Board of Trustees votes to authorize 1.5% COLA for July, 2005
At the May 18th 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 July 1, 2005 and payable July 31, 2005. With this increase, the full retirement benefit, (with no options,) will increase to $812 per month from $800. The standard early retirement benefit, (with no options,) will increase to $341 from $336. The Class 9 full retirement benefit will increase to $182. This is the fifth 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.