Georgia Firefighters' Pension Fund

Georgia Firefighters' Pension Fund

Board of Trustees votes to authorize 1.5% COLA for January, 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.