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Nonuniform pension retirees to receive 1.42% COLA on June 1, staff says
Summary
Staff told the Overland City pension board the 2026 cost‑of‑living increase for eligible nonuniform retirees will be 1.42%, based on a 2.36% change in the St. Louis Metro CPI and a municipal‑code formula; an actuarial valuation from Milliman is pending.
Melissa, the board’s staff member, told trustees on May 7 that eligible nonuniform retirees will receive a cost‑of‑living adjustment of 1.42% effective June 1. "The change in St. Louis Metropolitan CPI is 2.36% ... so their COLA will be 1.42%," she said, citing the municipal code formula that uses 60% of the CPI change.
Melissa provided the dollar impact the board will see in aggregate: "The total monthly increase is $1,199.23 for an annual increase of $14,390.75 overall," she said. She also said an actuarial valuation is under way and that Milliman will deliver the formal report at the board’s next meeting.
Board members did not take a separate roll call vote on the COLA during the meeting; the staff presentation described how the increase is calculated under the municipal code and gave the expected payout amounts. The staff report noted that the adjustment is in accordance with the municipal code formula cited during the presentation.
The board received the report and discussed no changes to the formula during the meeting. The actuarial valuation due from Milliman will provide more detail on the funded status and any recommended adjustments to contribution assumptions or timing.
