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Council approves cost-of-living adjustment lookback for civilian municipal pension retirees
Summary
The council approved an ordinance to apply a COLA lookback to July 1, 2014, for civilian full-time municipal retirees; the city treasurer said the actuarial cost for the adjustment is about $209,000 and benefits would be calculated by month back to the lookback date.
The Edmond City Council on Aug. 26 approved an ordinance that sets a cost-of-living adjustment (COLA) lookback to July 1, 2014, for civilian full-time employees in the city's municipal pension plan. The change covers civilian retirees only; police and fire plans are separate systems and are not included.
Ross Vanderham, city treasurer and a pension board member, said the…
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