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Cost of Living Adjustments (COLAs) After Retirement
The monthly pension benefits of all retirees or beneficiaries will be adjusted according to the changes in the Consumer Price Index (CPI), U.S. city average index, as compiled by the U.S. Department of Labor. The first such adjustment will be made as of the second January 1 following retirement and will be based upon the CPI change for the previous 12 months ending September 30th. Subsequent adjustments will be made as of January 1of each year. Increases are limited to 5% each year, with total increases limited to 25%. If the CPI should decrease, pensions may be reduced, but not below what they were at retirement. No increase is made if the CPI increased by less than 1% since the previous adjustment. |
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