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Council requests five‑year plan to address cost‑of‑living adjustments for retirees in closed plan
2108686 · January 9, 2025
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Summary
Council directed staff to compile data for a proposed five‑year approach to providing cost‑of‑living increases to retirees without altering the closed pension plan; staff said about 400 retirees currently receive benefits and roughly 700 persons are in the broader pool including vested participants and spouses.
Councilmembers discussed cost-of-living adjustments (COLAs) for retirees in a closed pension plan and asked staff to assemble a five‑year funding approach to consider during the upcoming budget process.
A councilmember said the city should present a multi‑year plan…
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