ANNUAL COST OF LIVING ADJUSTMENT FOR ELIGIBLE RECIPIENTS OF MONTHLY BENEFITS FROM THE WATER AND POWER EMPLOYEES' RETIREMENT PLAN - JULY 1,2012

Size: px

Start display at page:

Download "ANNUAL COST OF LIVING ADJUSTMENT FOR ELIGIBLE RECIPIENTS OF MONTHLY BENEFITS FROM THE WATER AND POWER EMPLOYEES' RETIREMENT PLAN - JULY 1,2012"

Aubrey Byrd
5 years ago
Views:

2 RESOLUTION NO ANNUAL COST OF LIVING ADJUSTMENT FOR ELIGIBLE RECIPIENTS OF MONTHLY BENEFITS FROM THE WATER AND POWER EMPLOYEES' RETIREMENT PLAN - JULY 1,2012 WHEREAS, the Water and Power Employees' Retirement, Disability and Death Benefit Insurance Plan Sections IV D (16), IV E (10), and V D (8) provide for an annual Cost of Living Adjustment (COLA) increase for all eligible retirees, surviving spouses/beneficiaries and Plan members on Permanent Total Disability; and WHEREAS, such adjustments shall not exceed three percent (3.0%) - Sections IV D (16)(a)(ii), IV E (10)(a)(ii), and V D (8)(a); and WHEREAS, the COLA percentage shall be determined based upon the Consumer Price Index (CPI)-(Los Angeles-Riverside-Orange County-Metropolitan Area-All Items) for "All Urban Consumers" as published by the Bureau of Labor Statistics (BLS) - Sections IV D (16)(b), IV E (10)(b), and V D (8)(b); and WHEREAS, the 2011 CPI percentage as published by the BLS is 2.7%; and WHEREAS, the DWP Internal Auditors have verified the accuracy of the COLA effective July 1, 2012; and WHEREAS, the percentage of increase in excess of the maximum amount shall be accumulated and carried over from year to year until exhausted and shall be included in the calculation or subsequent adjustments in such allowances - Sections IV D (16)(c), IV E (10)(c), and V D (8)(c). NOW THEREFORE, BE IT RESOLVED, the Retirement Plan Manager is hereby directed to implement a tiered COLA adjustment up to the 3.0% maximum, for eligible monthly allowances, effective July 1, 2012; and BE IT FURTHER RESOLVED, the Retirement Plan Manager is hereby directed to make the appropriate deductions allowable under the Plan in the eligible individuals' COLA Bank until exhausted. I HEREBY CERTIFY, the foregoing is a full, true, and correct copy of a Resolution adopted by the Retirement Board [created by Section 1102 (b) of the Los Angeles City Charter] at its regular meeting held on February 22, Sangeeta Bhatia Retirement Plan Manager 8.2

3 CITY OF LOS ANGELES DEPARTMENT OF WATER AND POWER INTRADEPARTMENTAL CORRESPONDENCE Date: January 25, 2012 To: Sangeeta Bhatia, Plan Manager - Retirement Plan Office From: ~James G. Tan, Director of Internal Aud~ Subject: Verification of COLA Increase for Retirees Effective July 1, 2012 At the request of management of the Water and Power employees' Retirement Plan (Plan), we verified the accuracy of the Cost-of-Living-Adjustment (COLA) effective July 1, 2012 to be approved by the Retirement Board on February 8, Based on our review, the increase in the CPI used to determine the COLA for July 1, 2012 is 2.7 percent. We also determined that the maximum annual cost of living increase permitted by the Plan is 3 percent, and that if the increase in the annual CPI is greater than 3 percent, the percentage in excess of 3 percent is carried over and added to each retiree's cost of living bank. In addition, we established that if the increase in the annual CPI is less than 3 percent, any balance in a retiree's cost of living bank is used to increase the cost of living adjustment up to the 3 percent maximum. Therefore, we conclude that the increase in the CPI used to determine the COLA for July 1, 2012 is 2.7 percent and that the COLA adjustments effective July 1, 2012, to be approved by the Retirement Board on February 8, 2012, will range from 2.7 percent to 3 percent depending on the cost of living bank balance of each retiree. This review did nqt include a verification of the cost of living banks or the resulting monthly allowance to be paid to each retiree. JT:lc Attachment c: Ann M. Santilli Monette Carranceja :. Mary Higgins Kendrick Mah James G. Tan Winetta J. Leslie Lucy Chou 8.3

4 Bureau of Labor Statistics Data Page I of2 A to Z lode" I FAQs I About BLS I Contad. Us Subscribe to Updates What's New I Re19SC: C6lendlllr I Site Map Databases, Tables & Calculators by Subject Change Output Options: From: 2001 ~ To: 'iiiil' ~~ $ []include graphs Data extracted on: January 24,2012 (6:12:32 PM) search BLS.gov I Bola,-~_::~..: '!::~ '.:,~':!..,;",... :-:: "",... '.:'.. ~. More Formatting Options... Consumer Price Index All Urban Consumers Se.ries I.dl CUURA421SAO, CmJSA421SA.O Not seasonally Mjusted: Axeal Los Angeles~River9ide OrangeCounty. CA Item I All items Ba.se PeX'iod~ ~lOO --- Download: ~~!'y';;;; -"'j;;;'ff'"fd,..._._. ~ -'-~~E~~~;'~~~Y; =1~:~ ":-2~!...-= =~~~f~~' ~=-~~.~-~~= --~-~ Annual HALF "HALF'i-1 ~C---}1 ~_...E..~2 _g~~ -- _!?~!?~~ _~~ e--p~l.~ _..!.77;!, ~- I IBJ.4 IBJ IBJ.7 183, i L~!l,~!l_ ' ~m ~~ E9..:.~ ~.886 E!~~ _ ~~.~_l!. D2...E..!.:~~_ f_2!~~! ~.2:?~,..2l:3~Q~ E..~._~~ \joi~ -~Q_~~ ~:~!lj_ ~~_ :~4! E~Z2! ~~~_JE.!!:729 ~:24!.. ~.31~. L.2J 3.32? J.:!.~~~.~!~..ol.P1.~2. ~~:Q~~ -~.:.~! ~~~ _23.]...:.~~? ~..l~3..l!.. ~ ~:E?_ E.~:~ ~;~ ~:i?2' ]ifisi'j 12 Month Percent C...ge series %d, CUURA421SAO,CUUSM21SI\.O Not Seasonally Adjusted Area: Los Angeles-Riverside-orange County, CA Item.: All items Bue Period: ;100 LL.. Download: ~.xls 'Year lan Feb I Mar Apr' May I lun lui Aug Sep Oct i Nov Dec! H_W.:.~ ~...P +.~..1!.. l:~ -E.,2.6!.2:z.. ~!. i I i I L I 2.1! l I 3.7 i :!...}~~. 4.5 I r-:~~ r~i?.. --~! ~:~,~-~! I -~:~._~:.l. _2:f_T ~_ ~;~+~:~.-~'.~. ~~3+ Jir~;J}tfit1rJ.~- =11\~:IT '-HrH''J~- L3?08 ~2.. Jl 3.3 I 3,!..j.2:Z.+-~~ 1-52 ~:!.~ -~:.U~ 0.1!2009 -o.lt 0.0 ' : -1.8\ I I L I : 1.8 i ' i ! TOOLS Areas 01 3 Glance Indusltie3 at a GI3f1ce Economic Releases Databases & Tables Maps CALCULATORS Inflabon Lee.ati{ln Ouotient Inju,\, And lliness Annual HALF1, HALF2 i.e!~~1_2~ f- 2.9 : i -2:iJ : 4.1! ~;2l---~2j ~~ =~i±!:~-:~~~ 3.5 -~~4--..l:~ 0.8 '1.1 i -0.5! : r 2.7 i\ 2.7 I V ",1 Help S. Tutorials FAO& OIOSS,u"j AtoUI BL$ Con:ad Us 2.6 i INFO \Mat's New BLS I~nd II! DOL Join our Mailing Lists l.in~ing & CopynghllnJo RESOURCES Inspeclor Goneral (OIG) Budget ""d Perlonnance No FeSfAct USA.gcv 8ener,ts.gav 1/24/

5 CITY OF LOS ANGELES DEPARTMENT OF WATER AND POWER INTRADEPARTMENTAL CORRESPONDENCE Date: January 19, 2012 To: James Tan, Director of Internal Audit From(JJSangeeta Bhatia, Plan Manager - Retirement Plan Office Subject: Request for Verification: COLA Increase for Retirees, Surviving Spouses/Beneficiaries and Members on Permanent Total Disability Effective July 1, 2012 The Water and Power Employees' Retirement, Disability, and Death Benefit Insurance Plan Section IV E (10) provides for annual cost of living adjustments for eligible retirees, surviving spouses/domestic partners/beneficiaries, and members on Permanent Total Disability. These cost of living adjustments are based on the Consumer Price Index (CPI) for the Los Angeles - Riverside - Orange County, California - Metropolitan area as published by the Bureau of Labor. Statistics. The maximum annual cost of living increase permitted by the Plan is 3.0%. If the increase in the CPI is greater than 3.0%, the percentage in excess of 3.0% is carried over and added to the person's cost of living bank. For those years when the increase in the CPI is less than 3.0%, any balance in the cost of living bank is used to increase the cost of living adjustment up to the 3.0% maximum. The increase in the CPI used to determine the cost of living adjustment for July 1, 2012 was 2.7%. The Plan allows for increases and decreases in the monthly allowance as noted below: Every monthly retirement allowance...on the first day of July of each year, by a percentage of such allowance then being paid, which shall equal to the nearest one-tenth of one percent (0.1%) the percentage of annual increase or decrease [emphasis added] in the cost of living during the preceding calendar year, provided that on or after July 1, 1973, such increase or decrease shall not in any event exceed three percent (3%) of any such allowance in any year. /Section IV E (10) (a) (i) and (ii)] The COLA percentage shall be determined based upon the Consumer Price Index (CPI) (Los Angeles-Riverside-Orange County, CA Metropolitan Area-- All Items) for "AII Urban Consumers" as published by the Bureau of Labor Statistics. [Section IV E (10)(b)] We request that Internal Audit verify the accuracy of the Cost-of-Living-Adjustment (COLA) effective July 1, 2012 to be approved by the Retirement Board on February 8,

6 James Tan, Director of Internal Audit Page 2 January 19, 2011 We have attached the relevant sections of the Retirement Plan, data from the Bureau of Labor Statistics, and schedules for "Adjustments Paid" and "Retirees' CPI Bank". Please call Kendrick Mah at (213) or Mary Higgins at (213) if you need any further information. KM:km Attachments c: Sangeeta Bhatia Monette Carranceja Mary Higgins Kendrick Mah Winetta Leslie 8.6

7 RETIREMENT IV E (10)(a) - E (10)(c) (10) Post-Retirement Cost of Living Adjustment (a) Subject to the Provisions of This Subdivision (10) (i) every monthly retirement allowance to a member who retires on or after March 1, 1973, or if not living, to his beneficiary under Option (b) or Option (c) of subsection E (6) of this Section IV, and (ii) every monthly allowance to an Eligible Spouse, surviving spouse or surviving Domestic Partner of a member who retires on or after March 1, 1973, excluding therefrom any portion thereof which is attributable to a member's additional contributions, payable pursuant to this Section IV E, shall be increased or decreased on the first day of July of each year, by a percentage of such allowance then being paid, which'shall equal, to the nearest one-tenth of one percent (0.1%), the percentage of annual increase or decrease in the cost of living during the preceding calendar year; provided that such increase or decrease shall not in any event exceed three percent (3%) of any such allowance in any year. (b) Determination of the percentage of annual increase or decrease in the cost of living shall be made by the Board of Administration on or before the first da~ of April of each ~ear, by reference to the Consumer Price Index (LosAngeles~Riversi~ :Orang~_(;~_nt~, CJ.\-=::~~IJ Jle~-~) as published by the Bureau of Labor Statistics of the United States Department of Labor for each of the two immediately preceding calendar years. The percentage by which such index for the more recent full calendar year shall have varied from such index for the full calendar year immediately prior thereto shall be the percentage used to calculate adjustments in the such allowances pursuant to paragraph (a) of this subdivision. (c) The percentage of increase or decrease in the cost of living in any calendar year which is in excess of the maximum amount of annual increase or decrease provided in paragraph (a) of this subdivision shall be accumulated and carried over to the next succeeding calendar year and added to or subtracted from the percentage of increase or decrease in the cost of living for such succeeding calendar year and included in the calculation of adjustments in such allowances effective the first day of July next following such succeeding calendar year. Any portion of such excess not included in such calculation in any year as a result of the limitation in the maximum amount of annual increase or decrease provided in paragraph (a) of this subdivision, shall be similarly,accumulated and carried over from year to year until exhausted and included in the calculation or subsequent adjustments in such allowances. R

8 A to Z Index I FAQs I About BlS I Contact Us Sul:lsaibe to E mail updates iii 5eardl BLS.gov Whillt's New I Release calendar I Site Map Home Subject Areas Databases & Tools Economic Releases I)ata~ases, Tables & Calculators ~Y Subject Change Output Options: From: :l~o!.lj To ~~IJ ~ Dinclude graphs Data extracted on: January 19, 2012 (10:33:14 AM) More Founatting ODtlons~ Consumer Price Index - All Urban Consumers Series Id: CUURA421SAO Not Seasonally Adjusted Area: ('-~-O_-S_=-A;:-n-g-_e--;l-e-s---;:-R7"iy-e-r-s'i-d;-e---:::O-ra-n-g-.e----==C,--o-u-n-,--ty-QID----:C=A Item: (Ali-ite~ Base Period: =100 Year Jan Feb Mar--Apr -rmay Jun Jul raug sep oct! No~- Dec [(Annual, HALFl HALF2'" ~ ~ : f----: C-f Ll ) _~ ~~+_g3~ ~~ Ll t rm Ll [ , ~-1i l"~~ LL~~5 e-:210i 21.'~.. )1.1.11_21l,~~2.!!~!12,~e--'.!',4.-21l,'+...-"0, I 2.!", '." tn ~~ i6l ~...J:.li~~.~_186.~t~ -.-!:..~1-~ ~ :!.1_.,gJ~ _~2.!.:.9 19~2t-_1~g ~3.4 ~_194:~f-)9~6.9 _195~ _.l.9)~ 194.~ ~ ~~~ ~ : !22~.00~ ~ q I , ~ " I ~6.43~...:~~7122_~91J~~:.~~~ 1..~~.04~*26.79~ 1?_~~!y26~~g,!).9J;J~~~ 226.~ r~ol1, ~ 'E~.303rp1.?~ V~ ,231'.91[ 231.6~ ' {12-Month Percent Chang~ Series Id: CUURA421SAO Not Seasonally Adjusted Area: (j.:os A~geles-Ri'~side Orange CountY.:~ Item: J iter1@ o c Base Period: =100 Download: l\id...m. Year Jan Feb Mar Apr fo!c!w u,:, Hl~' 2:~ 1.:6! vi ; 2.6\ 3.0. ~.~._~ _ : , 2.2!.:~..! ! 3]j ~:~I ;:~ P:.~V.41 4.~~_4. Jul Aug Isep ioct IN';;ro; ~- I I ! i 2.7 i ~ :?l.2:.!li:? I I O i Q~t*.Q.4lf7 0.7i 1. :191; ~.U 3.0 -~~...1:! 2.9 _~i-~g 2 l!l},:q.l~ I I G9/~O 6 03t+OG ~ :1,.1 0 /-1, TOOLS CALCULATORS HELP INFO RESOURCES Areas at a Glance Inflation Help & Tutorials What's New Inspector General (OlG) Induslries at a Glancf! Locatior. QuolJant FAQ, BLS Budget and Performance Economic: Releases Injury And Illness Giossmy Find It! DOL No Fear Act D<'ltabases & Tables Aboul BLS Join our Mailing Lists USA.gov Maps Contact Us Linking & Copynghllnfo Benafits.gov " 8.8

Adjustments Paid ADJUSTMENTS PAID (Includes amounts added from Bank) Regular Ad Hoc ReQ+Ad Hoc Effective Date> 7/1/2008 7/1/2008 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 Retirement Date Before

9 Adjustments Paid ADJUSTMENTS PAID (Includes amounts added from Bank) Regular Ad Hoc ReQ+Ad Hoc Effective Date> 7/1/2008 7/1/2008 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 Retirement Date Before 11/1/ % 4.133% 7.133% 3.00% 3.00% 3.00% 3.00% 11/1/67-7/1/ % 4.133% 7.133% 3.00% 3.00% 3.00% 3.00% 7/2/68-7/1/ % 4.072% 7.072% 3.00% 3.00% 3.00% 3.00% 7/2/69-7/1/ % 3.825% 6.825% 3.00% 3.00% 3.00% 3.00% 7/2/70-7/1/ % 3.519% 6.519% 3.00% 3.00% 3.00% 3.00% 7/2/71-7/1/ % 3.155% 6.155% 3.00% 3.00% 3.00% 3.00% 7/2/72-2/28/ % 3.038% 6.038% 3.00% 3.00% 3.00% 3.00% 3/1/ % 3.528% 6.528% 3.00% 3.00% 3.00% 3.00% 3/2/73-7/1/ % 3.436% 6.436% 3.00% 3.00% 3.00% 3.00% 7/2/73-7/1/ % 3.390% 6.390% 3.00% 3.00% 3.00% 3.00% 7/2/74-7/1/ % 2.899% 5.899% 3.00% 3.00% 3.00% 3.00% 7/2/75-7/1/ % 2.265% 5.265% 3.00% 3.00% 3.00% 3.00% 7/2/76-7/1/ % 1.710% 4.710% 3.00% 3.00% 3.00% 3.00% 7/2/77-7/1/ % 0.546% 3.546% 3.00% 3.00% 3.00% 3.00% 7/2/78-7/1/ % 0.237% 3.237% 3.00% 3.00% 3.00% 3.00% 7/2/79-7/1/ % 0.000% 3.000% 3.00% 3.00% 3.00% 3.00% 7/2/80-7/1/ % 0.000% 3.000% 3.00% 3.00% 3.00% 3.00% 7/2/81-7/1/ % 0.000% 3.000% 3.00% 3.00% 3.00% 3.00% 7/2/82-7/1/ % 0.000% 3.000% 3.00% 3.00% 2.54% 2.70% 7/2/83-7/1/ % 0.000% '3.000% 3.00% 3.00% 2.08% 2.70% 7/2/84-7/1/ % 0.000% 3.000% 3.00% 3.00% 2.08% 2.70% 7/2/85-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.90% 2.70% 7/2/86-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.40% 2.70% 7/2/87-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.31% 2.70% 7/2/88-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/89-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/90-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/91-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/92-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/93-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/94-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/95-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/96-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/97-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/98-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/99-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/00-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/01-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/02-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/03-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/04-7/1/ % 0.000% 3.000% 3.00% 3.00% 1.30% 2.70% 7/2/05-7/1/ % 0.000% 3.000% 3.00% 2.80% 1.20% 2.70% 7/2/06-7/1/ % 0.000% 3.000% 3.00% 1.30% 1.20% 2.70% 7/2/07-7/1/ % 0.000% 3.000% 3.00% 0.00% 1.20% 2.70% 7/2/08-7/1/ % -0.30% 1.20% 2.70% 7/2/09-7/1/ % 1.20% 2.70% 7/2/10-7/1/ % 2.70% 7/2/11-7/1/ % R:\COLA\CPIBANK1.XLSAdjustments Paid 8.9

10 Retirees' CPI Bank Effective Date> 7/1/2008 (Req) 7/1/2008 7/1/2008 7/1/2009 7/1/2010 7/1/2011 7/1/2012 Bank Adiustment > 0.30% (- Ad Hoc Granted) 0.50% -3.80% -1.80% -0.30% Retirement Date Before 11/1/ % 4.133% % % 7.000% 5.200% 4.900% 11/1/67-7/1/ % 4.133% % % 7.000% 5.200% 4.900% 7/2/68-7/1/ % 4.072% % % 7.000% 5.200% 4.900% 7/2/69-7/1/ % 3.825% % % 7.000% 5.200% 4.900% 7/2/70-7/1/ % 3.519% % % 7.000% 5.200% 4.900% 7/2/71-7/1/ % 3.155% % % 7.000% 5.200% 4.900% 7/2/72-2/28/ % 3.038% % % 7.000% 5.200% 4.900% 3/1/ % 3.528% % % 7.000% 5.200% 4.900% 3/2/73-7/1/ % 3.436% % % 7.000% 5.200% 4.900% 7/2/73-7/1/ % 3.390% % % 7.000% 5.200% 4.900% 7/2/74-7/1/ % 2.899% % % 7.000% 5.200% 4.900% 7/2/75-7/1/ % 2.265% % % 7.000% 5.200% 4.900% 7/2/76-7/1/ % 1.710% % % 7.000% 5.200% 4.900% 7/2/77-7/1/ % 0.546% % % 7.000% 5.200% 4.900% 7/2/78-7/1/ % 0.237% % % 7.000% 5.200% 4.900% 7/2/79-7/1/ % 0.000% 9.457% 9.957% 6.157% 4.357% 4.057% 7/2/80-7/1/ % 0.000% 8.161% 8.661% 4.861% 3.061% 2.761% 7/2/81-7/1/ % 0.000% 5.862% 6.362% 2.562% 0.762% 0.462% 7/2/82-7/1/ % 0.000% 4.643% 5.143% 1.343% 0.000% 0.000% 7/2/83-7/1/ % 0.000% 4.180% 4.680% 0.880% 0.000% 0.000% 7/2/84-7/1/ % 0.000% 4.180% 4.680% 0.880% 0.000% 0.000% 7/2/85-7/1/ % 0.000% 3.995% 4.495% 0.695% 0.000% 0.000% 7/2/86-7/1/ % 0.000% 3.501% 4.001% 0.201% 0.000% 0.000% 7/2/87-7/1/ % 0.000% 3.409% 3.909% 0.109% 0.000% 0.000% 7/2/88-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/89-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/90-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/91-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/92-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/93-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/94-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/95-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/96-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/97-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/98-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/99-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/00-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/01-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/02-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/03-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/04-7/1/ % 0.000% 3.400% 3.900% 0.100% 0.000% 0.000% 7/2/05-7/1/ % 0.000% 3.100% 3.600% 0.000% 0.000% 0.000% 7/2/06-7/1/ % 0.000% 1.600% 2.100% 0.000% 0.000% 0.000% 7/2/07-7/1/ % 0.000% 0.300% 0.800% 0.000% 0.000% 0.000% 7/2/08-7/1/ % 0.000% 0.000% 0.000% 7/2/09-7/1/ % 0.000% 0.000% 7/2/10-7/1/ % 0.000% 7/2/11-7/1/ % R\COLA\CPIBANK1.XlS CPI Bank, 8.10

COLA NOTICE SBCERA COST-OF-LIVING ADJUSTMENT (COLA) FOR APRIL 1, 2011

COLA NOTICE SBCERA COST-OF-LIVING ADJUSTMENT (COLA) FOR APRIL 1, 2011 Cost-of-living adjustments are given on April 1 st of each year based upon the increase or decrease in the Consumer Price Index (CPI)