Retiree Benefits

 

Cost of Living Adjustment (“COLA”)

If you are receiving a lifetime annuity, you are entitled to receive an annual cost of living increase.  All increases are given with the January annuity payments. When you receive the increase depends on your age when you retire.

Tier 1 Member - 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. 

  1. If you retire on or after age 60, you will receive your first COLA the January following your first annuity payment.
  2. 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.

Tier 2 Member - If you are receiving a lifetime annuity, you are entitled to receive an annual cost of living increase that is equal to either ½ the rate of the CPI-u or 3% of the original annuity amount (whichever is lower).

  1. The annual COLA begins on the January 1 following the year the member reaches age 67 or after the member receives one year of pension payments, whichever occurs later.
  2. If the CPI-u decreases or is zero, no COLA is paid.

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. 

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.

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