Re: Calpers C.o.l.a for 2023
Its case specific, it's impossible to answer without knowing the details of your situation.
Does anyone know the percentage increase for 2023 for retirees that retired in 2013?
You should be able to figure that out with the info provided in the above source.
I highlighted the major factors - see what applies to you, you should be able to figure it out.
COLAs are limited to a maximum of 2%, compounded annually, for all school retirees and First-Tier State of California retirees. (Second Tier State of California retirees receive a fixed 3% COLA.)
Public agencies can contract with CalPERS for maximum cost-of-living adjustments of 2%, 3%, 4%, or 5%. If youíre a public agency retiree and donít know your COLA, contact your former employer.
The law requires CalPERS to calculate annual inflation figures for COLAs by using the All Urban Consumer Price Index (CPI), U.S. City Average, 1967 Base Year. CalPERS uses the CPI at the time of retirement to calculate what your value of money should be when we adjust for COLA.
Calculating Your COLA
The process for calculating your cost-of-living adjustment is more complex than simply multiplying your retirement allowance by your COLA adjustment (2%, for example). In fact, a compounded percentage is applied against a figure known as your base allowance. Generally, thatís the gross amount you received at the time of your retirement.
The result is that mathematically you will get a higher adjustment over time than by simply multiplying your COLA by your gross allowance.
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