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The Retirement Board unanimously approved recommending a cost-of-living adjustment for eligible retirees to the City Council. The agenda describes an adjustment based on 33% of the annualized Consumer Price Index change, with a minimum of 0.5% and a maximum of 2.25%; City Council action is still required.
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The board voted to recommend higher pension payments for eligible retirees, with the final decision left to the City Council. The agenda says the proposed adjustment would apply to retirees through 2022 and could take effect around July 1, 2026, if approved. The board also unanimously approved two investment fund changes in the defined benefit pension plan.
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