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2023 COLA Results
We estimate that the Los Angeles Area Inflation has averaged 3.49% over calendar year 2023.
County Employees Retirement Law provides that inflation should be rounded to the nearest half percent, but limits COLA increases to 3.0% annually. As a result, a 3.0% COLA is anticipated to be considered by the Santa Barbara County Board of Retirement at its February 28, 2024 meeting. The approved COLA will take effect on May 1, 2024.
When the COLA is more than the plan permits, the excess amount is accumulated, or banked, for most retirees*. The excess amount of COLA can be applied in future years when the approved COLA level is below 3.0%. For 2023, 0.5% will be banked for most retirees*.
*All Safety Plan members, General Plan 5 members, and APCD Plan 1 & 2 members receive a 3% COLA with any remaining amount banked. General Plan 7 & 8 members and APCD Plan 8 members receive a 2% COLA with the remainder banked. General Plan 2 members do not receive a COLA.
View monthly inflation figures compared to last year.
Want to track the COLA on your own? On the 15th of each month, the U.S. Department of Labor, Bureau of Labor statistics releases CPI data for Los Angeles.
Read the current Bureau of Labor Statistics report.
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