HomeMy WebLinkAboutDocumentation_Pension General_Tab 09_05/04/2009RESPONSE FROM PBC MUNICIPALITIES RE INCLUSION OF COLA IN THEIR GENERAL EMPLOYEES PENSION
On February 2, 2009, The Board of the General Employees Pension Fund requested information on whether COLA was a
component of other municipalities' plans, which Director Reid indicated she could obtain from the Palm Beach County HR
Society. Below are the responses received from the municipalities that replied:
MUNICIPALITY RESPONSE
1. Delray Beach "Yes, in Delray, we do have a General Employees Pension; there is no COLA (unlike Police/Fire)."
2. Jupiter "Our general employees are with FRS"
"Yes, we have a GE Pension Plan and it does have a COLA. It was instituted several
North Palm Beach years back as an option that employees had to contribute an additional 2% in order to
buy into it, and then was mandated for all subsequent plan entrants. So we still have
a few employees who did not opt into the COLA option on the plan. The pensioners
receive the same COLA that general employees receive each year, which is determined
3, during our budget cycle. For FY 2009 it was 3%."
"We joined FRS last year, so all employees have a pension plan. The COLA for FRS is 3%
4. Royal Palm Beach each year"
"Yes. The pension includes a COLA of 2% which begins to increase the retiree's pension after 36 months
retirement, ie. the retiree's pension is increased by 2% on the 37th month of retirement and annually thereafter
5. Town of Palm Beach by 2~°•"
"We have a closed plan."
City of West Palm
6. Beach
2.75%
7. Sanibel
3/16/09