Lenoir City Council approves new COLA plan for TCRS retirees

Lenoir City Council took a significant step towards enhancing retirement benefits for its employees during the meeting on May 12, 2025. The council discussed the implementation of a Cost of Living Adjustment (COLA) for retirees under the Tennessee Consolidated Retirement System (TCRS), a move that has been notably absent in the city.

Currently, Lenoir City is one of the few municipalities in Tennessee that does not offer a COLA, which has raised concerns among council members, especially in light of rising inflation. Council members expressed their commitment to rectify this oversight, emphasizing the importance of supporting retirees who have served the community.

The council debated the best financial approach to fund this adjustment. After considering various options, they decided against a lump sum payment, opting instead for a structured 10-year plan. This decision allows the city to budget effectively while gradually implementing the COLA, which is expected to benefit retirees starting in 2026.

Council member Tom highlighted the financial stability of the city, stating, "We feel like now we're in great financial shape. And certainly, the employees deserve it." The council's decision reflects a broader commitment to employee welfare, ensuring that those who have dedicated their careers to public service receive the support they need in retirement.

The motion to approve the COLA was met with unanimous support from the council, marking a pivotal moment for Lenoir City as it seeks to enhance the quality of life for its retirees. As the city moves forward with this plan, it sets a precedent for other municipalities to follow in prioritizing the financial well-being of their retired employees.