Employer Update

A cost-of-living adjustment (COLA) of 1.23% takes effect July 1 for eligible retirees in Plan 1, Plan 2 or the Hybrid Retirement Plan (defined benefit component only).

If retirees are eligible for a COLA, the increase applies to benefit payments deposited on August 1. COLAs help retirement benefits keep pace with inflation.

The hazardous duty supplement will increase July 1 to $1,222 per month ($14,664 annually). The VRS plan actuary evaluates the supplement every two years. Eligible retirees will the see the increase beginning with their August 1 benefit payments.