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RETIRED EMPLOYEES OF SAN BERNARDINO COUNTY The only officially recognized organization representing SB County RetireesPRIME TIME Volume 36, Number 6PRESIDENTS COLUMN I hope that all of you had a sweet.

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At the February 2023 Board of Retirement meeting, the Board approved a 3% COLA rate and with 4.5% and 5.5% COLA bank increases, depending on the plan.

There will be an 8.7% Cost of Living Increase (COLA) in 2023. Aged or Disabled: ** $1,133.73 $ 1,927.62 Blind: ** $1,211.00 $ 2,134.14 One is Blind, One is Aged or Disabled ** $ 2,055.47 ** Rates noted are for independent living only.

This is a result of the annual rate of inflation measured by the Consumer Price Index (CPI-U) that was 8% for 2022. Most state and all school agencies contract for a 2% per year COLA, and public agencies can contract for a 2%, 3%, 4%, or 5% per year COLA. Currently, 95% of CalPERS retirees have a 2% COLA.

If you have been in DROP for less than one year, your first COLA will be prorated for the partial year. This member will receive a 1.0 %COLA effective July 2023. Each July thereafter, this member will receive a 2.0 % COLA.

At the September 13, 2023 meeting, the Retirement Board determined that there will be no Supplemental COLA payable effective July 1, 2023, as there were no excess investment earnings on the Retirement Fund in the 2022-2023 fiscal year as required by Charter Section A8. 526.

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