Retirement Systems

CONTACT INFORMATION: Our office is open 8:00 AM - 4:30 PM M-F/ Closed between 2:00 PM - 3:00 PM M-F / Walk-ins 11:00 AM - 2:00 PM M-F
703-279-8200 TTY 711
12015 Route 50 - Suite 350 - Fairfax, VA 22033
Jeff Weiler
Executive Director

Retiree Cost of Living Increase - 7/1/21

To our retirees:

It has been a very unusual year indeed, with a lot of challenges and hardships. All of us here on the Fairfax County Retirement Systems team hope that you and yours are doing well, or at least as well as possible during these trying times.  Regarding your annual cost of living increase (COLA), I am pleased to say that we have a bit of good news. Your annual cost of living increase will be 2.6% this year.

As you may or may not know, per County Code, your annual cost of living increase is based on the annual increase in the Consumer Price Index (CPI-U) for the Washington Arlington Alexandria area. Specifically, it is equal to the increase in the CPI-U from March of the previous year (March 2020) to March of the current year (2021). The CPI-U is prepared and published by the US Department of Labor, Bureau of Labor Statistics (BLS). You can read all about it on their website, at https://www.bls.gov/cpi/.

In simple terms, the Consumer Price Index is meant to reflect increases in the prices of things ‘typical’ people purchase. The BLS calculates these increases by analyzing actual increases in a range of goods and services typically purchased by typical people. This includes the prices of:

  • Food
  • Energy (vehicle fuel and home utilities)
  • Clothing
  • Medical Care
  • Transportation
  • Recreation
  • Education

This year’s COLA, at 2.6%, is the largest COLA since 2012. You can see this in the chart below. And, most importantly, we will calculate and apply this increase for inclusion in your July benefit payment. It will be noted on that month’s pay advice as well.

image

If you have questions or need more information, please reach out to a member of our Retiree Services team. They will be happy to help. We are still working remotely, for the most part, but are monitoring our phones, emails, and physical mail every day. Hopefully, before too long, we can all be back in the office ready to serve you in person. If you cannot make contact with the team, you can call (703-279-8255) or email (Jeffrey.weiler@fairfaxcounty.gov) directly.

Be safe and healthy!

 

Sig

Jeff Weiler
Executive Director
Fairfax County Retirement Systems

 

 

Fairfax Virtual Assistant