Friday, May 15, 2015

Hawaii COLA to drop significantly

Apparently it got cheaper to live in Hawaii (how, I'm not really sure).

HAWAII COLA INDEXES WILL DECREASE AS FOLLOWS

Oahu: 132->124
Maui: 142->134
Kauai: 140->132

To determine the approximate COLA decrease per pay period:

1.    First, determine your current COLA rate using the current COLA Index.  Click on the following link to access the DTMO Overseas COLA Calculator:  http://www.defensetravel.dod.mil/site/colaCalc.cfm

2.    Under the Location drop down menu, for Service members assigned to:
-    Oahu – select ‘Hawaii, Oahu, HI009’ (current index of 132)
-    Maui – select ‘Hawaii, Maui, HI005’ (current index of 142)
-    Kauai – select ‘Hawaii, Kauai, HI003’ (current index of 140)

3.    Under the Member Information drop down menu, select your Pay Grade, Years of Service, Number of Dependents, and whether you live in the barracks.  This example is for an Oahu-based E-6, 10 years of service, with 3 dependents, does not live in the barracks.

4.    Click Calculate.


 5.    The following shows the current COLA Index (.32, for 132) and the current COLA rate per pay period.

6.    To determine your COLA rate when the COLA Index decreases, you can look at the rate for another location which currently has that same COLA Index. Under the Location drop down menu, for Service members assigned to:
-    Oahu – select ‘Alaska, Anchorage, AK005’ (current index of 124)
-    Maui – select ‘Alaska, Cordova, AK025’ (current index of 134)
-    Kauai – select ‘Alaska, Juneau, AK077’ (current index of 132)

7.    Click Calculate.  (Pay Grade, etc., should remain the same.)

8.    The following shows the adjusted COLA Index (.24, for 124) and the adjusted COLA rate per pay period – i.e., what your COLA rate will be effective 1 August. 
9.     In this example (E-6, 10 Years of Service, 3 dependents), the difference per pay period will be approximately $123: (Index 132: $492 per pay period) - (Index 124: $369 per pay period) = $123

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