Buckle. That cola is for RCA's hired prior to Aug. 11-2012 Schedule #3. If you were hired after that you're on schedule #4 and it does not apply to you. I think this is how this has been done in the past, they take the COLA for the entire contract period and add it to the RCA's hourly rate at the end of the contract. If you're schedule #3 you should see it on the first full pay period in Aug.
The COLA is NOT retro.It will be rolled in in the first full pay period of August so that would be August 11. 8/11 Schedule 3 RCAs will earn more money.