REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
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Request approval of a Pension Salary Resolution to give a Cost of Living Adjustment (COLA) to those Defined Benefit Plan retirees who participated in pension plans that did not provide for an automatic cost of living increase.
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Cost of Living Adjustments for retirees without automatic COLA increases within the Pension Plans they participated in require Fulton County Board of Commissioners approval.
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Open and Responsible Government
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: The purpose of this resolution is to request a three percent (3%) Cost of Living Adjustment (COLA) increase effective April 1, 2021 to the pension benefits of eligible Defined Benefit Pension Plan retirees and beneficiaries, who are entitled to receive pension payments from the Fulton County General Employees' Pension Fund, the Fulton County Judges and Solicitors' General Retirement Fund, the Public Safety Fund and those whose pensions are payable directly from County funds who are not eligible to receive automatic COLA increases. The resolution calls for a monthly increase by the greater of THREE PERCENT (3%) or TEN DOLLARS ($10.00). The 3% COLA that is being recommended is the same percentage that was received effective January 1, 2021, by those retirees and beneficiaries in the Fulton County Employees Retirement System 1982, 1991 and 1991 Enhanced Defined Benefit Plans, which provides an automatic 3% COLA increase if the Consumer Price Index is positive year-over-year.
Community Impact: The estimated cost of this request is $224,904.52, and funding is available in FY202...
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