Published: May 13, 2014
At the February 12, 2014 meeting, the SFERS Retirement Board approved the Basic Cost of Living Adjustment (COLA) for qualified miscellaneous retirees and New Plan Safety retirees or their entitled beneficiaries. Effective July 1, 2014, in accordance with Charter Section §A8.526, qualified SFERS members who retired on or before July 1, 2014, will receive a cost of living adjustment in the amount of 2% based on their June 30, 2014 gross SFERS retirement allowance, payable on the check dated July 31, 2014. If you are eligible to receive the Basic COLA increase, you will notice an increase in the gross amount of your July 31, 2014 allowance when compared to the gross amount of your June 30, 2014 allowance.
Also, at the February meeting, the Retirement Board determined that there will be no Supplemental COLA payable effective July 1, 2013. According to the July 1, 2013 annual actuarial valuation, the Fund did not meet the requirement mandated in the Charter necessary to pay for the Supplemental COLA, as the Fund remains less than fully funded with a funded status of 84.1% as measured by the market value of assets.
