This morning, the OCERS Board of Retirement approved a 3% cost-of-living adjustment (COLA) for all retirees and eligible beneficiaries, with an extra 0.5% credited to a “COLA Bank” for future use.

Under Government Code section 31870, COLAs are applied each April 1 based on the Consumer Price Index (CPI) as of January 1, with adjustments capped at 3.0% per year. For the LA Basin area, the CPI was reported at 3.3 and rounded to 3.5%, so the Board approved a 3% COLA, with the additional 0.5% credited to each payee’s COLA bank.

This adjustment will take effect on April 1, 2025, and will be reflected in retirement allowance payments starting May 1, 2025, as benefits are paid in arrears. Members retiring on or before April 1, 2025, will receive the 3% COLA automatically beginning with their May 1, 2025, payments. Learn more: https://www.ocers.org/cola-and-star-cola