Cost of Living Adjustment (COLA)

Each February, based on the consumer price index for the preceding calendar year, the Board of Directors determines any increase to be applied to the retired members’ benefits. The maximum annual increase is 5%. Eligible members will receive an increase in the amount of benefits received during the preceding year.

The COLA increase will commence on March 1 of each year. The Board voted to continue the 5% COLA for 2024.