All benefit recipients who have received benefits for 12 months are entitled to an annual Cost-of-Living Adjustment (COLA), currently fixed at 3 percent. This rate is fixed regardless of the change in the Consumer Price Index (CPI). The COLA is calculated using your original monthly payment and is not compounded.
- If you retired today and your original monthly payment is $1,000 per month, you would receive a $30 per month (3 percent) increase on the anniversary of your retirement next year. This increase would bring your total monthly pension amount to $1,030. Each following year, on your anniversary date, it would increase by that same amount ($30).