CalPERS: COLA will appear in May 1 retirement checks
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Summary
The California Public Employees Retirement System says cost-of-living adjustments will be included automatically in May 1 retirement checks; individual amounts vary and more detail will be available in myCalPERS starting May 1.
The California Public Employees Retirement System (CalPERS) said a cost-of-living adjustment, or COLA, will appear automatically in retirees' May 1 retirement checks and that the specific amount will vary by individual.
A CalPERS staff member said, "Great news for retirees. A cost of living adjustment or COLA is coming this year, which means more money in your pocket." The agency advised members to check their myCalPERS accounts for individualized information beginning May 1.
CalPERS officials said the amount each retiree receives depends on individual retirement details and several unspecified factors; the announcement did not list specific percentage increases or dollar amounts. The staff member said, "The amount you receive is unique to you and based on several factors."
The agency said retirees who have not yet signed up for myCalPERS should do so; account information and specific COLA details will be available starting on May 1. The staff member also said, "You can also learn more about your specific COLA information by logging into your myCalPERS account starting on May 1. Now if you haven't signed up for myCalPERS yet, now is the perfect time."
CalPERS did not provide a statewide total of affected retirees or a breakdown of funding sources in the announcement. The staff member’s remarks focused on timing and how individual members can view their specific increase rather than on an aggregate dollar figure or the formula used to calculate individual COLAs.
Retirees expecting the adjustment should review their May 1 retirement check and log in to myCalPERS for details; the agency did not state any additional steps required to receive the increase.
