Severance and Grumman Heritage Retirement ... - Benefits Online

Cost-of-Living-Adjustment (COLA) Optionsat Retirement (pre-93 only)• With COLA• Without COLA- Automatically receive an adjustment on April 1 of every year- Also referred to as “Annual Adjustment”- Receive the present value of your COLA converted to a flatdollar amount, which is then added to your Pre-93 accruedbenefit amount.- Determined at retirement, and is based on:- Your life expectancy- Current interest rates- Established Consumer Price Index (CPI) in effect atretirement (maximum 3%)- Also referred to as “COLA Buy-out”32