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Council agrees by consensus to $1,500 FY2026 retiree supplement; fuller COLA would raise long‑term actuarial cost
Summary
Council provided consensus to include a $1,500 one‑time supplement for legacy retirees in the FY2026 budget; staff and the city actuary said a 5% annual COLA would dramatically increase the plan’s actuarial contribution.
Portsmouth council members on April 22 gave consensus to include a one‑time retiree supplement of $1,500 per eligible legacy retiree in the FY2026 budget, after staff presented actuarial and budget impacts for that option and for an alternative 5% annual cost‑of‑living adjustment (COLA).
Finance staff said the recommended one‑time supplement (an increase from $1,250 to $1,500) would…
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