Published: April 4, 2016
At the February 10, 2016 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, 2016, in accordance with Charter Section §A8.526, qualified SFERS members who retired on or before July 1, 2016, will receive a cost of living adjustment in the amount of 2% based on their June 30, 2016 gross SFERS retirement allowance, payable on the check dated July 31, 2016. If you are eligible to receive the Basic COLA increase, you will notice an increase in the gross amount of your July 31, 2016 allowance when compared to the gross amount of your June 30, 2016 allowance.
Also, at the January meeting, the Retirement Board determined that there will be no Supplemental COLA payable effective July 1, 2015. According to the July 1, 2014 annual actuarial valuation, the Fund did not meet the requirement mandated in the Charter necessary to pay for the Supplemental COLA, as there were no excess investment earnings on the Retirement Fund in the 2014-2015 fiscal year.
