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A cost of living adjustment (COLA) can be defined as an increase in wages or contributions to match the rate of inflation. The figure will vary based on where you live and includes estimates based on things like housing, clothing, utilities, food, taxes, etc.
As the cost of living increases annually, you need a third party administrator who will carefully and accurately calculate your retirement plan’s cost of living adjustment. PlanPerfect modifies your benefits and contributions to counteract the effects of inflation keeping you on the right financial track. As your 401K TPA (third party administrator), you can trust us to handle plan design, plan administration, plan compliance, and 401k recordkeeping.
PlanPerfect Corporate Retirement Plan Specialists are committed to your retirement plan success! Contact us today to learn more about how we can help.