What is the Alaska Cost-of-Living Allowance?
The Alaska Cost-of-Living Allowance (COLA) was established in 1966 as an allowance to assist retirees, who elect to remain in state, to defray the higher cost of living in Alaska. The amount of COLA a member receives is 10% of their base retirement benefit (or a minimum of $50 per month, whichever is larger). Who is Eligible to Receive COLA? If you reside in Alaska after you retire, you may receive COLA in addition to your regular monthly benefit. The following benefit recipients are eligible for COLA: • Members who first entered the PERS before July 1, 1986, and their survivors; • Members who first entered the PERS after June 30, 1986, and their survivors, if they are at least age 65; and • All disabled members, regardless of age or date of hire. If you wish to receive COLA, you must submit an “Application for Cost-of-Living Allowance” (form 02-1896). “Residing in Alaska” means domiciled and physically present in Alaska. A domicile is that place where you have your true, fixed, and pe
