Cost-of-living adjustment (COLA) for 2022
For 2022, TVARS will provide a 3.5% COLA for eligible retirees and beneficiaries, the highest COLA since 2009 as a result of significant increases in the cost of many consumer goods during 2021. The TVARS Rules and Regulations provide that eligible retirement benefits (pension and supplemental benefits) will receive a COLA based on an inflation measure, which is the Consumer Price Index – All Urban Consumers (CPI-U) – an index maintained by the U.S. Labor Department that measures the price changes in a broad group of various goods and services purchased by consumers. Under the TVARS Rules, the COLA is…