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  1. #1
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    May 2015
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    delano, ca.
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    Default Calpers C.o.l.a for 2023

    Does anyone know what the cola 2023 will be for retirees?

  2. #2
    Join Date
    Oct 1971
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    5,332

    Default Re: Calpers C.o.l.a for 2023

    Here's a good source to check out.

    Retirees typically receive an annual COLA paid on the May 1 benefit payment. The law says retirees receive their first COLA in their second calendar year of retirement. That means if you retired in 2020, you will get your first COLA in May 2022. If you retired last year — 2021 — you won’t see your first COLA until May 2023.

    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, that’s the gross amount you received at the time of your retirement.
    https://news.calpers.ca.gov/about-yo...l%20May%202023.

    Tony
    Moderator Responses are based on my personal bias, experience and research - They do not represent the views of the admin nor may be accepted in the legal community, always consult an attorney.

  3. #3
    Join Date
    May 2015
    Location
    delano, ca.
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    21

    Default Re: Calpers C.o.l.a for 2023

    Does anyone know the percentage increase for 2023 for retirees that retired in 2013?

  4. #4
    Join Date
    Oct 1971
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    5,332

    Default Re: Calpers C.o.l.a for 2023

    Quote Quoting quentin3434 View Post
    Does anyone know the percentage increase for 2023 for retirees that retired in 2013?
    Its case specific, it's impossible to answer without knowing the details of your situation.
    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.

    Tony
    Moderator Responses are based on my personal bias, experience and research - They do not represent the views of the admin nor may be accepted in the legal community, always consult an attorney.

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