In one of the few upbeat moments of the PERB meeting Friday, there was an official announcement that the 2009 COLA would be 2%. This isn't a surprise and has been known for several months now, although I don't recall it being mentioned at any previous Board meeting. Since the CPI-U for the Portland/Salem Metro area was 3.26% for 2008, an additional 1.26% will go into the COLA bank for future use in those rare instances when the cost-of-living is less than 2%. Unlike Social Security recipients, PERS recipients will be able to draw on this bank in the future. While SS will not be giving any raises for the new two years, in all likelihood, the PERS COLA will be one of the few bright spots in our otherwise dismal economy.
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