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The original item was published from 5/31/2022 7:08:24 AM to 7/2/2022 12:00:10 AM.

News Flash

NNERF - Retirement - Benefits - HR

Posted on: May 31, 2022

[ARCHIVED] Cost of Living Adjustment (COLA)

We are pleased to inform you of this year’s cost of living adjustment (COLA).   The COLA is calculated based on the United States Average Consumer Price Index (Urban).  City Retirees who retired prior to July 1, 2021 will receive a 1.75% COLA effective July 1, 2022.  The adjustment will be applied to your July 31, 2022 pension deposit.

The Retirement Board and City Council recognize that the rapid increase in inflation, particularly in gasoline and food prices, is creating economic strain for retirees.  In recognition of the current economic conditions and given the extraordinary returns in 2021, City Council has approved a one-time supplemental “13th check” in addition to the above mentioned COLA.  This one-time payment will be provided to retirees and beneficiaries retired prior to July 1, 2021 and will be equal to your monthly retirement allowance as of June 30, 2022, capped at $2,000 per payee.  This payment will be included with your July 31, 2022 pension deposit.  Please download our Frequently Asked Questions (FAQ’s) for a guide to common question you may have related to the one-time supplemental check.

 Thank you for your time and service to the City of Newport News and the Newport News School Board.

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