cost-of-living adjustment

(redirected from Automatic COLAs)
Also found in: Financial.

cost-of-liv·ing adjustment

n. Abbr. COLA
An adjustment made in wages that corresponds with a change in the cost of living.
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Automatic COLAs were adopted in 1975 so that benefits for people on fixed incomes would keep pace with rising prices.
Automatic COLAs always have been relatively rare in private-sector plans, says John Ehrhardt, a New York-based Principal at consultant Milliman, Inc.
GASB: The projection of pension benefit payments for purposes of calculating the employer's total pension liability and the service-cost component of pension expense should include the projected effects of the following when relevant to the amounts of benefit payments: 1) automatic cost-of-living adjustments (COLAs); 2) future ad hoc COLAs in circumstances in which such COLAs are not substantively different from automatic COLAs; 3) future salary increases; and 4) future service credits.

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