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At the November 2022 Board meeting, AFRF's actuary determined that a COLA cannot be supported under the Fund’s COLA Policy, based on the Fund’s -14.5% return through September 2022. Therefore, the Board was unable to grant a COLA in 2023. The Board is bound by its COLA Policy and its actuary’s recommendation. It was a difficult decision for the Board given the current inflationary pressure on our retirees. Please see the actuary’s analysis below and feel free to reach out to staff if you have any questions at all.