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You will receive an annual Cost-of-Living Adjustment, or "COLA," if you are a retired LACERS Member, or an eligible surviving spouse/domestic partner who receives a continuance benefit.
By May of each year, the LACERS Board is required to determine the Consumer Price Index (CPI) for the Los Angeles area in order to provide an annual COLA. Because the COLA cannot exceed 3.0% (Administrative Code Section 4.1040), when the CPI is greater than 3.0%, the difference between the maximum 3.0% and the actual CPI will be set aside in a "COLA bank."
Just how much of a COLA you will receive each year depends on the CPI increase and how much you have "banked." If you have been retired less than one year, you receive 1/12th of the increase for each whole month you have been retired prior to July 1st.
For example, when the CPI increase is less than 3.0%, the COLA bank will be utilized to increase your COLA up to the maximum 3.0% for the year if you have a "bank balance" available from previous years. If you have a zero "bank balance," your COLA will be the same as the actual CPI increase (up to the 3.0% maximum).
For 2013, the CPI increase for the Los Angeles area is 2.0%.
The Board of Administration adopted the following cost-of-living adjustments for eligible retired Members and beneficiaries, effective July 1, 2013, at their February 12, 2013 meeting. This COLA will be effective July 1, 2013:
| Effective Date of Retirement | Cost-of-Living Adjustment |
July 1, 1981 and earlier |
3.0% |
July 2, 1981 to June 30, 2013* |
Between 2.0% - 3.0% |
Below is a COLA Table that illustrates LACERS Cost-of-Living Adjustments.
| Annual Cost-of-Living Adjustments for Retired Members | |||||
COLA Effective Date |
CPI |
Approved COLA |
Max. COLA |
Difference |
Impact on Your Banked Benefits (COLA Bank %) |
| 07/01/12 | 2.7% | 2.7% | 3.0% | -.3% | Up to .3% was used from bank |
| 07/01/11 | 1.2% | 1.2% | 3.0% | -1.8% | Up to 1.8% was used from bank |
| 07/01/10 | -0.8% | 0% | 3.0% | -3.8% | Up to 3.8% was used from bank |
| 07/01/09 | 3.5% | 3.0% | 3.0% | 0.5% | 0.5% was banked |
| 07/01/08 | 3.3% | 3.0% | 3.0% | 0.3% | 0.3% was banked |
| 07/01/07 | 4.3% | 3.0% | 3.0% | 1.3% | 1.3% was banked |
| 07/01/06 | 4.5% | 3.0% | 3.0% | 1.5% | 1.5% was banked |
| 07/01/05 | 3.3% | 3.0% | 3.0% | 0.3% | 0.3% was banked |
| 07/01/04 | 2.6% | 2.6% | 3.0% | -0.4% | Up to 0.4% was used from bank |
| 07/01/03 | 2.8% | 2.8% | 3.0% | -0.2% | Up to 0.2% was used from bank |
| 07/01/02 | 3.3% | 3.0% | 3.0% | 0.3% | 0.3% was banked |
| 07/01/01 | 3.3% | 3.0% | 3.0% | 0.3% | 0.3% was banked |
| 07/01/00 | 2.3% | 2.3% | 3.0% | -0.7% | Up to 0.7% was used from bank |
| 07/01/99 | 1.45% | 1.4% | 3.0% | -1.6% | Up to 1.6% was used from bank |
| 07/01/98 | 1.6% | 1.6% | 3.0% | -1.4% | Up to 1.4% was used from bank |
| 07/01/97 | 1.9% | 1.9% | 3.0% | -1.1% | Up to 1.1% was used from bank |
| 07/01/96 | 1.5% | 1.5% | 3.0% | -1.5% | Up to 1.5% was used from bank |
| 07/01/95 | 1.3% | 1.3% | 3.0% | -1.7% | Up to 1.7% was used from bank |
| 07/01/94 | 2.6% | 2.6% | 3.0% | -0.4% | Up to 0.4% was used from bank |
| 07/01/93 | 3.6% | 3.0% | 3.0% | 0.6% | 0.6% was banked |
| 07/01/92 | 4.0% | 3.0% | 3.0% | 1.0% | 1.0% was banked |
| 07/01/91 | 5.9% | 3.0% | 3.0% | 2.9% | 2.9% was banked |
| 07/01/90 | 5.1% | 3.0% | 3.0% | 2.1% | 2.1% was banked |
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