Is there a Cost-of-Living Adjustment to protect against inflation?
Retirees and survivors who have been receiving an annuity for at least six months may have a Cost-of-Living Adjustment (COLA) applied to their retirement benefit each year as of July 1st. It is based on the percentage change in the preceding 12 months for the Consumer Price Index (CPI)– All Items Annual Average, Urban Index for Major U.S. Cities. The maximum COLA varies by period of credited service. Please review the Plan Document or Summary of Plans for more information concerning COLAs.