Annual Cost Of Living Adjustment (COLA)
One key feature of your retirement benefit is the annual
post-retirement increase, which provides purchasing power
protection. This is a permanent, compounding and
taxable increase.
January 1, 2009:
FULL COLA Benefit Increase = 2.5%
The Laws of Minnesota 2007, chapter 134,
article 7, section 1 provide for a pilot program for SPTRFA COLA
increases effective January 1, 2008 and 2009. Increases under
the new method will closely match those provided each year by the
Social Security Administration.
Click here to review the SPTRFA Board
Resolution authorizing the January 1, 2009 COLA increase. (In
PDF form.)
| Eligibility: |
Members who have been receiving
their benefit for at least one year as of December 31, 2008 will
receive the full January 1, 2009 COLA increase.
Members who have been receiving their benefit for at
least one calendar quarter as of December 31, 2008 will receive a
January 1, 2009 pro rata COLA increase. |
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| Notification: |
We will mail to each benefit recipient an
individualized statement that indicates the amount of their new
January 1 benefit. Members will be given the opportunity to
modify their tax withholding choices. |
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| Questions? |
Contact pension office staff at 651-642-2550
or use the
Retiree Information Form.
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