The Retirement Board has unanimously approved a Cost of Living Adjustment (COLA) of 0.5% increase for retirees whose date of retirement occurred prior to October 1, 2014, said Governor Lolo Matalasi Moliga in a letter sent to the Fono.

Lolo said this COLA increase is to be first paid on October 1, 2014 and is retroactive to October 2, 2012.

He said while providing this COLA increase to retirees, Sage View Consulting, who provides the territory’s actuarial services, confirms that the ASG pension trust fund maintains its sound financial position. Lolo said that, if adopted, this will increase the monthly annuities for 90% of the retirees.

According to the measure that was introduced in the House yesterday morning, the American Samoa Government owes a debt of gratitude to the selfless dedication of its retired employees.

This act will assist them in caring for their families by providing modest increases in their monthly retirement checks and because of pressing financial needs of our retired employees it is deemed appropriate for this act to become effective immediately upon passage by the Legislature and approval by the Governor.

The bill is now with the House Retirement Committee chaired by Fagasoaia Lealaitafea.