Board of Trustees votes to authorize 1.5% COLA for January, 2006
At the November 16th meeting of the Board of Trustees of the Georgia Firefighters' Pension Fund, the Board voted to grant a cost of living allowance (COLA) increase of 1.5% in pension benefits, effective January 1, 2006 and payable January 31, 2006. With this increase, the full retirement benefit, (with no options,) will increase to $824 per month from $812. The standard early retirement benefit, (with no options,) will increase to $346 from $341. The Class 9 full retirement benefit will increase to $185. This is the sixth consecutive full COLA increase authorized by the Board since foregoing increases in 2002 and early 2003.
The Board is pleased to grant this COLA for both our retirees and future retirees. Provided with the support from the Fund's actuary, Mellon Consultants, as well as the upward trend in the capital markets and growth in insurance premium taxes, the Board determined the Fund could afford another 1.5% increase in benefits. The opportunity to grant the members a 1.5% COLA increase every six months continues to make this one of the premier supplemental pension plans in the United States.