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Cost of Living Adjustment (COLA)
COLA Effective July 1, 2008: 2.8%
The Virginia Retirement System (VRS) Board of Trustees announced a 2.8 percent Cost of Living Adjustment (COLA) for retirees, effective July 1, 2008. The increase is applied to the benefit payment retirees receive dated August 1, 2008.
Cost-of-living adjustments (COLAs) go into effect the second calendar year after you retire and are effective July 1 each year thereafter. For example, if you retire on September 1, 2008, you will receive your first COLA effective July 1, 2010.
The amount of the adjustment is equal to the full amount of the first 3-percent increase in the Consumer Price Index-Urban and half the increase from 3 percent to 7 percent. Under current law, cost-of-living adjustments cannot exceed 5 percent.
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