The 2012 COLA for PERS retirees and beneficiaries receiving a monthly benefit is effective July 1, 2012, and payable with the August 1, 2012 benefit payment.
Tier One and Tier Two members who retired on or before July 1, 2012, will receive a 2 percent COLA.
OPSRP Pension Program members who retired on or before July 1, 2011, will receive a 2 percent COLA.
For OPSRP Pension Program retirees who retired on or after August 1, 2011, the COLA is pro-rated based on the number of months the benefit was received before July 1, 2012.
COLAs reflect the annual Consumer Price Index (CPI) for the Portland-Salem area and are capped at 2%. The 2011 CPI for the Portland-Salem area was 2.86%. The .86% excess above the cap of 2% will be banked to calculate COLA increases or decreases in succeeding years if the percentage is less than 2%. The “bank” applies only to Tier One and Tier Two benefit recipients; it is not available for OPSRP Pension Program benefit recipients.
The U.S. Department of Labor’s Bureau of Labor Statistics publishes the CPI.
View the CPI and “bank” carryover table.