Cost-of-Living Adjustment (COLA)
Current COLA (Plan 1): 1.62%
Current COLA (Plan 2): 1.62%
The increase will be included in the August 1 benefit payment of eligible retirees.
Cost-of-living adjustments (COLAs) allow your retirement benefit to keep pace with inflation. The COLA is based on the Consumer Price Index for all Urban Consumers (CPI-U), published by the U.S. Bureau of Labor Statistics and updated each July 1. During years of no inflation or deflation, the COLA is 0 percent.
If you retired under the Basic Benefit or Advance Pension Option, the COLA calculation is based on your Basic Benefit amount. If you retired under the Basic Benefit with the Partial Lump-Sum Option Payment (PLOP), Survivor Option or Survivor Option with the PLOP, the COLA calculation is based on your reduced benefit amount. Read more about benefit payout options.
Find more information on how the COLA is calculated in Your Retirement Roadmap: Handbook for Retirees Under Plan 1 and Plan 2.