News from Your Fairfax County Retirement System

NEWS FLASH: Your 2024 Cost-of-Living Adjustment (COLA)

Your retiree cost-of-living adjustment (COLA) is now available and known. Per County Code, the COLA is calculated based on the annual increase in the Consumer Price Index (CPI-U) from March of last year to March of this year. Specifically, the CPI used to calculate the COLA is for the Washington-Arlington-Alexandria area and is calculated by the Federal Bureau of Labor Statistics.

Because the CPI increased by 3.4% from March of 2023 to March of 2024, your COLA will be 3.4%. It will be reflected in your retiree pay this July. 

Historical Cost-of-Living Adjustments

For those of you who are wondering, the following chart shows what the COLAs have been for the past 15 years. 

CPI Increases by Category

The CPI measures the increase in a wide range of things people spend money on. The following chart shows the increase in some of those categories, everything from apparel to transportation.

The highest increase for March was for transportation expenditures, which was up over 10%. The next-largest increase was for shelter, or the cost of owning or renting a residence.

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