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<p>The Cost of Living Adjustment (COLA) is 3.4% for 2020 and was approved by the Board of Fire and Police Pension Commissioners on March 19, 2020. The COLA will be effective July 1, 2020, and all eligible pensioners and DROP participants will receive an increase accordingly, beginning with the pension payment dated July 31, 2020.&nbsp;</p>



<ul>
<li>Tiers 1 and 2 will receive 3.4%.&nbsp;</li>



<li>Tiers 3 through 6 and DROP participants will receive&nbsp;up to&nbsp;3.0%*; and&nbsp;</li>



<li>Tiers 5 and 6 will have 0.4% added to their COLA bank balance. The new COLA bank balance will be 0.5%.**&nbsp;<br><br>*For new pensioners or DROP entrants in Tiers 3-6, the first year’s COLA is prorated based on the number of completed months since the pension effective date, therefore these members may not receive the full 3%.&nbsp;<br><br>**Must have retired or entered DROP with a pension effective date prior to&nbsp;June 2, 2019, in order to have available COLA bank balance.&nbsp;</li>
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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>Consumer Price Index/Bureau of Labor Statistics</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 COLA is based on the annual change in the Consumer Price Index (CPI) as published by the Bureau of Labor Statistics (BLS).&nbsp; The 2020 COLA was calculated based on the Los Angeles-Long Beach-Anaheim area using a 12-month period from March 2019 through February 2020.&nbsp;</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>How does this affect LAFPP Pensioners?</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>This is an example of how a monthly pension benefit of $5,890 would be affected by this year’s COLA of 3.4%:&nbsp;</p>



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



<p>If 3.4% of $5,890 = $200.26&nbsp;</p>



<p>($5,890 x 0.034)&nbsp;</p>



<p>Then the monthly pension benefit would be increased to $6,090.26.&nbsp;</p>



<p>($5,890 + $200.26)&nbsp;</p>



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



<p>If 3.0% of $5,890 = $176.70&nbsp;</p>



<p>($5,890 x 0.030)&nbsp;</p>



<p>Then the monthly pension benefit would be increased to $6,066.70&nbsp;</p>



<p>($5,890 + $176.70)&nbsp;</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>Questions?</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>For questions regarding the COLA, please contact the Retirement Services Section at (213) 279-3125 or (844) 88-LAFPP, ext. 93125.&nbsp;&nbsp;</p>



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