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DeKalb County committee discusses pension COLA options, cost to move lower-tier employees to mid-tier plan
Summary
Committee members reviewed pension plan structure and cost estimates for annual cost-of-living adjustments (COLAs) and for moving employees from the 1% multiplier (Group 3) to the 2.25% multiplier (Group 2). Staff and the pension presenter provided contribution-rate comparisons and recommended modeling impacts before any formal change.
DeKalb County IRPS Committee Chair Ladina Bolton and county commissioners discussed potential changes to the county pension structure on a committee hearing that focused on retention and budget impacts.
County pension presenter Mr. Walls summarized two core issues: whether to assume an annual cost-of-living adjustment (COLA) for retirees in actuarial projections, and whether to move currently employed staff in the lowest multiplier tier (Group 3, 1% multiplier) into the mid-tier Group 2 (2.25% multiplier) to improve retention. Mr. Walls said a 0.5% annual COLA assumption in actuarial reports would raise county contributions from about $81,000,000 to roughly $86,000,000 (an increase of about $5,000,000 per year); a 1% COLA assumption would raise projected contributions to about $96,000,000 (about $15,000,000 more than current contributions), according to the presentation distributed to commissioners.
The pre…
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