OAR 459-005-0510: Cost-of-Living Adjustment

(1) A cost-of-living adjustment (COLA) under ORS 238.360 and 238A.210 is calculated on an annual basis and may use up to three COLA methods that are blended into a COLA percentage rate, as follows: (a) Creditable service or retirement credit earned before May 1, 2013, will receive an annual COLA based on ORS 238.360 (2011) or 238A.210 (2011). (b) Creditable service or retirement credit earned on or after May 1, 2013, and before October 1, 2013, will receive an annual COLA based on Chapter 53, Oregon Laws 2013. (c) Creditable service or retirement credit earned on or after October 1, 2013, will receive an annual COLA based on ORS 238.360 (2013) or 238A.210 (2013). (2) The member’s prorated periods in section (1) of this rule will be multiplied by the appropriate annual COLA percentage for the same periods to determine the blended annual COLA percentage rate that is applied to a yearly allowance, pension, or benefit. The resulting annual COLA amount is divided by 12 to determine the adjustment to the monthly allowance, pension, or benefit. (3) A beneficiary’s annual COLA percentage rate will be based on the associated member’s creditable service time. (4) COLA increases end when the recipient is no longer eligible to receive a monthly allowance, pension, or benefit.