Published: March 1, 2023
SFERS has implemented Proposition A – the November 8, 2022 ballot initiative adjusting the retirement allowance for SFERS members who retired before November 6, 1996, or their qualified survivors and beneficiaries, to account for Supplemental COLAs not received in the years 2013, 2014, 2017, 2018 and 2019. Proposition A also eliminated the full funding requirement for Supplemental COLA benefit payments to SFERS members who retired before November 6, 1996, subject to a monthly monetary cap in limited circumstances.
If you are eligible to receive the Supplemental COLA increase, you will notice an increase in the gross amount of your February 28, 2023 allowance when compared to the gross amount of your December 31, 2022 allowance. Your February 28, 2023 payment also includes a one-time retroactive payment for the period from January 1 – 31, 2023.