![]() ![]() In years that the CPI’s published COLA is less than 2%, each retiree group’s COLA bank may be able to increase the actual COLA received by the retiree up to a maximum of 2%, if that retiree group’s COLA bank has accrued enough funds from previous years where the published COLA was greater than 2%.Īccording to the CPI, the change in cost of living between Decemand Decemwas 6.5% (rounded to the nearest 1/10th of a percent). In years where the COLA is greater than the maximum 2.0% (such as this year), the amount over 2% is added to what is called a “COLA bank.” A retiree’s COLA bank accumulates based on their fiscal year of retirement (or DROP entry), and each annual retiree group has its own COLA bank. However, the maximum allowable increase in any given year is 2.0%. Per San Diego Municipal Code section 24.1505 and section 1301 of the Port and Airport Plans, the COLA is calculated every year based on the change in the cost of living between the two previous Decembers, as published by the Bureau of Labor Statistics Consumer Price Index (“CPI”), United States – All items. Your pension benefit will receive a COLA for Fiscal Year 2024 if your retirement or DROP entry date is on or before June 30, 2023. Categories: COLA, News Articles, Press ReleaseĪt its meeting, SDCERS’ Board of Administration approved the Cost of Living Adjustment (“COLA”) that will be applied to eligible SDCERS retirees’ (including active DROP participants) monthly pension benefit amount beginning with their July 2023 payment. ![]()
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