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Retirees to receive 3% COLA beginning July 2023. Retired teachers and state employees who have been on the TCRS retired payroll for at least 12 consecutive months as of July 1, 2023 will receive a 3% cost-of-living adjustment, the highest increase available under laws governing TCRS. Retirees of local governments that have authorized COLAs will receive the same increase. | Tennessee Consolidated Retirement System
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