The retirees’ COLA (cost of living adjustment), is approved by the Board each year, and effective as of July 1st. It is added to the July retirement benefit for all retirees with an effective retirement date of June 30th (or prior) of the prior year. COLA is not guaranteed each year, and the amount of the COLA is limited to 3% of the first $17,000 of the retiree’s annual benefit – up to a maximum of $510 annually, or $42.50 monthly. Please click below to read further information.
The Board has approved a 3% COLA increase for July 1, 2021. The COLA base remains at $17,000.PERAC COLA MEMO #4 2021 COLA History at FRRS through July 2021 Statewide COLA base as per PERAC Jan 2019 COLA base increase presentation report to CEOs March 2016 What is a COLA base?