Eligible retirees will receive a cost-of-living adjustment (COLA) to their monthly benefit, effective July 1. The increase will be reflected in the August 1 benefit payment.
This year’s COLA rates are:
- Plan 1: 2.63%
- Plan 2 and Hybrid Retirement Plan: 2.32%
The COLA is based on the annual monthly average of the Consumer Price Index for all Urban Consumers (CPI-U), published by the U.S. Bureau of Labor Statistics, and is updated each July 1. During years of no inflation or deflation, the COLA will be 0%.
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.
