At its January 25, 2022 meeting, the Board of Retirement approved a cost-of-living adjustment (COLA) for retirees and beneficiaries in accordance with each plan as shown on the chart below:
| Retiree or Beneficiary’s Plan Type | Date of Retirement | 2022 COLA % |
|---|---|---|
| Plan 1 & 2 – All Members | On or before 4/1/2022 | 3.0% |
| Plan 3 | n/a | n/a |
| Plan 4, 5, 6, & 7 – All Members | On or before 4/1/2022 | 2.0% |
The COLA applies to eligible retirees and beneficiaries retired on or before April 1, 2022, and the amount of the COLA may vary depending on the retirement plan.
The COLA for Plan 1 and Plan 2 members is 3.0%. The COLA for Plans 4, 5, 6 and 7 is 2.0%. Plan 3 does not provide a COLA.
All COLAs will be paid beginning with the April 29, 2022 benefit payment.
Current employees considering retirement: If you want to take advantage of this year’s COLA, you must retire on or before April 1. If you’re thinking about retirement, contact SamCERA as soon as possible so your paperwork can be processed in time for you to receive your first retirement benefit check on April 29.