Board of Trustees votes to authorize 1.5% COLA for July, 2006
At the April 19th 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, 2006 and payable July 31, 2006. With this increase, the full retirement benefit, (with no options,) will increase to $836 per month from $824. The standard early retirement benefit, (with no options,) will increase to $351 from $346. This is the seventh consecutive full COLA increase authorized by the Board since foregoing increases in 2002 and early 2003.
The Board granted this COLA on the basis of the recommendation of the Fund's actuary, Buck Consultants (formerly Mellon Consultants.) This cycle's COLA analysis was performed considering the merger of the Class Nine Firefighters' Fund with the Firefighters' Fund and the impact on the funding status under varying growth scenarios. The actuary determined that the combined Fund had sufficient current and projected revenues to sustain a COLA and substantial membership growth in the near term spawned by the merger
(This early announcement of the COLA was allowable due to the several evaluations of the Fund required over last summer to meet the requirements of the General Assembly for fiscal bills and for the bi-annual valuation and audit.)