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Council Agenda Item Cover <br />________________________________________________________________ <br />MEETING DATE: <br /> January 15, 2008 <br />AGENDA ITEM TITLE: <br /> Proposed Ordinances to provide a cost of living increase to <br />certain non-uniformed and police and fire retirees. <br />AGENDA SECTION: <br /> New Business <br />CAN THIS ITEM BE RESCHEDULED? : <br />No <br />BACKGROUND REVIEW: <br />Non-Uniformed -The actuary performed a cost study for a flat-dollar COLA for retirees and <br />beneficiaries. The additional liability to provide a $25.00 increase in benefit amount to each <br />retiree and beneficiary is $142,288. The additional annual cost to amortize this liability over a <br />15-year period is $14,209 or over a 30-year period is $10,231. <br />Police & Fire - The actuary performed a cost study for a flat-dollar COLA for retirees and <br />beneficiaries. The additional liability to provide a $21.00 increase in benefit amount to each <br />retiree and beneficiary is $181,934. The additional annual cost to amortize this liability over a <br />15-year period is $18,168. <br />The proposed COLAs would not be classified as a substantial proposed change as defined <br />by the state. <br />RECOMMENDATION: <br /> The Pension Board and Staff recommend approving the attached <br />ordinances to provide a COLA for certain retirees. <br /> <br />