We’re interested in adopting a cost of living adjustment (COLA) for our employees. What should we do?

To offer a COLA to employees, the employer’s overseeing legislative body (Town Council, Board of Governors, etc.) must adopt a resolution indicating the type of COLA it would like to offer. Once the resolution is adopted, ERSRI will provide the employer with the new employee and employer contribution rates, as well as the effective date for these rates.