YURAP: A Guide to the Yale University Retirement Account Plan.

Many retirees—Approx. 2.8 million, potentially including you—are eagerly awaiting the benefits of the recently signed Social Security Fairness Act, which was enacted on January 5, 2025. This landmark legislation primarily repeals two provisions:

• The Windfall Elimination Provision (WEP)

• The Government Pension Offset (GPO)

Connecticut clients preparing for retirement often ask me about Cost of Living Adjustments (COLA) and how they apply to various retirement benefits. Two main retirement benefits receive a cost of living adjustment:

1) Social Security

2) Specific Pensions

Inside this article, you’ll learn about the Cost of Living Adjustment and how the state of Connecticut uses the calculation. This information is especially helpful if you or a loved one have a pension through the State of Connecticut.

Here’s what you’ll discover in this article:

• What is a Cost of Living Adjustment (COLA)?

• How is Connecticut State Retiree’s COLA Calculated?

• Prediction for Future COLAs

If you have worked for the State of CT for 25+ years and are looking to retire, then you likely have a buildup of unused vacation leave.  You should ask yourself; do I have to use all my vacation days before I retire, and if not, what will happen to them?  My goal in this blog is to cover what happens to your vacation, sick, and personal leave when you retire and a few strategies to take advantage of it in retirement.   

Key Takeaways:

• What Happens to Your Accrued Retirement Days?

• Retirement

• Resignation

• Death

• What About Personal and Sick Leave Days?

• Strategies to Effectively Use the Lump-Sum Payments in Retirement