If the plan has not terminated, benefits may be increased after retirement. When awarded, benefit increases 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 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 increase cannot exceed 3%. The percentage increase is applied to the initial benefit (simple increase) based on the pre-February 1, 1997, accrued benefit. The COLA increase 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 in the CPI and cannot exceed 2.5%. The percentage increase 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 increased after retirement. Benefit increases occur on July 1 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. These amounts are determined prior to the payment of the first COLA and are fixed for as long as COLA payments are made.
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 increase is compounded based on your pre-February 1, 1997, accrued benefit. The CPI increase is proportionately adjusted in the initial 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 increase 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 increased after retirement. Benefits increases on July 1st each year. There are two different COLA's - 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 can notcannot 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 increase is compounded based on your pre-February 1, 1997, accrued benefit.The COLA increase is proportionally adjusted in the initial year of retirement. You must be retired by February 1st 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 in the CPI and cannot exceed 2.5%. The percentage increase 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 1st to be eligible for a July COLA in the year you retire and the COLA adjustment is not prorated in the year you retire.
POLICE SERVICE RETIREMENT PLAN
Cost of Living Adjustment (COLA)
If the plan has not terminated, benefits are increased after retirement. Benefit increases occur on July 1st 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. 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 increase is compounded based on your pre-February 1, 1997, accrued benefit. The COLA increase is proportionately adjusted in the initial year of retirement. You must be retired by February 1st 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 increase 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 1st to be eligible for a July COLA adjustment during your year of retirement.
