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Owensboro approves 2.8% COLA for annuitants in two closed pension plans
Summary
The commission approved two municipal orders granting a 2.8% cost-of-living adjustment for annuitants of a closed police-and-fire retirement fund and a closed city employees pension plan; one plan has no assets so the city funds payments from the general fund, while the other is financially sound and at no cost to the city.
The Owensboro City Commission approved two municipal orders on Sept. 2, 2025, to provide a 2.8% cost-of-living adjustment (COLA) to annuitants in two closed legacy retirement plans.
Municipal Order 28-2025 applies to the closed Owensboro Police and Firefighters Retirement Fund. City Manager told commissioners the board of the plan recommended a 2.8% COLA; the closed plan has no assets and the city funds the annual cost from the general fund. The manager told the commission that 18 annuitants remain on that plan and said last year’s COLA was 2.5%.
Municipal Order 29-2025 applies to the closed city employees pension fund (which included some former Owensboro Municipal Utilities employees). The City Manager stated this plan has 10 remaining members and is financially sound, so the adjustment carries no cost to the city.
Both orders were moved, seconded and approved by voice vote at the meeting.
