Board of Trustees votes to authorize COLA for July 2008
Board Votes to Approve COLA At the June 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 0.75% in pension benefits, payable to all current and future retirees. The increase is effective July 1, 2008 for benefits received July 31, 2008.
We are confident our members are aware that the nation is in the throes of an economic slow down of sorts, which we expect to be relatively short-lived. While, our plan has weathered the attendant market downturn rather well, we have not been immune to the contraction. Still, the Trustees are pleased to be able to grant this COLA for our current and future retirees on the recommendation of the Fund's actuary, Buck Consultants. Various percentage increases were presented by the actuary. This amount was selected by our board in consideration of recent market performance and concern for the near-term economic outlook. It is the Board's desire to provide an improvement in our benefits whenever possible while ensuring the Fund's future well-being. With that in mind, we, together with our actuarial professionals, will continue to perform relevant research and diligently evaluate each decision that is made in the interest of the long-term health of our Pension Fund.
Thank you for your continued trust and support.
The Georgia Firefighters' Pension Fund