COLA notice of change in pension

At least you're getting a COLA! Several years ago when Christie was governor he stopped pension COLAs for state employees. We haven't gotten one since.

As of June 2022 the state pension plan had an 80 billion dollar liability. Before our current governor Murphy took office other Governors neglected to make the required pension contributions. So the New Jersey pension fund is so far in the hole we will probably never get COLAs again.
 
My COLA was $325/month, our pensions have been fairly carefully managed for the most part. But our pensions are taxed at 4.25% except for old crocks born before 1953 who skate away free. After more than a decade of this new tax and steady complaints about it we're finally looking at a gradual phase-out.

I had a lot of years in, including several years of service credit working elsewhere in the system (for example student employment at a State university) that I bought with banked leave time and other deferred assets. We also had an early-retirement incentive package which informed my decision to call it quits.
 
My SIL lives in state subsidized low-income housing, and she said she knows exactly what her COLA increase will be because she got a notice from the housing manager that, as of 1-1-2025, her monthly rent will be $36 more than it was.

She expects to see a $36 increase on her SS check starting on 1-1-2025.
 
My 2 pensions are controlled by the Federal Goverment, so I get the same percentage given to SS recipents.
One pension is Federally taxed, the other is exempt.

Sounds confusing, doesn't it...
 
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