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ISERS board approves 2% cost‑of‑living adjustment for eligible retirees
Summary
Based on an actuarial letter from Siegel, the Imperial County Employees' Retirement System board approved a 2% COLA for retirees who retired before April 1, 2025, and authorized banking up to an additional 1% in accordance with policy rules.
The Imperial County Employees' Retirement System board voted Feb. 19 to approve a 2% cost‑of‑living adjustment for eligible retirees and to allow the plan to bank an additional 1% in accordance with the system’s COLA policy and the actuary's recommendation.
Staff presented a Siegel actuarial letter that analyzed recent Consumer Price Index data and concluded the system met the threshold for the current COLA formula. Staff recommended the board "receive and file" the actuary's letter and approve the adjustment for retirees with retirement dates before April 1, 2025.
Trustee Norma moved to adopt the Siegel recommendation; the motion was seconded by Trustee Patricia Nesadak and approved by voice vote. Staff said retirees affected by the change would be notified and that the administrative steps to implement the COLA would be scheduled.
Why it matters: a COLA affects retirement income for beneficiaries and appears in the plan's administrative and actuarial records. Staff noted the adjustment is based on the actuary’s interpretation of CPI results and the plan’s previously adopted COLA policy.
