COLA Increase for 2020
At its January 28, 2020 meeting, the Board of Retirement approved a cost-of-living adjustment (COLA) for most retirees and beneficiaries.
At its January 28, 2020 meeting, the Board of Retirement approved a 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||2020 COLA %||COLA BANK %|
|Plan 1 – General and Safety||3.5%||n/a|
|Plan 1 – Probation||3%||0.5%|
|Plan 2 – All Members||3%||n/a|
|Plan 4, 5, 6, 7 – All Members||2%||n/a|
The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2020, and the amount of the COLA will depend on the retirement plan. The COLA for General and Safety Plan 1 is 3.5% and Probation Plan 1 is 3% with a 0.5% COLA bank. All Plan 2 members will receive 3.0%, while the COLA for Plans 4, 5, 6 and 7 is 2.0%. Plan 3 does not provide a COLA.
All COLAs will be paid beginning with the April 2020 benefit payment.
Current employees considering retirement: If you want to take advantage of this year’s COLA, 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.