The first COLA to a retiree’s benefit will be made on July 1 of the year in which the retired member reaches age 65, or on July 1 of the year following the membersretirement date, whichever is later. Thereafter, each July 1, a retiree’s annuity will be adjusted by either one-half the percent change in the Consumer Price Index of the preceding calendar year or four percent, whichever is less. The annual adjustment shall be no less than two percent unless the CPI is less than two percent. In this case, the COLA will be the same as the percent change in the CPI.
For those members who retired under a disability retirement or anyone who retired under a regular retirement who can provide evidence to the ERA medical review board that they were disabled at the time of retirement a cost-of-living adjustment is provided. The adjustment is calculated as described above and will occur on July 1 of the third year following retirement.
