Do retirees get an annual cost of living adjustment?
A Cost of Living Adjustment (COLA) is voted on by the Retirement Board each year, but it is not a mandatory adjustment. 34. What is the Social Security Makeup Benefit? The Retirement Board wanted to increase your retirement benefit because the normal retirement age under Social Security was extended beyond age 65 for individuals born in 1938 and later. In an effort to help members “make-up” for delayed Social Security benefits, the Plan will increase monthly retirement benefits to those individuals who qualify. The benefit is based on a percentage of the member’s estimated Social Security benefit times credited service with the City during which contributions were made to Social Security (up to a maximum of 35 years), divided by 35. This additional benefit is payable beginning at age 62 or the member’s retirement date, whichever is later. 35. What is a lump sum death benefit? A lump sum death benefit is available to members who retire directly from active service. This is a single paym
