Cost of Living Adjustment

April 2024 COLA

For most, the retirement benefit payment paid at the end of April 2024 includes a cost of living adjustment (COLA). The amount of your retiree COLA depends upon the tier from which you retired and your retirement date.

Please refer to the table below to determine your COLA percentage for 2024.

Calculating the COLA

The COLA is calculated as required in the California Government Code based on changes in the Urban Consumer Price Index (CPI) for the San Francisco Bay Area. The CPIs for the two prior calendar years are averaged and rounded to the nearest one-half percent.

The average CPIs described above represent an increase of 3.67%, which rounds to 3.5% for 2024.

COLA Maximums and COLA Bank

Each retirement tier has a maximum COLA of 2%, 3% or 4%.

If your maximum allowable COLA is less than the increase in the CPI, the difference is "banked" for possible use in a future year. If the change in the CPI is less than your maximum allowable COLA, we will make a "withdrawal" from your COLA bank, if available, in order to bring your increase up to the maximum allowable for your employer and/or tier.

COLAs by Employer and Tier

Your COLA is based on your employer and tier, and retirement date. Click the link for your former employer below to find your COLA percentage for 2024. The information applies to both General and Safety retirement tiers.