COLA for the Retired Employees' Retirement System
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2012 COLA News for Retirees
Cost of Living Adjustments (COLAs) for retirees and DROP participants in the Employees', Police Officers and Uniformed Retirement Systems will be effective July 1, 2012.
Fairfax County Code includes a provision for an annual COLA for the Employees’, Police Officers and Uniformed Retirement Systems. The standard annual COLA is the lesser of 4% or the percentage increase in the Consumer Price Index (CPI-U) for the period ending in March of each year. This year, the increase in the CPI-U was 2.8%. Therefore, this year’s standard COLA for Fairfax County members is 2.80%.
COLAs, effective July 1, 2012, for members of each of the Fairfax County Retirement Systems are as follows:
- Employees = 2.8%
- Uniformed = 2.8%
- Police Officers = 2.8%
Cost of living increases will be reflected in retiree payments on July 31, 2012. As a reminder, COLAs apply only to base benefits and not any pre-social security benefits.
For members who have retired or entered DROP during the current fiscal year, COLAs are prorated as shown below according to the effective dates of retirement or DROP entry:
- July 2, 2011 and October 1, 2011 ......75% of the COLA amount
- October 2, 2011 and January 1, 2012 ......50%
- January 2, 2012 and April 1, 2012............25%
- After April 1, 2012 ...............................0% COLA