According to Retirement Security Plan (RSP) provisions, retirees receiving a pension may be eligible for an annual cost-of-living adjustment (COLA) effective April 1, 2020.
This increase is applicable for retirees who have received benefits for twelve (12) months as of March 31, 2020.
In accordance with the RSP document, the actuaries (experts who measure risk) for the Plan determine if there will be an increase by looking at the change in the CPI (Consumer Price Index). Using the appropriate formula, they decide if there’s to be an increase and what the percentage will be.
Qualifying retirees can expect a 1.66% increase on your April 1, 2020 annuity payment.
Please feel free to contact Senior Analyst Fannie Layer if you have any questions regarding the COLA or the Retirement Security Plan.
REMINDER: If your mailing address or email address changed recently, please notify Fannie so it’s updated in our system.