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SERS explains COLA buyout, level‑income and reversionary options and Social Security offset
Summary
The workshop covered the temporary COLA buyout offer, how level‑income and reversionary elections work, and the Social Security survivor‑offset removal option that reduces a pension by 3.825% to eliminate future survivor offsets.
At its Countdown to Retirement workshop, a State Employees Retirement System representative described several retiree election options that affect lifetime income: the COLA buyout, level‑income, reversionary elections, and Social Security offset removal.
The representative said SERS currently offers a COLA (cost‑of‑living adjustment) buyout that allows eligible members retiring before June 1, 2026, to take a lump sum in place of future COLA increases; the presenter cautioned that the buyout has been extended previously and could end if funds are exhausted. The workshop presented…
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