what was the cost of living increase
Cost-of-Living Adjustment (COLA) is a permanent annual increase to your retirement benefit that is based on the cost-of-living index. Included in your monthly benefit (when you become eligible), itâs designed to address inflation as it occurs. payments, subject to pension caps and limitations, equal 50 percent of the previous yearâs annual rate of inflation, but never less than 1 percent or more than 3 percent of your benefit.