Current COLA interest rate: 2.2%(for Nov. 1, 2024 – Oct. 31, 2025)
(for Nov. 1, 2024 – Oct. 31, 2025)
OP&F pays Cost-of-Living Adjustments (COLAs) to eligible members annually. Members are eligible for a COLA once they have received pension benefits for at least one year and have reached age 55. Once eligible, the annual COLA amount is calculated on a member’s base pension and does not compound annually. Generally, the new pension benefit amount is included in the July pension payment.
OP&F members will receive a COLA equal to the increase, if any, of the Consumer Price Index (CPI) or three percent, whichever is less. The CPI increase is based on the 12-month period that ends on Sept. 30 of the immediately preceding year, rounded to the nearest one-tenth of one percent. Those who retire before turning age 55 will receive a pro-rated COLA on their 55th birthday (as long as the member has been receiving benefits for one year), subject to statutory and administrative limitations.
(OP&F members who had 15 or more years of service credit as of July 1, 2013, and who are not receiving a benefit from OP&F, and members who are receiving a pension that became effective before July 1, 2013, receive a COLA equal to three percent of the member’s base pension benefit.)