Cost of Living Adjustments

CTRB provides for annual cost of living adjustments once you have retired and begun receiving benefits. You must be retired for a minimum of at least nine months in order to be eligible for your initial cost of living increase. These increases are paid in your benefit issued on the last business day of July or January depending on your retirement date.

For members who retired prior to September 1992, the cost of living adjustment is based on the National Consumer Price Index for the twelve month period ending on the last day of the preceding November, for COLA paid in January or the last day of the preceding May, for COLA paid in July.

For members who retired on or after September, 1992, the cost of living adjustment is based on the Social Security cost of living adjustment up to a maximum of 6% and the investment performance of the retirement fund for the preceding fiscal year. If the investment performance of the retirement fund is less than 8.5%, the cost of living adjustment will be capped at 1.5%.

For members who join the system on or after July 1, 2007, the cost of living adjustment will be based on the Social Security cost of living and the investment performance of the retirement fund for the prior fiscal year to a maximum of 5%. If the investment performance of the retirement fund is less than 8.5%, the cost of living adjustment will be capped at 1%. If the investment performance of the retirement fund for the prior fiscal year is between 8.5% and 11.5%, the cost of living will be capped at 3%. If the investment performance of the retirement fund is over 11.5%, the cost of living will be capped at 5%.

A history of the Cost of Living Adjustments Granted Since 1978 is available for review on the Statistics & Research page of this website.