b'PENSION BENEFIT PROVISIONS, CONT.TIER 1 TIER 2 TIERS 3 AND 4 TIER 5 TIER 68. Cost of Living Adjustments (COLA)a. GenerallyFull annual COLA increase or decreaseAnnual COLAAnnual COLA increase or decrease not to ApplicableCOLAs compound and are based uponincrease orexceed 3% Provisionsthe Consumer Price Index for local urbandecrease up to 3%Amounts above 3% are banked to be ConsumersCOLAs compoundcredited during years when the Consumer Survivors pension includes theand are based uponPrice Index is below 3%percentage of COLAs applied to thethe Consumer PriceCOLAs compound and are based upon members pension prior to death Index for local urbanthe Consumer Price Index for local urban consumersconsumers Pro rata adjustmentPro rata adjustment in the first year of in the first year ofretirement retirement City Council mayCity Council may grant discretionary grant discretionaryCOLA increases once every three years - COLA increasesmembers COLA Bank is reduced once every threeSurvivors pension includes the percentage yearsof COLAs applied to the members Survivors pensionpension prior to deathincludes the percentage of COLAs applied to the members pension prior to deathb. Effective Date ofAnnual adjustmentsAnnual adjustmentsAnnual adjustments commence on the July 1 following the COLA:commence on thecommence on theeffective datei. Service July 1 following theJuly 1 following Retirement later of the effectivethe later of the date or the date theeffective date member would haveor the date the been age 55 member would have completed 25 years of service ii. Service-Annual adjustments commence on the July 1 following the effective dateConnected Disability, Service- Connected Deathiii. Nonservice-Annual adjustmentsAnnual adjustmentsAnnual adjustments commence on the July 1 following the effec-Connectedcommence on thecommence on thetive dateDisability,July 1 following theJuly 1 following the Death Afterdate the memberdate the member Nonservice-would have beenwould have com-Connectedage 55 or 5 yearspleted 25 years of Disabilityafter the effectiveservice or 5 years date of the pension,after the effec-if earlier tive date of the members pension, if earlier156 LAFPP ANNUAL REPORT 2025'