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Punta Gorda pension trustees ask city to consider CPI‑linked COLA for retirees
Summary
Trustees voted to draft and send language to the city recommending a cost‑of‑living adjustment for police retirees, suggesting tying future annual adjustments to the Consumer Price Index and noting retirees have not had an automatic increase in nearly two decades.
At its Dec. 11 meeting the Punta Gorda Police Pension Board voted to instruct staff to draft a resolution or letter to the city recommending a cost‑of‑living adjustment (COLA) for retirees, ideally tied to the Consumer Price Index (CPI).
Trustees reviewed prior work: a one‑time adjustment of 2.1% in 2003 and a subsequent period with no routine COLA for many retirees. They discussed the legal and bargaining context — city staff and council historically have resisted an automatic annual COLA, preferring the pension board to make annual recommendations — and trustees asked staff to include language noting retirees have gone nearly two decades without an increase.
The board asked staff to prepare draft resolution language and send it to the city manager and council; staff warned the city may request an actuarial impact letter, at which point the board would need actuarial costing before the city could act. Trustees approved the motion to send the recommendation by voice vote.
Why it matters: an annual COLA would directly affect retiree purchasing power and potentially raise long‑term plan costs; trustees framed the action as a formal recommendation to the city rather than a change to the plan at this meeting.
