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Council advances a one‑time payment equal to a 1% COLA for retirees while vowing to study long‑term fixes
Summary
After debate, councilmembers agreed by consensus to provide a one‑time payment equivalent to a 1% COLA for Richmond Retirement System retirees (estimated cost $716,400) and to convene a working group to identify sustainable options for future COLAs.
Council staff recommended a short‑term approach to a long‑running request for cost‑of‑living adjustments for Richmond Retirement System retirees: a one‑time payment equivalent to a 1% COLA. "It is recommended that we proceed with a the equivalent of a 1% COLA bonus payment to retirees," R. H. Warren said, and he put the up‑front one‑year cost at approximately $716,400.
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