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The board unanimously requested a study of increasing the cost-of-living adjustment base in $2,000 increments over four years beginning in July 2027. The study will be presented at the July meeting; no increase was approved at this meeting.
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The requested study will show the potential cost of a larger retirement cost-of-living adjustment, which could affect future pension payments. The board also approved up to $500,000 in July funds to support retiree payroll and other payments until city appropriations arrive. Four upcoming retirements were approved subject to calculation approval, with estimated monthly benefits ranging from $618.78 to $1,812.06.
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