Board of Trustees votes to authorize 1.5% COLA for January
At the regular monthly meeting of the Board of Trustees of the Georgia Firefighters' Pension Fund, the Board voted unanimously to accept the recommendation of the Actuary, Mellon Consultants, and authorized a 1.5% increase in pension benefits for current and future retirees effective with January benefit payments due January 31, 2004. The full retirement benefit, (with no options,) will increase to $776 from $765. The standard early retirement benefit, (with no options,) will increase to $326 from $321.
The Board is most pleased to be able to make this announcement, enabled, of course by improved capital market performance and continued vigilance over operating expense. Under O.C.G.A. 47-7-27, the Board is authorized to provide increases in monthly benefits of up to 1.5% January 1 and July 1 of each year provided that such increases are (a) recommended by the fund actuary, (b) the actuarial soundness of the fund is maintained and (c) the Board considers such other factors as it may deem relevant.
The fund actuary issued their recommendation to the Board on November 19, 2003. Look for a synopsis of that report and recommendation to appear on our web site under "Recent Articles" in the near future. It will appear under the heading "Funding Status: Using Statistics to Manage the Plan."