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2005 Cost-of-Living Adjustment (COLA) Information
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Most retired Tier One and Tier Two members and beneficiaries receiving a monthly benefit will receive a 2005 cost-of-living adjustment (COLA).
However, if you are a Tier One Money Match retired member or beneficiary receiving a monthly benefit with an effective retirement date from April 1, 2000 through March 1, 2004, your benefit will not be adjusted at this time (see exception below). You were subject to the COLA suspension as a result of 2003 PERS Reform legislation. Your benefit will be recalculated after the Supreme Court issues its decision in the City of Eugene case, and that recalculation will include the COLA for prior years as well as 2005.
Tier One Money Match retirees who had their COLA suspended but whose COLA was restored due to yearly recalculations will receive the 2005 COLA if they were notified by PERS prior to the Strunk decision (March 8, 2005) that their COLA would resume.
COLA increases are effective July 1, 2005 and will be reflected in the August 1, 2005 benefit payment for those receiving them.
All members will receive the benefits they are entitled to by law. |
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