COLAs

2024 Cost-of-Living Adjustment (COLA) Update

At the November 2023 Board meeting, AFRF's actuary determined that a COLA cannot be supported under the Fund’s COLA Policy, based on the Fund’s amortization period exceeding the 25-year maximum set forth in the policy for financial stability assessment. The Board is bound by its COLA Policy and its actuary’s recommendation and therefore was unable to grant a COLA for 2024. It was a difficult decision for the Board given the continued inflationary pressure on our retirees. Please see the actuary’s COLA Policy Analysis and feel free to reach out to staff if you have any questions. Striving to provide COLAs, when affordable, remains one of the top priorities of the Board.

Chronology of Plan Changes

Please note that COLAs apply to retirees from previous years. For example, the 2022 COLA applied to individuals who retired in 2021 or earlier, while those who retired mid-2021 received a prorated COLA.