Police & Fire Pension Special Subcommittee Meeting

Summary

Meeting Overview

The Pension Committee held a meeting to discuss pension-related matters. During the meeting, the Committee addressed one agenda item focused on Cost of Living Adjustments (COLA), which was presented for informational purposes. The Committee took one motion and vote during the session. One member of the public provided comments during the meeting. No additional votes or formal actions were recorded beyond the single motion addressed.

Attendance

The following individuals were present at the meeting:

• Randy Kepley
• Chad
• Tommy
• Susan
• Ethan
• Aaron

No attendees were absent or late.

Votes and Decisions

The board approved four scenarios for Cost of Living Adjustment (COLA) adjustments to be sent for actuarial study 1:20:14. The motion passed without recorded vote counts or roll call details available in the meeting record.

Public Comment

Randy Kepley addressed the board regarding retiree benefits 51:06. He emphasized the importance of supporting retirees and widows, highlighting their contributions and the need for financial security.

Contested Items

COLA Adjustments

A heated discussion took place regarding how to adjust COLA (Cost of Living Adjustments). The disagreement centered on balancing two competing concerns: managing unfunded liabilities while ensuring adequate support for retirees. Participants expressed concerns about the financial sustainability of COLA adjustments in relation to the system's unfunded liabilities, while also emphasizing the importance of maintaining support for retirees who depend on these adjustments to maintain their purchasing power.

No specific outcome or resolution was documented for this contested item.

Cost of Living Adjustments (COLA)

The committee discussed various scenarios for adjusting Cost of Living Adjustments (COLA) during this informational session. 0:00

Participants and Discussion

The discussion involved committee members Randy Kepley, Chad, Tommy, Susan, Ethan, and Aaron, who explored multiple approaches to COLA implementation.

Scenarios Considered

The committee examined three primary adjustment options:

• A 1-5% increase tied to the Consumer Price Index (CPI)
• Implementation of a 13th check distributed every three years
• Restructuring of the existing tier system

Outcome

This agenda item was presented as informational, with no formal decision or recommendation reached during the discussion. The committee reviewed the various COLA adjustment scenarios to inform future deliberations on this topic.