June 15: All 104 local retirement boards have approved a 3% COLA for retirees and survivors effective this July. Anyone on the pension rolls prior to July 1, 2005 will be eligible for this increase. The House and Senate have approved a July 3% COLA for state and teacher retirees. The $12,000 base will remain in effect for this year, therefore a maximum COLA of $360 per year or $30 monthly.