COLA Increase for 2024
At its January 23, 2024 meeting, the Board of Retirement approved a cost-of-living adjustment (COLA) for most retirees and beneficiaries that will begin with the April 2024 benefit payment.
At its January 23, 2024 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 |
Date of Retirement |
2024 COLA % |
COLA BANK % |
|---|---|---|---|
|
Plan 1 - General and Safety |
On or before 4/1/2024 |
4.0% |
0.5% decrease |
|
Plan 1 – Probation |
On or before 4/1/2024 |
3.0% |
0.5% increase |
|
Plan 2 – All Members |
On or before 4/1/2024 |
3.0% |
n/a |
|
Plan 3 |
n/a |
n/a |
n/a |
|
Plan 4, 5, 6, 7 - All Members |
On or before 4/1/2024 |
2.0% |
n/a |
This COLA applies to eligible retirees and beneficiaries who retire on or before April 1, 2024, and the amount of the COLA will vary depending on the retirement plan.
The COLA for Plan 1 General and Safety members is 4.0%, which includes 3.5% based on the Consumer Price Index in addition to 0.5% from their COLA bank. These members will now have a zero COLA bank balance.
Plan 1 Probation members will receive a 3.0% COLA with a 0.5% COLA bank. The COLA for Plan 2 members is 3.0%, and 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 30, 2024 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, 2024. 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.