| What is the COLA for 2010? |
1.4% |
| Is there a maximum COLA per year? |
Yes: 3%
A COLA bank “stores” amounts over the 3% cap. In years in which the COLA is below 3%, the difference is deducted from the bank, if available. |
| When is your COLA applied to your monthly benefit? |
Upon retirement, your COLA bank begins with 0.0%. Each subsequent year’s COLA is applied to your benefit on July 1, not to exceed 3%.
When you become a pensioner, the first year’s COLA is prorated and based on the number of completed months you have been on the pension roll.
If the City Council grants a discretionary COLA, it is deducted from your COLA bank. |
| 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. |
| 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. |
