Trustees schedule workshop to study proposed pension benefit changes, including COLA options

Board members spent an extended portion of the Nov. 12 meeting discussing proposed benefit changes submitted by CAVMAC (the transcript uses variants including CAVMAC/CABMac). Topics covered included enhanced cost‑of‑living adjustment (COLA) models (a model discussed on conference panels proposed up to 3% COLA), which actuary should provide the next analysis (options discussed included Kavanaugh McDonald and Foster & Foster), budgetary timing for implementation, and lower‑cost options such as adjusting accrual rates and an 8‑year drop.