Inicio News IDB Group Staff Retirement Plan || Article 15 Cost-of-Living Increases / Adjustment Effective January 1, 2020

IDB Group Staff Retirement Plan || Article 15 Cost-of-Living Increases / Adjustment Effective January 1, 2020

por Angela Rivera Saettone

Dear Colleagues:

In accordance with Article 15 of the Staff Retirement Plan (SRP), any pensions and benefits under Sections 4.1, 4.2, 4.3, 4.4, 4.5, and 4.6 in effect before January 1, 2020 are eligible for Cost-of-Living Increases to reflect the ratio of Cost-of-Living Index applicable as of such January 1st preceding January 1st on the basis of the Consumer Price Index (CPI) for All Urban Consumers, U.S. City Average, all items, with 1982-84 equaling 100, as published by the U.S. Department of Labor, Bureau of Statistics.

The CPI for November 2019 is 257.208, as published by the U.S. Department of Labor, Bureau of Statistics.  This ratio is 2.051% greater computed in respect of the same CPI applicable for prior January 1, 2019 (252.038).  The 2.051% Cost-of-Living ratio should be applied to adjust pensions and benefits effective January 1, 2020.  Pensions and benefits with benefit commencement during 2019 should be adjusted on a pro rata basis.

Pro rata Basis:

MONTHSYEARINDEXPro rata COL %
JANUARY and before2019252.0382.051
FEBRUARY2019252.4691.877
MARCH2019252.9001.704
APRIL2019253.3311.531
MAY2019253.7611.358
JUNE2019254.1921.186
JULY2019254.6231.015
AUGUST2019255.0540.845
SEPTEMBER2019255.4850.675
OCTOBER2019255.9160.505
NOVEMBER2019256.3460.336
DECEMBER2019256.7770.168
JANUARY2020257.208
YEARLY INCREMENT5.170
ANNUAL %2.051
Prev. Year Index252.038
COL % 2.051
New Index257.208

 

IDB Group Staff Retirement Plan || Article 15 Cost-of-Living Increases / Adjustment Effective January 1, 2020