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City truck retirees ask for lower interest and relief on annuity clawbacks
Summary
William M. Davis asked the committee to cap interest on annuity 'clawback' repayments at a flat 2.25% applied to the original amount for those still paying as of Jan. 1, 2026, arguing retroactive interest changes are unaffordable for many retirees.
William M. Davis, speaking on behalf of city truck retirees during public comment, urged the committee to ease repayment terms for retirees facing annuity "clawbacks." He proposed that interest be set at a flat 2.25% on the original amount owed for those still paying as of Jan. 1, 2026, saying that retirees were retroactively charged an increase in cost-of-living adjustments dating back to 2013 or 2014.
"It might just cost the city a couple million dollars to just retroactively take it back to 2.25 flat interest on the original amount for those that are still paying as of 01/01/2026," Davis said, adding that many retirees are not wealthy and need relief. He warned that, absent help, city retirees and their supporters may vote against the mayor in the next election cycle.
The transcript contains the retirees' plea but does not record any staff response or immediate committee action; the committee recessed while awaiting a quorum.
