Approve 5% cost of living increase for retired city employees
In Plain English
The city provides annual pension increases to help retirees keep up with inflation. Current retirees receive a guaranteed 2% increase each year. This adds another 3% increase for 2024, bringing the total to 5%. The additional cost gets paid from the city's pension fund.
Auto-generated summary. Source: official agenda documents.
Votes
To base the increase solely in accordance with the current Consumer Price Index (CPI)
3 to 3
To adopt the resolution as recommended by staff
4 to 0
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