CalPERS: there will be a COLA for 2024 retirees; myCalPERS shows estimated increases
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Summary
CalPERS board member Yvonne Walker said a cost-of-living adjustment will apply to members who retired in 2024 or earlier, typically about 2%, and encouraged members to use myCalPERS to view estimated COLA amounts and update beneficiaries and powers of attorney.
Yvonne Walker, a CalPERS board member, told retirees the system will issue a cost-of-living adjustment this year that applies to members who retired in 2024 or earlier and said the increase will generally follow what is negotiated in an employer contract — for most members, about 2%.
"Yes. There will be a COLA this year, and it applies to all members who retired in 2024 or before," Walker said, adding that precise amounts depend on contract language and that myCalPERS now provides an estimated COLA tool members can use.
Walker urged members to sign up for a myCalPERS account to see estimated COLA amounts and to check beneficiary designations and powers of attorney to ensure records are up to date. She cautioned that the online figure is an estimate and encouraged members to call the CalPERS 800 number if they need assistance.
Walker also reminded participants that arrangements such as employer contracts and statute can determine the exact COLA formula and advised retirees to contact their retirees' organizations or employers if they believe a different approach to base-salary indexing should be pursued.
The webinar included instructions on how to use accessibility tools (closed captions) and an announcement that the recorded session would be posted on CalPERS' YouTube channel.
