Cost of Living Adjustment (COLA)

Members, including surviving spouses, may receive an annual cost of living adjustment in an amount not to exceed 3% of their respective base retirement benefit.  Statutes require that the Retirement System remain actuarially sound and that the Retirement Board must act upon the advice of a qualified actuary when granting cost of living adjustments.

Since the cost of living adjustment is calculated on the base benefit for each member, the maximum annual cost of living adjustment can be calculated at the time of retirement or when a surviving spouse begins receiving benefits. The cost of living adjustments are not compounded and are not prorated. Cost of living adjustments are not guaranteed.