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Vero Beach council approves 2% COLA for certain retirees; staff provided cost scenarios
Summary
Council voted 5-0 to provide a 2% cost-of-living adjustment to retirees covered by the General Employee Retirement Plan categories discussed, with staff outlining fiscal impacts for 1% vs 2% scenarios.
Council considered automatic cost-of-living adjustments for retired employees covered by the General Employee Retirement Plan. City Manager Monte Falls outlined that an automatic 1% increase was established by prior resolutions and computed cost impacts for 1% and 2% COLA scenarios: a 1% COLA would increase annual benefits by $91,416.06; a 2% COLA would increase annual benefits by $182,832.12. Falls noted 435 employees are in the General Employee Retirement Plan who would be affected by the automatic 1% provision.
Mayor Cotugno moved to grant a 2% increase to both categories discussed; Councilmember Linda Moore seconded and the motion passed unanimously, 5–0. The vote was recorded as Yes: Cotugno, Dingle, Moore, Carroll and Vos. Staff will implement the COLA adjustments and reflect the cost in the final budget.
