By David Archuleta, Executive Director
Dear Educational Retirement Act Plan Participants,
As summer approaches and another school year concludes, I would like to take the opportunity to thank all the active and soon-to-be retired members of the educational community who helped make this past year a success. Beyond the longer days and warm weather, retirees (those who are eligible) can look forward to a cost-of-living adjustment (COLA) ranging from 3.2 to 4 percent beginning July 2023. For information regarding COLA eligibility and calculation please click on the attached link: Cost of Living Adjustment.
Additionally, all public school and higher education employees can look forward to a 6 percent salary increase, while teacher assistants can look forward to a minimum $25 thousand annual salary.
For the folks who are retired or are planning to retire and return-to-work for an ERB contributing employer group, please carefully review the return-to-work guidance found on our website: Returning to Work after Retirement.
Please note, if you are returning to work in a part- or full-time capacity, you must seek and obtain approval from ERB prior to the commencement of service. Failure to do so will result in the suspension of your pension benefits and recoupment of pension benefits plus interest paid during the period of violation.
If you have questions or concerns as whether a return-to-work application is needed in your situation, please call our office at 1-866-691-2345.
In conclusion, I would like to emphasize the importance of familiarizing yourself with return-to-work rules, guidelines and limits prior to the commencement of work, this is true, regardless of the position or capacity in which you are planning to serve. This emphasis comes at a time when interest and participation in return-to-work programs has grown, given the more attractive minimum salaries and vacancies in each district.
Sincerely,
David