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<p>The Cost-of-Living Adjustment (COLA) is 3.4% for 2024&nbsp;and was approved by the Board of Fire and Police Pension Commissioners on April&nbsp;18, 2024. The COLA will be effective&nbsp;July 1, 2024, and all eligible pensioners and Deferred Retirement Option&nbsp;Plan&nbsp;(DROP) participants will receive an increase beginning with the pension payment/DROP account deposit dated July 31, 2024.&nbsp;For new pensioners and DROP entrants in Tiers 3-6, the first year’s COLA is prorated based on the number of complete months since the pension effective date, therefore these members may not receive the full 3.0%.</p>



<ul>
<li>Tiers 1 &amp;&nbsp;2 retirees and beneficiaries will receive 3.4%.&nbsp; Tier 2 DROP participants will receive 3.0%.</li>



<li>Tiers 3 &amp;&nbsp;4 retirees, beneficiaries, and DROP participants will&nbsp;receive&nbsp;up to 3.0%.&nbsp;</li>



<li>Tiers 5 &amp;&nbsp;6 retirees, beneficiaries, and DROP&nbsp;participants will receive&nbsp;up to 3.0% and&nbsp;the remaining 0.4% will be stored in the COLA bank*, which can be applied in&nbsp;future years when the CPI is below 3%.&nbsp;</li>
</ul>



<p><strong>*Must have retired or entered DROP with a pension effective date prior to June 2, 2024, in order to have an available COLA bank balance.</strong></p>



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<div class="wp-block-advgb-accordion-item advgb-accordion-item" style="margin-bottom:15px"><div class="advgb-accordion-header" style="background-color:#000;color:#eee;border-style:solid;border-width:1px;border-radius:2px"><span class="advgb-accordion-header-icon"><svg fill="#fff" xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24"><path fill="none" d="M0,0h24v24H0V0z"></path><path d="M12,5.83L15.17,9l1.41-1.41L12,3L7.41,7.59L8.83,9L12,5.83z M12,18.17L8.83,15l-1.41,1.41L12,21l4.59-4.59L15.17,15 L12,18.17z"></path></svg></span><h4 class="advgb-accordion-header-title" style="color:inherit">Consumer Price Index/Bureau of Labor Statistics</h4></div><div class="advgb-accordion-body" style="border-style:solid !important;border-width:1px !important;border-color:undefined !important;border-top:none !important;border-radius:2px !important">
<p>The COLA is based on the annual change in the Consumer Price Index (CPI) as published by the U.S. Bureau of Labor Statistics (BLS). Pursuant to the City of Los Angeles Charter/Administrative Code, the 2024 COLA was calculated based on the Los Angeles-Long Beach-Anaheim area using a 12-month period from March 2023 through February 2024.</p>
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<div class="wp-block-advgb-accordion-item advgb-accordion-item" style="margin-bottom:15px"><div class="advgb-accordion-header" style="background-color:#000;color:#eee;border-style:solid;border-width:1px;border-radius:2px"><span class="advgb-accordion-header-icon"><svg fill="#fff" xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24"><path fill="none" d="M0,0h24v24H0V0z"></path><path d="M12,5.83L15.17,9l1.41-1.41L12,3L7.41,7.59L8.83,9L12,5.83z M12,18.17L8.83,15l-1.41,1.41L12,21l4.59-4.59L15.17,15 L12,18.17z"></path></svg></span><h4 class="advgb-accordion-header-title" style="color:inherit">How does this affect LAFPP Pensioners?</h4></div><div class="advgb-accordion-body" style="border-style:solid !important;border-width:1px !important;border-color:undefined !important;border-top:none !important;border-radius:2px !important">
<p>This is an example of how a monthly pension benefit of $6,000 would be affected by this year’s COLA of 3.4%:&nbsp;&nbsp;</p>



<p><strong>For Tiers 1 – 2&nbsp;</strong></p>



<p>If 3.4% of $6,000 = $204.00</p>



<p>($6,000 x 0.034)&nbsp;($6,000 + $204.00)&nbsp;</p>



<p>Then the monthly pension benefit increases to $6,204.00&nbsp;</p>



<p></p>



<p><strong>For Tiers 3&nbsp;&#8211; 6&nbsp;</strong></p>



<p>If 3.0% of $6,000 = $180.00&nbsp;</p>



<p>($6,000 x 0.030)&nbsp;($6,000 + $180.00)&nbsp;</p>



<p>Then the monthly pension benefit increases to $6,180.00&nbsp;</p>



<p></p>



<p></p>
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<div class="wp-block-advgb-accordion-item advgb-accordion-item" style="margin-bottom:15px"><div class="advgb-accordion-header" style="background-color:#000;color:#eee;border-style:solid;border-width:1px;border-radius:2px"><span class="advgb-accordion-header-icon"><svg fill="#fff" xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24"><path fill="none" d="M0,0h24v24H0V0z"></path><path d="M12,5.83L15.17,9l1.41-1.41L12,3L7.41,7.59L8.83,9L12,5.83z M12,18.17L8.83,15l-1.41,1.41L12,21l4.59-4.59L15.17,15 L12,18.17z"></path></svg></span><h4 class="advgb-accordion-header-title" style="color:inherit"><strong>Discretionary COLA</strong></h4></div><div class="advgb-accordion-body" style="border-style:solid !important;border-width:1px !important;border-color:undefined !important;border-top:none !important;border-radius:2px !important">
<p>The Board also approved sending a letter to the Los Angeles City Council requesting a 3.45% Discretionary Cost of Living Adjustment (DCOLA) for eligible pensioners of Tiers 3,4, 5 and 6.&nbsp; As established in Charter Sections 1516(c), 1616(c), 1716(c), and Administrative Code Section 4.2016(c):</p>



<ol type="1">
<li>An adjustment can be made no more than once every three years for the prior three-year period and is prorated on a monthly basis;</li>



<li>The adjustment for Tier 5 and Tier 6 pensioners is withdrawn from the individual&#8217;s COLA bank;</li>



<li>The adjustment can be no greater than one-half (1/2) of the difference between the CPI and the actual increase granted for each of the preceding three years;</li>



<li>An actuarial report of the cost of the proposed increase must be obtained and published by the Board&#8217;s actuary prior to the Council adopting the ordinance;</li>



<li>The City Council must adopt an ordinance providing for this adjustment by a two-thirds (2/3) vote. The Council cannot adopt the ordinance unless 30 days have passed since its presentation to the Council and after a public hearing thereon. The ordinance must be published by November 30 and becomes effective the following January 1; and,</li>



<li>Adjustments are not retroactive.</li>
</ol>
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<div class="wp-block-advgb-accordion-item advgb-accordion-item" style="margin-bottom:15px"><div class="advgb-accordion-header" style="background-color:#000;color:#eee;border-style:solid;border-width:1px;border-radius:2px"><span class="advgb-accordion-header-icon"><svg fill="#fff" xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24"><path fill="none" d="M0,0h24v24H0V0z"></path><path d="M12,5.83L15.17,9l1.41-1.41L12,3L7.41,7.59L8.83,9L12,5.83z M12,18.17L8.83,15l-1.41,1.41L12,21l4.59-4.59L15.17,15 L12,18.17z"></path></svg></span><h4 class="advgb-accordion-header-title" style="color:inherit">Questions?</h4></div><div class="advgb-accordion-body" style="border-style:solid !important;border-width:1px !important;border-color:undefined !important;border-top:none !important;border-radius:2px !important">
<p>For questions regarding the COLA, please contact the Retirement Services Section at <a href="tel:(213) 279-3125">(213) 279-3125</a>, (844) 88-LAFPP, ext. 3125, or via email at <a href="mailto:RS@lafpp.com?subject=COLA%20Inquiry">RS@lafpp.com</a>.&nbsp;&nbsp;</p>



<p>For detailed information on the calculation of the CPI, please visit the BLS website at <a href="http://www.bls.gov/cpi/" target="_blank" rel="noreferrer noopener" class="broken_link">www.bls.gov/cpi</a> or call <a href="tel:(202) 691-7000">(202) 691-7000</a>.&nbsp;</p>
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2024 Cost of Living Adjustment is 3.4%

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