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Council hears proposed pay plan, 2.5% COLA and TMRS contribution increase
Summary
Staff proposed a two-step compensation approach for FY2526: a 2.5% cost-of-living increase at the start of the fiscal year and a later implementation of a revised step pay plan after a salary survey; staff also recommended increasing TMRS contributions toward 20-year retirement eligibility.
City staff presented a proposed two-phase pay plan for FY2526 that would give all employees a 2.5% cost-of-living increase at the start of the fiscal year, then implement a restructured step pay plan after completion of a salary survey.
"We have a picture of that in a minute. We also have in this proposed budget a 2.5% cost of living increase across the board," Mr. Hemminger said, adding that the COLA is intended to match local CPI and to be…
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