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Cost of Living Adjustment (COLA)

The Pension Plans provide for annual cost of living adjustments (COLA) for pensions received by retirees and beneficiaries. The COLA is made effective on January 1 of each year and will be reflected on all pensions.

International Retirees

Pensions for international retirees are adjusted based upon the change in the Consumer Price Index for All Urban Consumers, U.S. City Average, and all items (CPI-U), as published by the U.S. Department of Labor, Bureau of Labor Statistics.

The November 2014 CPI-U was 236.151, representing a 1.322% increase over the same index for November in 2013 of 233.069 (index change november through november are applied) The corresponding 1.322% cost-of-living adjustment (COLA) is effective January 1, 2015.

National Retirees

Pensions for national retirees are adjusted to reflect the percentage of increase of the Consumer Price Index (CPI) for each country in a period of twelve months ending in November of the previous year, based on the International Financial Statistics (IFS) published by the International Monetary Fund (IMF).

The COLA index for local retirees for 2015 is not yet available.

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