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Commission rejects 1.45% COLA for 2026, citing fiscal uncertainty
Summary
After a protracted hearing that included retiree testimony and finance staff analysis, the commission rejected the retirement board's proposed 2026 COLA (1.45%) by supermajority, directing further budget-year work and suggesting alternative approaches for retiree relief.
The City Commission rejected the Coral Gables Retirement Board’s recommendation to grant a 1.45% cost-of-living adjustment (COLA) for 2026 after a hearing under the settlement’s alternative dispute process.
Finance Director Diana Gomez presented the professional recommendation to reject, citing actuarial measures: the pension system’s cumulative net actuarial experience loss as of Sept. 30, 2024 was approximately $194.9 million; the unfunded actuarial liability (UAL) stood at about $169.8 million and had increased…
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