Notice to Members:
Board of Trustees votes to authorize 1.5% COLA increase, effective January 1, 2005 and payable January 31, 2005.
At the November 17th meeting of the Board of Trustees, the Board voted unanimously to increase the current benefit by 1.5%. The increase, effective January 1, 2005, will appear in the January 31, 2005 checks. With this increase, the full retirement benefit, (with no options,) will increase to $800 per month from $788. The full retirement benefit for the Ten Year Certain & Life and Joint & Survivor (100% with spouse two years younger) options will increase to $771 and $687 respectively. The standard early retirement benefit, (with no options,) will increase to $336 from $331. The early retirement benefit for the Ten Year Certain & Life and Joint & Survivor (100% with spouse two years younger) options will increase to $329 and $297 respectively. The Class 9 full retirement benefit will increase to $179 from $176. Mellon Consultants advised the Board that the Fund was actuarially sound and could afford the 1.5% increase at this time.
This is now the fourth straight 1.5% increase dating back to January 2003, where no COLA was granted at all. The opportunity to grant our members a COLA every six months continues to make this one of the premier supplemental pension funds in the nation.