2022 cola for maryland state retirees

All rights reserved. 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. Copyright 2023 Andalman & Flynn, P.C. State regular employees who were otherwise eligible to receive a within grade increase (an increment) on January 1, 2021, or July 1, 2021, but did not receive an increment due to budgetary constraints, will receive an increment effective January 1, 2022, except that for employees in bargaining units A, B, C, D, F and H, the effective date of the increment will be January 31, 2022. As occurs each year, the Maryland State Retirement and Pension System (MSPRS) has announced the annual cost of living adjustment (COLA) rate. $900 COLA bonus for employees whose annualized base salary is less than $45,000, and the lesser of a 2% increase or a $1,400 bonus for employees whose annualized base salary is $45,000 and above, with a break point of $70,000; 2.5% Merit increase on 7/1/2007. COLA capped at 2.5 percent or 1 percent on the portion of your benefit earned on or after July 1, 2011. Hogan announced this as part of an effort to recruit and retain state employees. At the February meeting, the Retirement Board affirmed the actuary's calculation of a 3% cost of living adjustment (COLA) for the plan. Through AFSCME Strong organizing, they secured new salary increases, job protections and benefits, including a 6% cost-of-living adjustment (COLA) for the next fiscal year. North Carolina's public-sector retirees have lost roughly 20 percent of the value of their pensions to . The adjustment is tied to the u.s. July 1, 2022. The adjustment is tied to the u.s. All information is subject to change at any time without notice. Disability Benefits Law Services Browse Overview, Alternative Dispute Resolution (ADR) Browse Overview. 1/1/2022 and after. Print and post in your office, give to your colleagues, or forward this email! All information is subject to change at any time without notice. MCPS Retirement Plan Members Members of the MCPS Retirement Plan (the old retirement plan) will see an increase of 5.94 percent in their gross pension payment in 2022. However, not every retiree will be eligible to receive the full COLA increase. Your advisor should be able to project your Maryland taxes, calculate the Acts potential impact on your retirement income, and develop a personalized strategy to optimize your savings and ensure a secure financial future! 4.50%. State DBM-Employee Benefits Division - 1-1-2023 to 12-31-2023 Health Benefits Guide. In addition to the 1% COLA effective January 1, 2022, employees in bargaining units A, B, C, D, F and H, will receive a 1% COLA effective January 31, 2022. However, in 2019 the investment fund target was met and the resulting COLA increase in July 2020 was low enough that there were no issues with caps for different retirement systems. Fax: (301) 563-6681 Additionally, individuals who transferred between systems may be impacted different than others in their benefit system. A union representing about 20,000 Maryland state employees said Friday that it had failed to agree on a pay raise for the coming budget year with representatives of Gov. Fax: (301) 563-6681 If you retired under the Basic Benefit or Advance Pension Option, the COLA calculation is based on your Basic Benefit amount. However, Maryland offers a pension exclusion for certain types of retirement income, including qualified defined benefit and defined contribution pension plans, 401(a) plans, 401(k) plans, 403(b) plans, and 457(b) plans. 1% COLA. Larry Hogan. For more information, County government retirees may contact the Retirement Office by email at ers@baltimorecountymd.com or call 410-887-8246 The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. 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. . We cover all of Charles, Calvert, and St. Marys Counties; along with the Southern portions of Anne Arundel and Prince Georges County. Background on Todays COLA Action. The adjustment is tied to the u.s. Advances state workforce recruitment and retention efforts. Please enable JavaScript in your browser. 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. State employees, teachers and judges retirees who retired after June 30, 2012 become eligible to receive a '4-Year' COLA after reaching Social Security Normal Retirement Age (SSNRA) or the three-year anniversary of the member's retirement date, whichever is later. 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. It is important to consult with your financial advisor to fully understand the financial implications of this legislation and make informed decisions about your retirement savings. 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. The maximum increase is 5% (minimum 0%). *For additional information, read the OSA's full report. National Human Trafficking Hotline - 24/7 Confidential. Which is good news for everyone! We are happy to answer any questions regarding your State of Maryland Disability Retirement. Impacted individuals include retirees in the following benefit systems: Correctional Officers Retirement System; Employee and Teachers Pension Systems; Employees and Teachers Pension System; Employees and Teachers Retirement Systems (bi-furcated payees); Law Enforcement Officers Pension System; Local Fire and Police System; and State Police Retirement System. This website uses cookies to improve your experience while you navigate through the website. Md. 2022, and their first potential COLA would come in . 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. MCPS Pension Plan Members Per San Diego Municipal Code section 24.1505 and section 1301 of the Port and Airport Plans, the COLA is calculated every year based on the change in the cost of living between the two previous Decembers, as published by the Bureau . State workers in Maryland who are members of AFSCME Council 3 won big in the state legislative session that just ended. Please see the 2022 COLA Calculation Memo for details. If you are an eligible retired State of Maryland Employee, the impact of the annual COLA increase on your benefit amount depends on your benefit system. "If you're not confident that your retirement plan is on track to deliver the lifestyle you want amid historic levels of uncertainty, you're in the right place.". Photographs and illustrations, as well as text, cannot be used without permission from the AFT. Enhancements for state employees most employees will receive: 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. 2007. Effective July 1, 2023, State regular and contractual employees will receive a 2% COLA. But Maryland Gov. 'key' : '4a1f1119f949a4af74d56b8a3af8b867', 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. Contact Us (800) 348-7298, Ext. By Maryland Today Staff Jan 14, 2022 The pay increases for University System of Maryland regular-status employees would be implemented in stages this year; they would start with a one-time bonus of $1,500 and a 1% cost-of-living adjustment effective this month. 'format' : 'iframe', Retired Maryland teachers, state and municipal employees, Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. provided in state law and is based on the change in the Consumer document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); We offer appointments by phone, video, or in-person. The state of Maryland on Monday announced an historic agreement with multiple state employee unions. For most retirees, the COLA increase is applied to your current benefit amount. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. A. NC can afford COLA for public sector retirees. Here are the law firm of Andalman & Flynn, P.C., weve successfully helped hundreds of State of Maryland employees obtain disability retirement. For retirees under the Local Fire and Police System and Employee's Non-Contributory Pension System, the annual COLA is calculated using the initial retirement allowance. 2.5% Merit Increase. And who qualifies for the MD pension exclusion? Retirees must also monitor Medicare IRMAA surcharges at the federal level. Maryland State Retirees Medicare eligible retirees do not need to enroll in Medicare Part D at this time. SoMDC covers every aspect of the SoMD Region and will continue to grow with the community. hlK@F9PK$iRR!|\h`p:""Z9AAEide}^;Zb(R~80)vcK,vzpb@TNC%eXjgHi&:4G|&% UC( This field is for validation purposes and should be left unchanged. h4T0Pw/+Q0L) )A(S0ej,!<0'V? U? The rate of the annual COLA is determined based upon changes in the Consumer Price Index as of December 31st of the previous year and the rate of return of Maryland State Retirement and Pension System (MSRPS) funds. For more information about Andalman & Flynn, please visit the website atandalmanflynn.comor call 301.563.6685, Phone: (301) 563-6685 This means that the increase applied to your benefits cannot exceed a certain amount, regardless of the state wide COLA. Subscribers to The Daily Record can access the digital edition archive. Over the past 10 years, the fees . Annapolis, md governor larry hogan today announced that all employees across state government will. Individuals who are part of the Employees and Teachers Retirement System will receive the entire 4.698% COLA increase, with the exception of bi-furcated payees, who will receive 4.698 on the portion of the allowance based on creditable service before they elected to bi-furcate, and 3% on the portion earned after they elected to bi-furcate. This cost of living adjustment will help state employees and their families with the challenges they face from historical inflation, andamid the post-pandemic labor shortagetodays actions advance our enhanced efforts to recruit and retain a talented workforce.. Copyright 2023 RCS Financial Planning. The adjustment is tied to the U.S. Department of Labor's Consumer Price Index. All rights reserved. By: Daily Record Staff The type of COLA you are eligible for depends on your retirement system and plan. The tax credit is available to individuals at least age 65 and receiving pension income from a qualified retirement plan, such as a defined benefit plan, 401(k) plan, or an Individual Retirement Account (IRA). Annapolis, MD 21401, dashicons-facebook-alt (Traditional IRAs, Roth IRAs, simplified employee plans (SEP), Keogh Plans, or ineligible deferred compensation plans do not qualify for the pension exclusion.). The cost-of-living adjustment (COLA) for September 2022 through August 2023 benefit payments is 3%. Very few agencies have sworn law enforcement personnel or fire fighters but be advised that the wage enhancements detailed here do not apply to these groups of employees. These cookies will be stored in your browser only with your consent. 'height' : 250, Design By Tiny Frog Technologies. The Maryland Retirement Tax Elimination Act, Retirement Tax Reduction Act of 2022 Conclusion, $100,000 Single / Married Filing Separate, $150,000 Married Filing Jointly, Qualified Survivor, Head of Household. This allows for your benefits to continually increase with each COLA. Marylanders 65 and older with Federal Adjusted Gross Income up to $100,000 and married couples with Federal Adjusted Gross Income up to $150,000 in retirement income are eligible for this Maryland Senior Credit.. year. After once again holding the line and bringing fiscal responsibility to Annapolis, we can take additional steps to honor our firefighters, law enforcement officers, nurses, and state employees for the meaningful work they do to change Maryland for the better, said Governor Hogan. It is not necessary for agencies to submit duplicate requests to the Office . Annual COLAs are based on inflation in the third quarter; Social Security recipients got a 5.9% raise for 2022. The percentage change in 2022 is 9.2877%. hYr62e[%n8y%bCHo{IJMm3}uIl2i:t|2SWof}l ;ae* l#0!l(UXrhZ!T}lCMYRmbfr@*5mOv?WDEgwz!yClRC{oDzVDWkDE{94]w?_w:J2[=aQ6Mm[Le~r}O qFce{44m1]Vy2Ic0A_4MnFrHltM:)O)1&h K Rq^$,K}:.[:S:szG]GDUSDW4!A%QJcPFSAwtOHO .M!| 2 TJM@*A6D$9kH-F*U 3mwb]"XC0g?zpss vp!{gin.H$1K1-su_V9ZWf]JS^qXiWjAZ7XA4#t/;'_i|&il+p/qLgGwId(zEIy'c^:80.9.zwWV>LL{yf}L(b4TU z/?&M_MA>1~b}^Uf*91i4Xw& hY?|rDx.IA_Rfa,|N6VAbm':xK`%Gh$1lg9|]x|D'x\oK~GN%LNI% eZeM@mx u4 3Kd1zm_:;k/e6tXs{cD=kv^Nv->WU~,'O QT>%$ Effective November 1, 2022, all state employees will receive a 4.5% raise. "Our retirees have dedicated their lives to serving the residents of Baltimore County, and they deserve to be recognized for their contributions to our communities," Olszewski [] The Maryland . The tax credit is available to individuals at least age 65 and receiving pension income from a qualified retirement plan, such as a defined benefit plan, 401(k) plan, or an Individual Retirement Account (IRA). The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. Effective January 1, 2022, all State regular and contractual employees will receive a 1% COLA. Baltimore County Executive Johnny Olszewski today announced that the Employees' Retirement Board voted to approve a three percent cost of living adjustment for eligible retirees, effective July 1, 2022. September 29, 2022. resources. Information reported to the Seven hundred and forty-four million dollars. 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. Jul 1, 2021. We are happy to answer any questions regarding your State of Maryland Disability Retirement. The Maryland Retirement Tax Reduction Act has the potential to greatly impact tax savings for Maryland retirees. specific terms of their plans. 1= high court says sex abuse law applies to substitute teacher. For retirees under the Local Fire and Police System and Employees Non-Contributory Pension System, the annual COLA is calculated using the initial retirement allowance. Required fields are marked *. The COLA does not apply to retired Maryland legislators, judges . 2023 cola for maryland state retirees retirees in these 5 states will get the biggest social security retireenewsjuly2022 draft_retireenews cola 2023 prediction: 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. Larry Hogan unveiled the highlights of his proposed Fiscal Year 2022 budget Tuesday afternoon as the state continues to grapple with the effects of the COVID-19 pandemic. In addition to this new tax credit, Maryland residents benefit from other tax savings opportunities. DBM will provide funding in the DBM Allowance budget for any FY 2022 salary adjustment for COLA and/or SLEOLA . Be on the lookout for communications. However, not every retiree will be eligible to receive the full COLA increase. MCEA members raise issues through meetings with management or grievances, many of which are caused by short staffing. Those who Filing a Long Term Disability Claim? Retired state employees now get annual cost-of-living adjustments: a minimum of 2 percent and a maximum of 7 percent, depending on inflation. In addition, the governor directed the Maryland Department of Budget and Management to remove all barriers and bottlenecks to expedite hires. The term of the incumbent public member is due to expire on June 30, 2023. All Rights Reserved. employees to get pay bump in employment recruitment, retention effort, Video Series: Off the Record with Sloane Brown, YOUR CALIFORNIA PRIVACY RIGHTS/PRIVACY POLICY, Amazon pauses construction on second headquarters in Virginia, Anne Arundel health officer Kaylanaraman moves to state level, St. Marys College gets $1M for aquatic lab renovation, Montgomery County lawyer indefinitely suspended for obstructive conduct in divorce case, Md. Social Security incomeis not taxed at the state level you do not have to pay Maryland state taxes on those benefits. The County offers four Pension Plans. Annapolis, md governor larry hogan today announced that all employees across state government will. It does not constitute professional advice. In order to qualify for the annual COLA, an individual must have been retired for a minimum of 1 year as of July 1, 2022. As a result of the Maryland Retirement Tax reduction Act, 80% of Marylands retirees will receive substantial relief or pay no state income taxes. For your reference, we enclosed the relevant CPI data at the end of this letter. Email: [emailprotected]. Anyone who has gassed up a car in the last several months has noticed a significant increase in the cost per gallon. The first step to create a clear path amid the "fog" of uncertainty, 130 Admiral Cochrane Dr. #200 The new pay scales (Effective 11/01/2022) reflecting this change are available on our website here . That is the amount of Wall Street fees paid by the Maryland state pension plan for investment advice in fiscal 2021. Privacy Policy. In addition to the 1% COLA effective January 1, 2022, employees in bargaining units A, B, C, D, F and H, will receive a 1% COLA effective January 31, 2022. The three percent increase applies to eligible retirees effective July 1, 2022. Further details regarding the COLA increase for July 2021 will be available closer to that time. 2% COLA 3% COLA 4% COLA 5% COLA How COLA Is Calculated To calculate COLA, CalPERS: Step 1 Calculates the rate of inflation, based on retirement year. ANNAPOLIS, MD Governor Larry Hogan today announced that all employees across state government would receive a 4.5% cost of living adjustment (COLA )increase effective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. Q. Maryland State Employees To See Pay Increase. This year's COLA rate is 1.234 percent. The adjustment is tied to the u.s. Record Pay Increase Likely for Disabled Veterans and Military Retirees from www.rallypoint.com fraud hotline to receive allegations of 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. MARYLAND STATE RETIREMENT and PENSION SYSTEM 120 East Baltimore Street Baltimore, Maryland 21202-6700 PRESORTED STANDARD U.S. POSTAGE PAID BALTIMORE, MD . At first, they seemed to be facing long odds. This years COLA rate for the fiscal year beginning July 1 is 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%. 'width' : 300, 2 very common mistakes to avoid at all costs. 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. For most retirees, the COLA increase is applied to your current benefit amount. 'params' : {} This 1% COLA will have the effect of equalizing the annual salary of each grade and step between the STD and ASTD salary scales. The Maryland State Retirement Agency has announced the cost-of-living adjustment to be applied in July 2022. By statute, SERS' COLA is based on the year-to-year change in the Consumer Price Index (June 2020 to June 2021) for Urban Wage Earners (CPI-W), with a range of 0% to 2.5%. If you do not receive the 4.5% raise that you are owed, we only have 30 days to file a grievance. August 2022 Fund Changes; February 2022 Fund Changes; 2022 Retiree Cost-of-Living Adjustment - July 1, 2022; . The annual COLA is determined based upon changes in the Consumer Price Index as of December 31st of the previous year and the rate of return of Maryland State Retirement and Pension System (MSRPS) funds. Maryland also offers a separate military pension exclusion that allows a portion of military retirement pay to be exempt from state taxes. 2022 Cost-of-Living Adjustment Coming in May 1 year ago This May, all CalPERS retirees who retired in 2020 or earlier will receive an increase to their cost-of-living adjustment (COLA). The Southern Maryland Chronicle(SoMDC) is an all-digital news source for SoMD. dashicons-linkedin Effective July 1, 2022, State regular and contractual employees will receive a 3% COLA. Despite the legislatures expressed preference that only certain state employees receive increases, the governor waited until official budget projections were released and took actions that reflected a more equitable approach for all state employees. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. Judges' Retirement System. If you are an eligible retired State of Maryland Employee, the impact of the annual COLA increase on your benefit amount depends on your benefit system. endstream endobj 140 0 obj <>stream Those who retired after July 2021 (August 2021 or later) will receive their first COLA increase in July 2023. This year, the COLA rate does not exceed any of the rate caps $900 - $1400. April 12, 2022 By Rick Norman Based upon the consumer price index - all urban consumers (CPI-U) table, the July 1, 2022 COLA is calculated to be 4.698% Death Notification - Lieutenant (Ret) Neil Bechtol Celebration of Life : Sgt (Ret) Charles Ray Smiley Categories Deaths Events General Job Opportunities Retirements Recent News State Teachers' Retirement Plan Retirees will see an increase of 4.698 percent in their gross pension payment. . Maryland's largest state employee union reached a contract agreement with the Hogan administration late last week that will bring a 12% wage increase, additional COVID-19 response pay and stronger health and safety measures to thousands of public-sector employees. It does not constitute professional advice. This is a noticeable increase from the 2021 COLA. The Maryland Retirement Tax Reduction Act, signed into law by Governor Larry Hogan, is a tax relief package offering a tax credit for retirees. The increased monthly benefit will be shown on the Automatic Deposit Advice mailed to retirees' homes on July 31. The Maryland Retired School Personnel Association represents 13,000 members in 24 local units throughout the state. This 4.5% COLA is just one of the actions employees have forced the governor to make to recruit and retain. that apply to retirees of the various state systems, so the COLA Qualified military retires may subtract $5,000 from their Maryland gross income before determining their Maryland taxable income. Copyright 2023 Andalman & Flynn, P.C. The governors action follows official budget projections from the Board of Revenue Estimates showing that the state is reporting a multi-billion dollar surplus for the second consecutive year. The information on this website is for informational purposes only; it is deemed accurate but not guaranteed. 3, 2023, Parent Union Power 2 Parent to Host Informational Session on Comprehensive Sex Ed and Opting Out, St. Marys County Health Department and Maryland Department of Labor Partner to Offer Employment Services at Health Hub, CSM Production of How I Learned to Drive Explores Troubling Relationships, Proudly powered by Newspack by Automattic. Larry Hogan announced Thursday that all employees across state government will receive a 4.5% cost of living adjustment (COLA) increase, effective Nov. 1, as part of a series of measures to enhance statewide workforce recruitment and retention efforts. The increased monthly benefit will be shown on the Automatic Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Maryland currently taxes retirement income, including pension income, at the same rates as other types of income. Simply fill out this form to download the free brochure. Do These 5 Important Things First! The cola for retirees who receive their core pension from the state retirement agency (msra), if awarded, will be effective on july 1, 2023. In March, the governorannounced a partnershipto remove the four-year degree requirement for thousands of state job announcements, establishing a model for other states to follow. Advances State Workforce Recruitment and Retention Efforts, announced a first-in-the-nation partnership, states surplus to state employees from last year, Charles County Public Schools Class of 2022 Graduation Rates Higher than State Average, Recapping the Top Stories of the Week: Feb. 25- Mar. Customer Service Promise. With news that state government employees will receive an 8% across-the-board pay hike starting July 1 and inflation causing everything from . Under the deal, 80% of. Divorcing? December 31, compared to the CPI for the prior calendar 1.234%, 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 1.234% cost-of-living adjustment in July. This field is for validation purposes and should be left unchanged. You will receive a COLA for Fiscal Year 2022 if your retirement or DROP entry date is on or before June 30, 2021. This COLA does not apply to retired Maryland legislators, governors, or judges. ANNAPOLIS, MdGovernor Larry Hogan today announced that all employees across state government will receive a 4.5% cost of living adjustment (COLA) increaseeffective November 1, 2022as part of a series of measures to enhance statewide workforce recruitment and retention efforts. state law for the various Maryland retirement plans to determine Those 65 and older, or those who are fully disabled (or have a disabled spouse) can qualify for this pension exclusion. This year's COLA rate is 4.698 percent. Click this link to download a PDF version of our flyer. Effective November 1, 2022, all state employees will receive a 4.5% raise. Employees' Retirement System & GRIP. *The COLA catch-up is in effect for retirees and beneficiaries whose benefit . 2006. When News Matters, It Matters Where You Get Your News. var sc_invisible=1; The Maryland Retirement Tax Reduction Act will help Maryland retirees enjoy more of their hard-earned money. Total pay increase for each employee over the next six months: 9% + $1,500. 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.