EMPLOYEES' RETIREMENT PLAN

Cost of Living Adjustment (COLA)

If the plan has not terminated, benefits may be adjusted after retirement.  When awarded, benefit adjustments due to COLA’s occur on July 1 each year.  There are two different COLAsone is applied to benefits earned (accrued) prior to February 1, 1997, and the other is applied to benefits earned after January 31, 1997. COLA adjustments can be negative but your benefit cannot be less than your initial amount at the time of retirement.

COLA on pre-February 1, 1997 Benefit

The COLA adjustment generally equals the change in the Consumer Price Index (CPI) from March of the year prior to the increase to March of the year of the increase.  The COLA adjustment cannot exceed 3%.  The percentage adjustment is applied to the initial benefit (simple increase) based on the pre-February 1, 1997, accrued benefit.  The COLA adjustment is proportionately adjusted in the initial year of retirement.  You will be provided with a statement indicating these amounts when you receive your first COLA.

Pre-employment active duty military service will count as part of your pre-February 1, 1997 benefit only if you were eligible for such credit prior to February 1, 1997.  Generally this means that you must have five years of actual plan service prior to that date.  In all other cases, pre-employment active duty military service will count toward your post-February 1, 1997 benefit.

COLA on post-January 31, 1997 Benefit

The COLA adjustment equals 60% of the increase/decrease in the CPI and cannot exceed 2.5%.  The percentage adjustment is applied to the current benefit (compound increase) based on your post-January 31, 1997, accrued benefit.

DETENTION OFFICERS' AND DEPUTY SHERIFFS' RETIREMENT PLAN

COST OF LIVING ADJUSTMENT (COLA)

If the plan has not terminated, benefits are adjusted after retirement.  Benefit increases/decreases occur on July 1 every year.  There are two different COLAs  one is applied to benefits earned (accrued) prior to February 1, 1997, and the other is applied to benefits earned after January 31, 1997.  These amounts are determined prior to the payment of the first COLA and are fixed for as long as COLA payments are made. COLA adjustments can be negative but your benefit cannot be less than your initial amount at the time of retirement.

COLA on Pre-February 1, 1997 Benefit

The COLA adjustment generally equals the change in the Consumer Price Index (CPI).  The COLA increase is limited to 4%.  The percentage of the adjustment is compounded based on your pre-February 1, 1997, accrued benefit.  The CPI change is proportionately adjusted in the initial year of retirement.

COLA on Post-January 31, 1997 Benefit

The COLA adjustment equals 60% of the increase/decrease in the CPI.  There is a maximum increase of 2.5%.  The percentage increase/decrease is applied to the current benefit (compound increase) based on your post-January 31, 1997, accrued benefit.

FIRE SERVICE RETIREMENT PLAN

COST OF LIVING ADJUSTMENT (COLA)

If the plan has not terminated, benefits are adjusted after retirement.  Benefits adjustments occur on July 1st each year.  There are two different types of COLA - one is applied to benefits earned prior to February 1, 1997, and the other is applied to benefits earned after January 31, 1997.  COLA adjustments can be negative but your benefit cannot be less than your initial amount at the time of retirement.

COLA on Pre-February 1, 1997 benefit

The COLA adjustment generally equals the change in the Consumer Price Index (CPI).  The COLA adjustment is limited to 4%.  The percentage change is compounded based on your pre-February 1, 1997 accrued benefit.  The COLA adjustment is proportionally adjusted in the initial year of retirement.  You must be retired by March 1^st to be eligible for a July COLA adjustment during the first year.

COLA on Post-January 31, 1997 benefit

The COLA adjustment equals 60% of the increase/decrease in the CPI and cannot exceed 2.5%.  The percentage adjustment is applied to the current benefit (compound increase) based on your post-January 31, 1997, accrued benefit.  You must be retired (receiving payments) by January 1^st to be eligible for a July COLA in the year you retire and the COLA adjustment is not prorated in the year you retire. class="msoIns"

POLICE SERVICE RETIREMENT PLAN

COST OF LIVING ADJUSTMENT (COLA)

If the plan has not terminated, benefits are adjusted after retirement.  Benefit increases/decreases occur on July 1st every year.  There are two different COLAs ¾ one is applied to benefits earned (accrued) prior to February 1, 1997, and the other is applied to benefits earned after January 31, 1997.  Benefits earned prior to February 1, 1997 are based on your service and Final Average Basic Pay at February 1, 1997.  COLA adjustments can be negative but your benefit can not be less than your initial amount at the time of retirement.

COLA on Pre-February 1, 1997, Benefit

The COLA adjustment generally equals the change in the Consumer Price Index (CPI).  The COLA increase is limited to 4%.  The percentage adjustment is compounded based on your pre-February 1, 1997, accrued benefit.  The COLA adjustment is proportionately adjusted in the initial year of retirement.  You must be retired by March 1^st to be eligible for a July COLA adjustment during your year of retirement.

COLA on Post-January 31, 1997, Benefit

The COLA adjustment equals 60% of the increase in the CPI.  There is a maximum increase of 2.5%.  The percentage adjustment is applied to the current benefit (compound increase) based on your post-January 31, 1997, accrued benefit.  You must be retired (begun payments) by January 1^st to be eligible for a July COLA adjustment during your year of retirement.