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Council adopts one-time lump-sum pension payments for eligible general employees
Summary
Boca Raton adopted Ordinance 57-50 to provide one-time lump-sum payments to eligible retired or disabled general employees to offset cost-of-living erosion: 5% for retirees before Oct. 1, 2015, and 3% for retirees between Oct. 1, 2015 and Oct. 1, 2020. City staff estimated a $490,465 cost and said the city will pay an equal amount to the pension plan to avoid net impact on unfunded liability. Vote: 5–0.
The City Council voted unanimously on Sept. 22 to adopt Ordinance 57-50, which provides one-time lump-sum payments to certain retired or disabled general employees to partially restore purchasing power lost to cost-of-living increases.
City staff explained the code requirement for a biannual…
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