Message from the AFICS/NY Chair of the Standing Committee on Pension Issues, Suzanne Bishopric

First the good news,

The Cost-of-Living Adjustment for US dollar track in April 2024 is 3.4%

UNJSPF provides more information on this, here.

The FAFICS proposal to the Pension Board, advocating an inflation adjustment for Small Pensions, received strong support from the Board during its Seventy-sixth session (21-22 February 2024).  The CEPA agreed to provide background information and suggestions to remedy the lack of inflation adjustments to small pensions.  The financial implications await the results of the 31 December 2023 actuarial results. It is expected that in 2025, further financial analysis and alternative solutions can be presented to the Board by the Pension Administration.

Thanks to President Jerry Barton and Gerhardt Schramek for getting the document to the Board in time for its February meeting.

It gives information on the COLA benefit, including:

• What is a Cost of Living Adjustment Letter?

• Is my benefit adjusted for cost-of-living increases?

• How often will my benefit be adjusted?

• Will my benefit be adjusted for changes in the cost-of-living in my country of residence?

• Will I be sure to have an adjustment each year?

• Will I be notified if there is a change in the amount of my benefit?

Follows the links below for UNJSPF information on related topics: 

• Two-Track Pension Adjustment System

• Monthly benefit fluctuations

  
  

For reference, you can also find the UNJSPF 2023 COLA Cost-of-living Adjustment to the US Dollar Track in April 2023 here