Title
Authorization to amend Section 6-53 of the Code of Ordinances to provide for a three percent (3%) increase, effective January 1, 2025, to each retiree or beneficiary’s base annuity. The increase will apply to all annuity payments made after January 1, 2025. The pension is a “closed” fund, and as of September 2024, there are 7 retirees and 19 beneficiaries participating in the fund, which is over 500% funded. (L1006-24) (Allan/Hamilton)
Summary
Authorization to amend Section 6-53 of the Code of Ordinances to provide for a three percent (3%) increase, effective January 1, 2025, to each retiree or beneficiary’s base annuity. The increase will apply to all annuity payments made after January 1, 2025. The pension is a “closed” fund, and as of September 2024, there are 7 retirees and 19 beneficiaries participating in the fund, which is over 500% funded. (L1006-24) (Allan/Hamilton)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes/No, Completed by [Attorney Name, Date]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 5002-505004-0001-6XXXX
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
{COUNCIL CLERK’S OFFICE WILL COMPLETE - Body of resolution or ordinance}