- November 12, 2020
- Posted by: Aja Jackson
- Category: Uncategorized
Please see below for important information about the 2021 Cost-of-Living Adjustment (COLA)
- ERS – COLA is 1.50% for participants in pay status under age 65 and 2.00% for participants in pay status age 65 and over. Eligible retired members and beneficiaries with a retirement date on or before June 30, 2019 will receive the minimum guaranteed benefit increase and is payable on January 1, 2021.
- Elected on/or before December 5, 2016 – Indexed to compensation of the highest elected position held prior to retirement.
- Elected after December 5, 2016 – Higher of 1.5% and rates in effect for F&P retirement system; and waiting period of 1 year.