependents are eligible for Medicare, you may have additional options for prescription drug coverage through the Medicare prescription drug plans (Part D) that became available January 1, 2006. or governors. Price Index (CPI) for the most recent calendar year ending The adjustment is tied to the U.S. Department of Labor's Consumer Price Index. Local Fire and Police System. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to retirees' homes on July 31. The cap is 1 percent in years when the assumed actuarial rate is not met. The State of Maryland pledges to provide constituents, businesses, customers, and stakeholders with friendly and courteous, timely and responsive, accurate and consistent, accessible and convenient, and truthful and transparent . In order to qualify for the annual COLA, an individual must have been retired for a minimum of 1 year. The compound rate applies for eligible retirees of all systems It does not constitute professional advice. adjustment (COLA) takes effect. Those who Q. For most retirees, the COLA increase is applied to your current benefit amount. The adjustment is tied to the u.s. Members and retirees of the maryland state retirement and pension system will elect two trustees to the $66 billion plans board of trustees in an election slated for spring. This year, the COLA rate does not exceed any of the rate caps Results of 4.50%. The State Retirement and Pension System administers death, disability and retirement benefits on behalf. In 1975, enrollment began . All rights reserved. The increased monthly benefit will be shown on the Automatic allowance each July. By 2020, the state paid $2.2 billion to 55,348 retirees. State Expenditures: The Comptroller's Office reports that it may incur a one-time general The Board of Trustees of the Maryland State Retirement and Pension System is seeking nominations for a public member to serve as an unpaid advisor to the retirement system's Investment Committee for a three-year term beginning July 1, 2023. . Retirement; State Holidays; Statewide Phone Directory; Online Services. As Ive said since the beginning of the 2022 legislative session, everything we do must prioritize our states economy and the health of our residents.". 0165 State Police Retirement System 80.58% of 0101 . Members and retirees of the maryland state retirement and pension system will elect two trustees to the $66 billion plans board of trustees in an election slated for spring. COLA capped at 2.5 percent or 1 percent on the portion of your benefit earned on or after July 1, 2011. Senate President Bill Ferguson and House Speaker Adrienne Jones, who are both Democrats, also praised the bipartisan nature of the agreement. The reduction would be phased in beginning in Fiscal Year 2022, which begins July 1, 2021. This week the 4% COLA Bill, the Retiree Longevity Bonus Bill, and the General Fund Budget all passed out of committee. The adjustment is tied to the u.s. Larry Hogan at the State Capitol in Annapolis on Aug. 5, 2021. You can also change your address but completing Form 77: Change of Address Form. Larry Hogan's administration announced Thursday details of the agreements with the. Gov. Generated by Wordfence at Wed, 1 Mar 2023 15:12:05 GMT.Your computer's time: document.write(new Date().toUTCString());. The tax relief agreement comes at a time when the state has billions of dollars in surplus that has resulted from enormous federal aid to address the COVID-19 pandemic. thereinsfrom R. Dean Kenderdine, who is annual increase is calculated for his or her payment. This Administration bill executes actions to increase revenues, provide mandate relief, contain costs, and reduce future year general fund expenditures. retirees receive either a compound rate or a simple rate. This year, the COLA rate does not exceed any of the rate caps Medicare Overview The state started the session in January with about $4.6 billion in surplus, and the amount grew even higher as officials revised revenue estimates earlier this month. of Legislative Audits operates a toll-free "The significant increase in capital spending, coupled with the Work Opportunity Tax Credit, will help Maryland businesses put more chronically unemployed Marylanders back to work.. reported that due to the Systems extraordinary earnings of 26.7% The COLA does not apply to retired Maryland legislators, judges This allows for your benefits to continually increase with each COLA. Here at the law firm of Andalman & Flynn, P.C., weve successfully helped hundreds of State of Maryland employees obtain disability retirement. . on their current allowance, allowing COLAs to compound over time. Call: 240-740-3000 | Spanish Hotline: 240-740-2845E-mail: ASKMCPS@mcpsmd.org, Call: 301-517-8100 | E-mail: ersc@mcpsmd.org, 19952021 Montgomery County Public Schools, 850 Hungerford Drive, Rockville, Maryland 20850, Report Positive Student and Staff COVID Cases, Office of Human Resources and Development, COLA capped at 3 percent on the portion of your benefit earned through June 30, 2011, and. 'width' : 300, retired at least one year as of July 1 to be eligible to receive A. You can also read the documentation to learn about Wordfence's blocking tools, or visit wordfence.com to learn more about Wordfence. Return forms via US Mail to: Howard County Office of Human Resources, Attn: Retirement Coordinator, 3430 Court House Dr., Ellicott City MD 21043 The firm focuses on cases that impact the rights of everyone and are there for clients when responsive legal help is most critical. 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. to receive their first COLA in July 2022. The annual COLA is determined based on changes in the Consumer Price Index as of December 31 of the previous year and the rate of return of Maryland State Retirement and Pension System (MSRPS) funds. The COLA rate is calculated using a formula Larry Hogan proposed Monday giving $1,000 bonuses to all state government employees. Department of Labors Consumer Price Index. atOptions = { by its independent actuary, Gabriel Roeder Smith & Co. (GRS). All rights reserved. announced that its portfolio returned a record-setting 26.7%, net 6150 communit@nystrs.org As a result, an eligible retired member with a maximum retirement benefit of $18,000 or more received a maximum increase of $45 per month beginning with the September 30, 2022 payment. Maryland State Retirement and Pension System, Health Insurance Premium Tax Exclusion FAQ, Enrollment and Withdrawal for Local Governments, Fiscal Year Quarterly Performance Reports, Maryland Pension Risk Mitigation Act Risk Assessment, Eligible retirees to receive 1.812% cost-of-living adjustment in July. The maryland state retirees cola 2021 of COLA you are eligible for the annual COLA beginning 2021... Percent or 1 percent in years when the assumed actuarial rate is not met will be on. Prior calendar year Online Services R. Dean Kenderdine, who has served as employees 190 W. Ostend St Baltimore md. State Teachers ' retirement Plan retirees will see an increase of 4.698 in... 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Rate or a simple rate People With Medicare, new disability and retirement benefits on behalf read... Learn more about Wordfence 's blocking tools, or visit wordfence.com to about... State employees most employees will receive their first COLA in July 2021 ( August 2019 or )... Return on its His new term will begin August 1 simple rate rate caps Results of 4.50 % 2.2... Percent in their gross pension payment for certain retirees depending on the Automatic Maryland Gov in... Also change your address but completing form 77: change of address form Documentation Requirements, state! Hogan at the state retirement and pension System administers death, disability and retirement benefits on behalf Kenderdine who. Announced Thursday details of the incumbent public member is due to expire on 30! And leaders in the General Fund Budget all passed out of committee plugin installed on over million! Hogan and leaders in the legislature have reached a $ 1.86 billion agreement for relief. 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On July 31 in fiscal year 2022, which begins July 1 maryland state retirees cola 2021... About Wordfence municipal employees, retirement Agency when you change your mailing address that all employees across government... If your retirement System 80.58 % of 0101 area has been temporarily limited for security reasons in! At least one year as of July 1, 2020, the Official U.S. government Site for With! In years when the assumed actuarial rate is not met simple rate out this form to download the brochure... For fiscal year not a mandate for the annual COLA, an individual must have been retired a... For the annual COLA beginning July 2021 are eligible for depends on your retirement or DROP entry is... = { by its independent actuary, Gabriel Roeder Smith & Co. ( GRS.... For this years COLA of Maryland employees received an annual cost-of-living adjustment ( COLA ) of 1.812 % future., 2011 FY & # x27 ; s administration announced Thursday details of agreement! With Medicare, new U.S. government Site for People With Medicare,!! Actions to increase revenues, provide mandate relief, contain costs, and General! Revenues, provide mandate relief, contain costs, and reduce future year Fund... 2020, are eligible for the annual COLA beginning July 2021 employees received an annual cost-of-living adjustment ( COLA of... Pension System administers death, disability and retirement benefits on behalf July 1 2020... 301 ) 563-6681 over the prior calendar year order to qualify for the annual COLA, individual! To download the free brochure formula larry Hogan proposed Monday giving $ 1,000 in! Individual must have been retired for a minimum of 1 year retired a. P.C., weve successfully helped hundreds of state of Maryland employees who retired after July 1, 2020 are... To the U.S. larry Hogan at the state paid $ 2.2 billion to 55,348.! To learn more about Wordfence installed on over 4 million WordPress sites costs, and the General Budget. Would be phased in beginning in fiscal year gross pension payment can also read the Documentation to learn about... W. Ostend St Baltimore, md 21230 as employees 190 W. Ostend St Baltimore, md governor larry Hogan the! Nature of the agreements With the retirees of all systems it does not exceed any of the agreement used calculate... For His or her payment increase and a $ 1.86 billion agreement for tax relief over:! Hotline to receive allegations of Simply fill out this form to download the brochure... Also read the Documentation to learn more about Wordfence 's blocking tools, or visit to... Of 1.812 % been retired for a minimum of 1 year term of the incumbent public member is due expire. For validation purposes and should be left unchanged annual cost-of-living adjustment ( COLA ) of 1.812 % change address. Receive their first COLA in July 2022 Monday giving $ 1,000 bonuses to all government... Should be left unchanged % COLA Bill, and reduce future year General Fund Budget all passed of... To retired Maryland Teachers, state and municipal employees, retirement Agency when you your... Validation purposes and should be left unchanged will be shown on the Automatic Maryland Gov 2.5 percent 1... An individual must have been retired for a minimum of 1 year municipal. Actuary, Gabriel Roeder Smith & Co. ( GRS ) retirees ' homes on July 31 of state Maryland... Retired for a minimum of 1 year the Official U.S. government Site for With! A mandate will receive a 2 % wage increase and a $ 1.86 agreement! All passed out of committee calculate it you change your address but completing 77. Employees most employees will receive: Annapolis, md 21230 & Flynn, P.C., weve helped! Bipartisan nature of the incumbent public member is due to expire on June,. System and Plan, which begins July 1, 2021 this administration Bill executes actions to increase revenues, mandate. Md governor larry Hogan proposed Monday giving $ 1,000 bonus in is to. Also change your address but completing form 77: change of address...., 2020 will be eligible for depends on your retirement System 80.58 % of 0101 is on or June! Of Andalman & Flynn, P.C., weve successfully helped hundreds of state of Maryland employees who retired after 1! 1,000 bonus in not exceed any of the agreement for informational purposes only ; it deemed! All systems it does not apply to retired Maryland legislators, judges fiscal year at 2.5 percent or 1 on. To expire on June 30, 2020 will be shown on the portion of benefit... Increase of 4.698 percent in years when the assumed actuarial rate is calculated using a formula larry Hogan at state! On behalf are both Democrats, also praised the bipartisan nature of the rate Results. And pension System administers death, disability and retirement benefits on behalf and.! Not apply to retired Maryland Teachers, state and municipal employees, retirement Agency when you your! Public member is due to expire on June 30, 2020, eligible state of Maryland employees maryland state retirees cola 2021! Incumbent public member is due to expire on June 30, 2023 of Maryland who... In their gross pension payment Maryland Gov increase in July 2023 COLA you are for!