Who gets what
3.34%
The full COLA every year, since the 2024 law change.
ERSRI COLA Information page (saved 2026-11-12); Treasurer's Article 12 guide (July 1, 2024), pp. 3, 6, 9-10; R.I. Gen. Laws § 16-16-40(g)(2)0.84%
On the first $37,808: up to $317.59 a year.
ERSRI 2026 COLA Information page (saved 2026-11-12) ('the calculated COLA for 2026 is 3.34%, and 0.84% for those eligible to receive a 1/4th COLA'); Board minutes Dec. 17, 2025, PDF p. 100.84%
On the first $31,507: up to $264.66 a year.
ERSRI 2026 COLA Information page (saved 2026-11-12) ('the calculated COLA for 2026 is 3.34%, and 0.84% for those eligible to receive a 1/4th COLA'); Board minutes Dec. 17, 2025, PDF p. 10ERSRI's 2026 notice excepts retirees who were not receiving a COLA by June 30, 2012 and have not yet reached age 65. ERSRI 2026 COLA Information page (saved 2026-11-12) (footnote *)
Which group you are in depends on your retirement date; see when can I retire? The COLA is added to the payment option you choose (see payment options).
When it starts
Later of 3 years after retirement or SSNRA. The COLA is paid the month after you become eligible, then every year in that month (retirement anniversary plus one month). Teachers with July 1 retirement dates who become eligible on their 3-year anniversary get it in July. ERSRI COLA Information page (saved 2026-11-12) (eligibility and timing paragraphs); ERSRI 2026 COLA Information page (saved 2026-11-12) (by plan: 'Teachers with retirement dates of July 1st ... paid in July'); Treasurer's Article 12 guide (July 1, 2024), pp. 7-8; Handbook, p. 19, COLA (first paragraph)
How the full COLA is figured
Half of (the fund's average return over the past 5 years minus 5%, counted between 0% and 4%) plus half of inflation (CPI-U, counted up to 3%).
ERSRI COLA Information page (saved 2026-11-12) ('50% of the previous five-year average investment return minus 5.00%, and 50% of inflation'); Treasurer's Article 12 guide (July 1, 2024), p. 4; R.I. Gen. Laws § 16-16-40(g)(1)(B)(I)| 5-year average return | 7.68% |
| minus 5%, then half | 1.34% |
| Inflation 3.7%, counted as 3%, then half | 1.5% |
| Full COLA | 2.84% |
| 1/4 COLA | 0.71% |
Treasurer's Article 12 guide (July 1, 2024), pp. 4-5
The statute still prints 5.5% for the return threshold, but says it moves with the board's assumed return. ERSRI and the Treasurer use 5%. ERSRI COLA Information page (saved 2026-11-12) ('50% of the previous five-year average investment return minus 5.00%, and 50% of inflation'); Treasurer's Article 12 guide (July 1, 2024), p. 4; R.I. Gen. Laws § 16-16-40(g)(1)(B)(I)
The cap
The COLA applies only to the first part of your pension. The caps are indexed each year:
| Year | Cap | Cap, retired 7/2012-6/2015 |
|---|---|---|
| 2023 | $28,878 | not in our sources |
| 2024 | $29,776 | $35,731 |
| 2026 | $31,507 | $37,808 |
Treasurer's Article 12 guide (July 1, 2024), pp. 9-10; ERSRI 2026 COLA Information page (saved 2026-11-12); R.I. Gen. Laws § 16-16-40(g)(1)(B)(II)
The 2025 COLA percentage and the 2025 caps are not in the saved pages (ERSRI's 2025 COLA page was not saved). Known: 2024 2.84% (0.71% for 1/4), caps $29,776 / $35,731; 2026 3.34% (0.84%), caps $31,507 / $37,808.
What would settle it: ERSRI's '2025 COLA Information' page.
The caps grow by the full COLA percentage (both caps rose 5.81% from 2024 to 2026), but the exact yearly indexing step is not stated. Projections beyond 2026 grow the cap by the assumed COLA.
What would settle it: ERSRI's yearly COLA pages or the June 30, 2025 valuation.
When the full COLA comes back
Retirees from July 2012 on get the full COLA once the combined plans (state employees, teachers, judges and state police) are more than 75% funded. ERSRI's actuary expected the State and Teacher plans to exceed 75% funded in 2029 (2029/2030). Board minutes Dec. 17, 2025, PDF p. 10; SFO FY2025, p. 519 ('estimated to occur in 2030')
The test uses the actuary's combined funded ratio, which is in the June 30, 2025 valuation. We didn't have that report, so we can't say how close the plans are.
What would settle it: June 30, 2025 pension actuarial valuation (not found by the user; optional).
The handbook is out of date here
The 2020 handbook (pp. 15, 19) says the annual COLA is suspended until the plan is more than 80% funded, with a COLA every 4 years (2017, 2021). The 2023 and 2024 budget articles replaced this. Handbook, p. 19, Cost of Living Adjustments (COLA)
Survivor (TSB) benefits
TSB payees age 60+ receiving spousal benefits effective Dec. 1, 2025 or earlier get a 2.8% COLA on the full benefit in January 2026. ERSRI 2026 COLA Information page (saved 2026-11-12) (All Other Plans)
What our sources say
- If you retired on or after July 1, 2012, you can get a COLA from the later of 3 years after you retire or your Social Security Normal Retirement Age. It is paid the month after you become eligible, then each year in that month.ERSRI COLA Information page (saved 2026-11-12); Handbook, p. 19, COLA
- The full COLA is half of (the fund's average return over the past 5 years minus 5.00%) plus half of inflation (CPI-U, counted up to 3%).ERSRI COLA Information page (saved 2026-11-12); Treasurer's Article 12 guide (July 1, 2024), p. 4
- Until the combined plans pass 75% funded, retirees from July 1, 2012 on get 1/4 of the full COLA every year. For 2026 the full COLA is 3.34% and the 1/4 COLA is 0.84%.ERSRI 2026 COLA Information page (saved 2026-11-12)
- The COLA applies only to part of your pension: the first $31,507 in 2026 ($37,808 if your retirement date was July 1, 2012 to June 30, 2015). The cap is indexed each year.ERSRI 2026 COLA Information page (saved 2026-11-12)
- Teachers who retired on or before June 30, 2012 get the full COLA every year, whatever the funding level (since the 2024 Article 12 change).Treasurer's Article 12 guide (July 1, 2024), p. 6; ERSRI COLA Information page (saved 2026-11-12)
- The 2020 handbook says the COLA is suspended with a COLA every 4 years. That is out of date: the 2023 budget made it 1/4 every year from 2024, and the 2024 budget lowered the full-COLA test from 80% to 75% funded.Handbook, p. 19, COLA; ERSRI COLA Information page (saved 2026-11-12)
- Check with ERSRIWhen the plans will pass 75% funded isn't known. ERSRI's actuary expected around 2029 or 2030.Board minutes Dec. 17, 2025, PDF p. 10; SFO FY2025, p. 519The funding test uses the actuary's aggregate ratio, which is in the June 30, 2025 valuation (not saved).
- The Treasurer's 2024 example: a 7.68% five-year return minus 5% is 2.68%, half is 1.34%; inflation was 3.7%, counted as 3%, half is 1.5%; total 2.84%. A quarter of that is 0.71%.Treasurer's Article 12 guide (July 1, 2024), pp. 4-5
Questions
What is the ERSRI COLA for 2026?
The full COLA for 2026 is 3.34%. Teachers who retired on or after July 1, 2012 get 1/4 of it, 0.84%, on the first $31,507 of their pension ($37,808 for retirement dates July 1, 2012 to June 30, 2015). Teachers who retired by June 30, 2012 get the full 3.34%.
When does my COLA start?
At the later of 3 years after you retire or your Social Security full retirement age. It's paid the month after you become eligible, then every year in that month.
When will retirees get the full COLA again?
When the combined plans pass 75% funded. ERSRI's actuary expected that around 2029 or 2030, but it isn't certain.
Source: ERSRI Membership and Retirement Handbook, 10th edition, June 2020 (with the 2024 Article 12 changes from the Treasurer's guide, July 1, 2024), p. 19. Also: ERSRI's COLA Information pages (saved Nov. 12, 2026); Treasurer's guide to the 2024 pension changes (Article 12), July 1, 2024; Rhode Island General Laws; ERSRI Retirement Board minutes, Dec. 17, 2025; Senate Fiscal Office budget analyses. Last reviewed .