Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Neptune Beach pension board, actuary propose COLA options for police retirees
Summary
Police pension board presented options including a 1% automatic annual COLA for retirees on/after Oct. 1, 2020 and a one‑time ad hoc increase for earlier retirees; actuary said pre‑paid funds and a 1% member contribution could fund the recurring COLA for about eight years without immediate city budget impact.
Neptune Beach — The Neptune Beach Police Officers' Pension Board and the board’s actuary presented a proposal July 15 to add cost‑of‑living adjustments (COLAs) to police retirement benefits, a change board members said would help retain and recruit officers and protect retirees’ purchasing power.
Dustin Campy, chair of the police officers pension board, told council the pension benefit is currently frozen at the level set at retirement and that retirees have no routine increases. He said a COLA would help maintain retirees’ financial stability as prices…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
