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Panama City approves 3% COLA for future police pension retirees
Summary
The Panama City Commission adopted Ordinance 32-58 to increase the annual cost-of-living adjustment for future Panama City Police Department pension retirees from 2% to 3%, with staff saying the cost is currently budgeted.
Panama City commissioners on Jan. 28 approved Ordinance 32-58 to raise the annual cost-of-living adjustment for future Panama City Police Department pension retirees from 2% to 3%, effective for anyone retiring on or after Sept. 1, 2023.
The change "is a benefit to existing officers, which we hope will increase retention rates as well as increase recruiting opportunities for new employees," City…
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