Release No. 11-07-07
Nov. 21, 2007
DFAS announces 2008 retired, annuitant pay adjustments
CLEVELAND (AFRNS) -- Based on the increase in the U.S. Consumer Price Index, there will be a cost-of-living adjustment increase for retired pay and Survivor Benefit Plan annuities effective Dec. 1, according to Defense Finance and Accounting Service officials.
Retirees being paid on an account where the retiree first became a member of the uniformed services before Sept. 8, 1980 and retired before July 1, 2007 will receive a full COLA increase of 2.3 percent.
The COLA increase for retirees being paid on an account where the retiree first became a member of the uniformed services on or after Sept. 8, 1980 will be as follows:
-- 2.3 percent for those retiring before Jan. 1, 2007
-- 2.3 percent for those retiring in the first quarter calendar 2007
-- 2.3 percent for those retiring in the second quarter calendar 2007
-- 0.2 percent for those retiring in the third quarter calendar 2007
-- No increase for those retiring in the fourth quarter calendar 2007
Retirees being paid on an account where the retiree first became a member of the uniformed services on or after Aug. 1, 1986 and retired on or before Jan. 1, 2007 but elected to receive a Career Status Bonus at 15 years of active service, will receive a COLA increase of 1.3 percent.
Retirees being paid on an account where the retiree first became a member of the uniformed services on or after Aug. 1, 1986, retired on or after Jan. 1, 2007, and elected to receive a Career Status Bonus at 15 years of active service will receive COLA as follows:
-- 1.3 percent for those retiring before Jan. 1, 2007
-- 1.3 percent for those retiring in the first quarter calendar 2007
-- 1.3 percent for those retiring in the second quarter calendar 2007
-- No increase for those retiring in the third or fourth quarter calendar 2007
The COLA increase will be reflected in the Jan. 2 payment. (Courtesy of DFAS)
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