Every July 1, a Cost-of-Living Adjustment (COLA) is added to the monthly benefit of each retiree and beneficiary who has been in pay status for 12 months or more.
The Cost-of-Living increase awarded on July 1, 2020 will be 1.8425% for eligible retirees. It is important to note that the increase will be applied to your gross monthly retirement benefit, before any tax withholding or health insurance premium payments.
The COLA is based on the percentage change in the Consumer Price Index (CPI-U) for the Baltimore-Columbia-Towson area, from February of the current year to February of the preceding year, as published by the Bureau of Labor Statistics. Details of the COLA calculation are set forth in Section 1.435 and 1.435A of the Howard County Code.