Pompano Beach General Employees Retirement System

Pompano Beach General Employees Retirement System

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Plan Provisions - Cost of Living Adjustment

   

Hired Prior to June 8, 2011

Beginning October 1, 2000 for members hired prior to June 8, 2011, the Plan allows for an annual guaranteed Cost of Living Adjustment (COLA) equal to two percent (2%) payable on October 1, plus an additional, variable COLA equal to up to one percent (1%) if Plan earnings are sufficient (as certified by the Plan’s actuary). The COLA is payable to each Retiree who has been retired for at least one year at the time of COLA payment (October 1). All retirees and their beneficiaries are eligible for the COLA once they have been retired for one year.

All COLA’s will be paid on October 1 and will be payable to each Retiree who has been retired for at least one year as of that respective October 1. Once a Retiree has reached his/her first anniversary of retirement, such Retiree will be granted an annual COLA effective on the first retirement anniversary date, but payable on the next October 1.

Example:

Normal Retirement Date = March 1, 2011
First anniversary of retirement = March 1, 2012
First COLA is payable October 1, 2012

Hired on or after June 8, 2011

For members hired on or after June 8, 2011, a COLA based on the schedule below will be paid to each retiree beginning on October 1 following the fifth anniversary of retirement. Once a Retiree has reached his/her fifth anniversary of retirement, such Retiree will be granted an annual COLA payable on each October 1 thereafter.

Age COLA Amount
Under 55 0%
55 to 64 1%
65 and older 2%

In addition, a variable COLA equal up to one percent (1%) may be granted if the Plan is sufficiently funded (as certified by the Plan’s actuary).

Example:

Normal Retirement Date = March 1, 2041 at age 55
Fifth anniversary of retirement = March 1, 2046
First COLA of 1% is payable October 1, 2046
Annual COLA’s of 1% are payable each October from 2047 through 2050.
Annual COLA’s of 2% are payable beginning October 1, 2051.

In the event the Plan is not sufficiently funded in any one year to provide the additional, variable one percent increase, a retroactive variable COLA will be provided in subsequent years when the Plan is once again sufficiently funded (as certified by the Plan’s actuary).

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