[May 23, 2002 ]

At their May meeting, the UC Regents approved a one-time cost-of-living adjustment (COLA) for UC-PERS members who retired under the UC-PERS Voluntary Early Retirement Incentive Program in 1991. The increase will be effective July 1, 2002.

For UC-PERS members, the UC-PERS Plan offered retirement incentives that were generally comparable to those for UCRP members who retired under the UCRP Voluntary Early Retirement Program-I (VERIP I). The UC-PERS Plan, however, did not include any cost-of-living provisions, and the purchasing power of the Plan benefit has eroded since 1991.

This COLA will restore lost purchasing power and will result in parity with 1991 UCRP VERIP I retirees who have received annual COLAs. Beginning in July 2003, the purchasing power of the UC-PERS Plan benefit will be reviewed annually, and ad hoc COLAs may be recommended from time to time, subject to the availability of funds.

UC-PERS Plan retirees will be notified individually about the COLA.

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