COLA Increase for 2018
At its January 23, 2018 meeting, the Board of Retirement approved a cost-of-living adjustment (COLA) for most retirees and beneficiaries.
At its January 23, 2018 meeting, the Board of Retirement approved the following cost-of-living adjustment (COLA) for retirees and beneficiaries in accordance with each plan as shown on the chart below:
|Retiree or Beneficiary’s Plan Type||COLA %|
|Plan 1 General, Probation, and Safety||3%|
|Plan 2 All Members||3%|
|Plan 4, 5, 6, 7 General Members||2%|
Please refer to the chart above to find your plan’s COLA. The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2018, and the amount of the COLA will depend on the retirement plan. All COLAs will be paid beginning with the April 2018 benefit payments.
Current employees and deferred members considering retirement: If you want to take advantage of this year’s COLA rate, you must retire on or before April 1. If you’re thinking about retirement, contact SamCERA as soon as possible so your paperwork can be processed in time for you to receive your first retirement benefit check on April 30.