Trustees Vote to forego January 1, 2009 COLA
At the regularly scheduled meeting of the Board of Trustees on November 19, 2008, the Trustees voted unanimously to forego granting a Cost of Living Increase, COLA, for the six months ending December 31, 2008. In making this decision, the members of the Board took into consideration the deteriorating market value of the fund and the continuing weakening outlook for the national and southeastern economies, with predicted prolonged expectations for recovery. The Board feels that the assets are well diversified and under good stewardship, and to that end, will recover over time to meet all benefit obligations. However, in the short run, weak economic conditions may result in softer revenue receipts from taxes and dues. It is important that we closely watch our cash outflows for the present and protect the asset base for the future.
The Board appreciates the patience and understanding of the participants of the Fund and all of its retirees as we navigate these difficult times.