Supplemental COLA Coming to SF Retirees in 2022
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PROTECT OUR BENEFITS IS AN ORGANIZATION WHOSE GOALS ARE TO ENHANCE THE DIGNITY AND QUALITY OF LIFE OF ALL SAN FRANCISCO AND COUNTY RETIREES AND PRESERVE THEIR HEALTH AND RETIREMENT BENEFITS.
FROM THE EXECUTIVE BOARD OF PROTECT OUR BENEFITS
Finally! For the first time since 2012 those retirees of the City and County of San Francisco (CCSF) who retired prior to November 1996 (Pre 96’ers) are eligible to receive the Supplemental COLA! This occurred as the result of the high performance of the San Francisco Employees Retirement System (SFERS). The staff at SFERS must be congratulated for their fine work!
As mandated by the San Francisco electorate in 2011 when they approved Proposition C, and affirmed by the California Appellate Court following the Protect Our Benefits (POB) vs. City of San Francisco lawsuit, those who retired prior to November 1996 can only receive the Supplemental COLA when two conditions are met. First, SFERS must be fully funded on a market value of assets; Second, the SFERS must have sufficient excess earnings.
Both of those conditions have been met! Therefore, our oldest class of retirees will finally receive the Supplemental COLA, to be realized on their February 2022 retirement check as a 3.5% raise, along with all the Post ’96 retirees. Hallelujah!!
However, don’t forget that this Supplemental COLA is only authorized for this year for the Pre 96’ers. If the system doesn’t perform as well next year they may not get the Supplemental COLA even though the Post 96’ers could.
Protect Our Benefits, Inc. celebrates with the Pre96’ers! We want to assure them that we continue in our efforts to bring a ballot measure before the voters of San Francisco to finally end the policy created by Proposition C so all CCSF retirees are treated equally. That way they can receive the Supplemental COLA every year it’s authorized, for the rest of their lives. We look forward to victory in June of 2022!
UNITED WE STAND, DIVIDED WE FALL
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