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Board reviews GRS letter on optional 3.3% COLA; press asks why increase wasn't adopted
Summary
GRS recommended an optional 3.3% COLA that would cost $432,791 for members retired in 2024 and earlier; board reviewed the letter as an announcement only and cited cost and longevity concerns in response to press questions.
The Retirement Board reviewed a Gabriel Roeder Smith & Company letter dated Nov. 7, 2025 about an optional cost-of-living adjustment (COLA) for 2026. The letter noted that a 3.3% COLA would increase monthly pensions for eligible retirees and would require $432,791 to fund increases for members who retired in 2024 and prior years. The board did not approve the COLA at the Jan. 8 meeting; it was recorded as an announcement only and County Pension Law requires that this provision be revisited every three years.
During press questions afterward, Marilyn Secco asked why the board would not adopt the optional COLA if the pension appeared to be in good shape. The minutes record a board explanation (paraphrased) that increasing benefits now would be costly and that longer retiree longevity increases pressure on plan funding; Patrick E. Straub also indicated a close ADC amount has been budgeted. No vote on the COLA was taken at the meeting.
