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Trustees back presenting conditional '13th check' for negotiations, ask actuary to cost options
Summary
Board agreed to present a conditional supplemental payment (a '13th check' equal to 0.077 of annual benefit under trigger criteria) to the union as an alternative to a fixed annual COLA and authorized actuarial costings if the union or city requests them.
Trustees debated alternatives to a fixed annual COLA and discussed a proposed conditional supplemental payment described as a "0.077 check" (a 13th check) that would trigger only when multiple conditions are met (funding-ratio thresholds, a CPI trigger, and adviser performance). The chair described the proposal and a trustee summarized potential triggers and graduated payments tied to funding levels.
After discussion about whether the proposal would be too restrictive or too permissive, trustees voted to present the proposal as a negotiating option to the union and the city commission. The board also authorized GRS/CRS to perform actuarial costing work if requested to expedite bargaining or to evaluate options, but agreed it should wait to commission studies until the union or city shows real interest to avoid redundant work.
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