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Council clarifies one‑time 1% COLA‑equivalent payment for retirees, estimates $716,000 cost
Summary
At a Richmond City Council budget work session, members clarified a payment described in media as a 'bonus' is a one‑time payment equivalent to a 1% COLA for current retirees; staff estimated the cost at about $716,000 and council directed staff to pursue a long‑term COLA funding solution.
The Richmond City Council on Thursday clarified that a payment earmarked for current retirees is a one‑time payment equivalent to a 1% cost‑of‑living adjustment, not a recurring 'bonus.' Councilwoman Trammell pressed city staff to correct media reports and insisted the payment be described as a COLA, not a bonus.
"It is not a bonus. This is a COLA," Councilwoman Trammell…
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