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Retired Member


Cost of Living Adjustment (“COLA”)

If you are receiving a lifetime annuity, you are entitled to receive an annual cost of living increase that is equal to 3% of the current monthly annuity. All increases are given with the January annuity payments. Annual increases do not apply to surviving spouse and child annuitants. When you receive the increase depends on your age when you retire.

  • If you retire on or after age 60, you will receive your first COLA the January following your first annuity payment.
  • If you retire between age 50 and 60, your first COLA will occur in the third year after retirement or in the year in which you reach age 60.  (back to top)


Signature Verification Form

Each year LABF mails a Signature Verification Form to each annuitant in order to obtain your signature and address. This process insures that you are receiving your payments and that we have your correct address on file. It is important that LABF has a current address for you at all times. This is especially true for those annuitants who have their checks electronically deposited in their bank. If we do not receive the Signature Verification Form by the deadline, your annuity payment may be suspended until the form is returned to the LABF office.  (back to top)


Divorce/QILDRO

If LABF receives a valid QILDRO after retirement, the alternate payee may receive the following:

  • Monthly retirement benefit
  • Lump sum benefit amount (provided the QILDRO allocates a share of lump sum death benefit to the alternate payee)

Please refer to the QILDRO booklet for important information on benefits.  (back to top)


FAQs

Q.  What if my spouse dies or we divorce after I retire, can I receive a “no-spouse” refund?
A.  No. If your spouse pre-deceases you or you divorce after you retire, the contributions made on the spouse’s behalf are not refundable.

Q.  What if I don’t collect an annuity long enough to recover all my pension contributions? What happens to the money?
A.  Generally, an employee will “collect back” all their contributions within two years of retirement. Any accumulated contributions that were not paid out, in either the form of an annuity for an employee, spouse, children or as a reversionary annuity, are refunded to the employee’s designated beneficiary.   (back to top)