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Commission gives direction to prepare proposal for retirees' cost‑of‑living boost and small multiplier increase for active employees
Summary
After actuarial scenarios were reviewed, the board gave administration direction to prepare documentation for a one‑time retiree cost‑of‑living increase of 0.75% per year retired and to study increasing the active employee pension multiplier from 2% to 2.1%; the board asked staff to return with required resolutions and fiscal impacts.
The Kalamazoo County Board of Commissioners on Sept. 16 directed administration and the retirement investment committee to prepare formal documentation for a modest increase to retirement benefits for retirees and for active employees, following a staff presentation and actuarial scenarios.
Administration presented multiple actuarial scenarios prepared with the county’s actuary (GRS). Scenarios included one‑time cost‑of‑living adjustments (COLAs) for current retirees expressed as a percentage per year retired (for example, 1.0% per year retired, 1.5% per year retired, or a scaled/tiered approach). Some scenarios were produced with earlier actuarial data; administration noted later scenarios used…
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