Please be assured that this amount is not a tax against retiree incomes.
The additional amount of income that COLA-eligible members are receiving is taxable. On Jan. 1, 2022 TRF retiree paystubs, the note “COLA Tax” was used to label the additional income provided by the COLA. This was meant to imply it is the “COLA Taxable” amount. The total payment amount that retirees are owed, including the COLA, is accounted for in the total deposit.
INPRS is working to correct this issue immediately and expects to have it resolved before the Jan. 15, 2022, PERF payment date.