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Council requests five‑year plan to address cost‑of‑living adjustments for retirees in closed plan
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 that the council could approve as part of the budget process rather than undertake costly actuarial changes to the closed plan. Staff (Aaron/Erin) said they are compiling information on current retirees and spouses drawing benefits, and on vested former employees who are not yet receiving benefits. In the meeting staff gave counts: about 400 current retirees receiving benefits, 53 spouses receiving benefits and roughly 200 vested former employees not yet receiving benefits — yielding roughly 700 people in the broader pool. Staff said they will provide average pension payments and estimate annual cost to fund periodic COLAs either from the general fund or through adjustments to the pension plan; staff emphasized they expect to present options for council consideration during the budget cycle.
