COLA base to $15k
At its January 2014 meeting, the retirement board approved and forwarded to the retirement advisory council, an increase in the retirees’ COLA base to go from $14,000 to $15,000. The increase would put an extra $30 a year in the pockets of retirees receiving $14,000 or greater, and the estimated increase in the total assessments would be $30,218. At the council meeting held last Wednesday (June 18th), there was healthy examination and discussion of the expense versus benefit and the varying ability of units to afford the increase. In the end, the council approved the increase, but not before some very good conversation about larger community. Click here to see COLA report. A second item of interest was an inquiry into splitting the actuarial valuation to track each unit’s retirement liability and funding. Again, the council discussed the impact such a change would have on individual member units, and as a group decided they didn’t want to put any of their neighbor units in a position where their assessments could skyrocket, so the council sent a message back to the retirement board that they want to stick together as a pooled system. The retirement board, at it’s meeting this last Wednesday, affirmed they would abide by the council’s advice and not change the actuarial method. Click here to link to our website for background information.