COLAs, or cost-of-living adjustments, are annual increases of the initial benefit, i.e., the benefit determined as of the decrement date. COLAs may be applied before benefit payments commence (i.e., during a deferral period), after benefit payments commence (i.e., during the payment period), or both. The rates of annual increase are expressed as percentages of the benefit amount (the initial benefit amount at decrement for simple interest COLAs, the preceding year's benefit amount for the, more common, compound interest COLAs). Enter the COLA rate, however, as a number, not as a percentage.  COLA rates must be in the range between 0 and 1.  

COLA Rate Tables are accessible to calculate payment form values in the Payment Forms library (see Basic Form Parameters) and the Administration Factors library (see Payment Forms), and to define Benefit Formula Components and Accrual Basis Components of the Annuity Factor type.

A COLA rate table has a table interface that permits COLAs to vary by age and sex. Payment period COLAs may also vary by duration since commencement of payments or by age and duration (i.e., the table is select and ultimate). Note that if COLA rates are constant, and do not vary by calendar year or according to the contents of a coded database field, then it is not necessary to create COLA rate tables.

ProAdmin looks up age-based COLA table values based on the member's age as refined by the age/interpolation parameters. ProAdmin looks up duration-based COLA table values applicable during the payment period based on duration since the payment commencement date as specified by the payment form parameters.