Subject: Pension COLA
Are we to expect a COLA raise next year in light of surging inflation ??
The answer is yes …exactly how much will not be known until approximately January 15, 2022. From what we know currently know, the COLA will be greater than 6%.
Each retiree who retired prior to 9/30/1999 will receive the full COLA in their January 31, 2022 pension check.
The rest of us will receive 75% of that 6% number or 4.5%…assuming the final inflation COLA number is 6%. If the final number is greater than 6% it will be 75% of the the greater number.
The Pension Law caps the COLA increase beginning at 8%, the full explanation of the capped COLA can be found in the Pension Law.
Harry Griffin
Are we to expect a COLA raise next year in light of surging inflation ??
The answer is yes …exactly how much will not be known until approximately January 15, 2022. From what we know currently know, the COLA will be greater than 6%.
Each retiree who retired prior to 9/30/1999 will receive the full COLA in their January 31, 2022 pension check.
The rest of us will receive 75% of that 6% number or 4.5%…assuming the final inflation COLA number is 6%. If the final number is greater than 6% it will be 75% of the the greater number.
The Pension Law caps the COLA increase beginning at 8%, the full explanation of the capped COLA can be found in the Pension Law.
Harry Griffin