| What is the COLA for 2011? |
2.3% |
| Is there a maximum COLA per year? |
Yes: 3% |
| When is your COLA applied to your monthly benefit? |
Your benefit is adjusted on July 1 of each year to reflect the change in the cost of living published by the Bureau of Labor Statistics, not to exceed 3%.
Tier 2: Your COLA is applied to your benefit on July 1 following the date you enter DROP.
Tiers 3, 4 or 5: The first year’s COLA is prorated and based on the number of completed months you have been a participant prior to July 1 of the year you entered DROP. |
| Are you eligible for a discretionary COLA? |
Once every three years, the City Council may grant a discretionary COLA. The discretionary COLA cannot exceed one-half the difference between the CPI and the actual increase granted during the preceding three years. However, the annual COLA increase and the discretionary increase cannot total more than 3%. |
| When is a COLA applied to a qualified survivor’s monthly benefit? |
Your qualified survivor will continue to receive COLAs, according to the provisions of your plan, on July 1 each year. |
