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Council approves police‑pension changes: member contribution to rise to 9% and staged COLA for retirees
Summary
The council approved an ordinance increasing police‑pension member contributions to 9% and establishing a phased cost‑of‑living adjustment for recent retirees, with a stepped funding plan that uses a state credit and phased city contributions to limit near‑term budget impact.
The Neptune Beach City Council approved an amendment to the city code on Aug. 19 that alters the police officers' retirement system by raising member contributions and granting cost‑of‑living adjustments.
Leona Shedden, a trustee of the Neptune Beach Police Pension Board, presented the ordinance requested by the pension trustees. The ordinance amends city code to increase member contributions from 8% to 9% effective Oct. 1, 2024, provides a phased annual cost‑of‑living adjustment for…
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