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East Point pension board asks council to approve ad hoc COLA for class 4 and 5 retirees
Summary
Pension advisers and board members recommended an ad hoc cost‑of‑living adjustment for class 4 and 5 retirees, estimating a one‑time actuarial contribution of about $1.25 million; council agreed to place a resolution on the consent agenda.
The East Point Pension Board recommended on July 14 that the council approve an ad hoc cost‑of‑living adjustment for class 4 and 5 retirees, with board advisers estimating a one‑time actuarial contribution of about $1.25 million to fund the change beginning Jan. 1, 2025.
Why it matters: The pension fund is near fully funded — presenters said it was about 97 percent funded — and the board argued that an ad hoc increase would be affordable under current funding and would not change the city’s required annual contribution, only the amortization timeline.
What the pension…
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