Retired teachers and state employees who have been on the TCRS retired payroll for at least 12 consecutive months as of July 1, 2022, will receive a 3-percent cost-of-living adjustment, the highest increase available under laws governing TCRS.
Tennessee Code Annotated, 8-36-801 dictates the COLA award. Basically, the change in the Consumer Price Index (CPI) for the previous calendar year, as determined by the U.S. Department of Labor is awarded as COLA up to a maximum of 3%. However, if the CPI increase is less than 0.5% for the year, no COLA will be awarded. When the CPI is between 0.5% and 1% for the year, a full 1% COLA is granted.