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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
29
PLAN 1
PLAN 2
HYBRID RETIREMENT PLAN
Cost-of-Living Adjustment (COLA) in
Retirement
The Cost-of-Living Adjustment !COLA)
matches the first 3% increase in the
Consumer Price Index for all Urban
Consumers ICPI-U) and half of any
additional increase lup to 4%) up to a
maximum COLA of 5%.
Cost-of-Living Adjustment (COLA) in
Retirement
The Cost-of-Living Adjustment !COLA)
matches the first 2% increase in the CPI-U
and half of any additional increase lup to
2%), for a maximum COLA of 3%.
Cost-of-Living Adjustment (COLA) in
Retirement
Defined Benefit Component.
Same as Plan 2.
Defined Contribution Component:
Not applicable.
Eligibility.
For members who retire with an
unreduced benefit or with a reduced
benefit with at least 20 years of service
credit, the COLA will go into effect on July
1 after one full calendar year from the
retirement date.
Eligibility:
Same as Plan 1.
Eligibility
Same as Plan 1.
For members who retire with a reduced
benefit and who have less than 20 years
of service credit, the COLA will go into
effect on July 1 after one calendar year
following the unreduced retirement
eligibility date.
Exceptions to COLA Effective Oates:
The COLA is effective July 1 following one
full calendar year (January 1 to December
31) under any of the following
circumstances:
• The member is within five years
of qualifying for an unreduced
retirement benefit as of
January 1, 2013.
• The member retires on disability.
• The member retires directly from
short-term or long-term disability.
• The member is involuntarily separated
from employment for causes other
than job performance or misconduct
and is eligible to retire under the
Workforce Transition
Act or the Transitional Benefits Program.
• The member dies in service and the
member's survivor or beneficiary is
eligible for a monthly death-in-service
benefit.
Exceptions to COLA Effective Dates:
Same as Plan 1.
Exceptions to COLA Effective Dates:
Same as Plan 1.
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