COLA – is an acronym for Cost of Living Adjustment. The purpose of the COLA is to ensure that the purchasing power of Social Security, Supplemental Security Income (SSI), VA, and Railroad Retirement benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA. A COLA increase, when given, is effective in December for VA benefits and January for SSA, SSI, and Railroad Retirement benefits. Policy regarding this term is located at:
- SoonerCare (Medicaid):
- 317:35-5-42. Determination of countable income for individuals categorically related to aged, blind and disabled; and
- 317:35-7-38. Financial eligibility of categorically needy individuals related to ABD.
- SSP:
- 340:15-1-4. State Supplemental Payment plan.
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