COLA Increase for 2025
At its January 28, 2025 meeting, the Board of Retirement approved a cost-of-living adjustment (COLA) for most retirees and beneficiaries that will begin with the April 2025 benefit payment.
At its January 28, 2025 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 |
2025 COLA % |
COLA BANK % |
|---|---|---|---|
|
Plan 1 - General and Safety |
On or before 4/1/2025 |
3.0% |
n/a |
|
Plan 1 – Probation |
On or before 4/1/2025 |
3.0% |
n/a |
|
Plan 2 – All Members |
On or before 4/1/2025 |
3.0% |
n/a |
|
Plan 3 |
n/a |
n/a |
n/a |
|
Plan 4, 5, 6, 7 - All Members |
On or before 4/1/2025 |
2.0% |
n/a |
This COLA applies to eligible retirees and beneficiaries who retire on or before April 1, 2025, and the amount of the COLA will vary depending on the retirement plan.
The COLA for Plan 1 General, Safety, and Probation members is 3.0. The COLA for Plan 2 members is 3.0%, and the COLA for Plans 4, 5, 6 and 7 is 2.0%. Plan 3 members do not receive a cost-of-living increase.
All COLAs will be paid beginning with the April 30, 2025 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, 2025. 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 payment on April 30.