Common use of Cost of Living Adjustments (COLAs Clause in Contracts

Cost of Living Adjustments (COLAs. All eligible members who were hired prior to July 1, 2012 and who retire and begin receiving a pension shall receive a three (3%) compounded cost of living adjustment (COLA) upon all annual pension benefit amounts received. All eligible members who were hired on or after July 1, 2012 and who retire and begin receiving a pension shall receive a cost of living adjustment (COLA) each January 1 upon all annual pension benefit amounts received, which COLA shall be equivalent to the lesser of: (a) 75% of the prior calendar year’s Consumer Price Index for All Urban Consumers (CPI-U) (but not less than 0%), or (b) three (3%) percent .

Cost of Living Adjustments (COLAs. All eligible members who were hired prior to July 1, 2012 and who retire and begin receiving a pension shall receive a three (3%) compounded cost of living adjustment (COLA) upon all annual pension benefit amounts received. All eligible members who were hired on or after July 1, 2012 and who retire and begin receiving a pension shall receive a cost of living adjustment (COLA) each January 1 upon all annual pension pen- sion benefit amounts received, which COLA shall be equivalent to the lesser of: : (a) 75% of the prior calendar year’s Consumer Price Index for All Urban Consumers (CPI-CPI- U) (but not less than 0%), or (b) three (3%) percent .