| Cost-of-Living Adjustment (COLA) | |||
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TRUSTEES SET COLA AT 4.0% At its meeting in August, the MainePERS Board of Trustees adopted a cost-of-living adjustment (COLA) of 4.0% to be added to the benefits of all COLA-eligible MainePERS benefit recipients, effective with benefits paid in September 2008. The COLA adjustment, by State statute, must be set at the amount of the change in the Consumer Price Index for All Urban Consumers (CPI-U) for the 12-month period ending each June 30, but not to exceed 4%. State employee and teacher retirees whose normal retirement age is 60 are eligible to receive the cost-of-living adjustment in the first September after having been retired for at least 12 months. For example, if you retire on or before September 1, 2008, you may receive a COLA in September 2009. If you retire as of October 1, 2008, you may receive a COLA in September 2010. If your normal retirement age is 62, you are not eligible to receive a COLA until at least 12 months after you reach age 62. Participating Local District (PLD) benefit recipients who are covered by a retirement plan that includes the COLA provision are eligible to receive a COLA the first September after having been retired for at least six months and annually thereafter. For example, if you retired on or before March 1, 2008, you will receive a COLA in September 2008. |
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