2024 Cost of Living Adjustment

At the recent September 12th Board meeting, the Retirement Board made the decision to approve a 2.5% ad hoc cost of living adjustment (COLA) for retired members of both the Police Plan and the Civilian Employees' Plan. The Board has a fiduciary responsibility to manage the plan in a fiscally responsible manner and is committed to developing and implementing policies that provide guidance for our stakeholders. In light of assumption changes since the COLA policy was last updated, the Board is currently revisiting and reviewing the policy to ensure it reflects the most current economic and actuarial factors.

The decision to grant a COLA was made in response to current economic conditions and the Board's recognition of the rising costs of everyday items, including essentials like food, healthcare, and housing. The Board remains dedicated to supporting your financial well-being while ensuring the system stays actuarially sound and sustainable for current and future retirees.

The COLA will be effective on your October 31st or November 1^st benefit payment, and retirees will see an increase of 2.5% in your base pension payment.

If you have any questions, please do not hesitate to call me at 816-482-8157 or email me at [email protected].