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ChatGPTClaudePerplexity· Related development
Board sends a benefit multiplier increase and an ad hoc COLA to a member ballot
The actuaries presented the combined effect of special studies the board had requested: an increase to the benefit formula multiplier effectively eliminating the second benefit tier put in place in 2018, a one-year reduction in DROP minimum age and service, and a version of an ad hoc cost-of-living adjustment (COLA) for retirees. The board voted unanimously to put the multiplier increase and the COLA to a member ballot.[1]
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The motion, made by a civilian trustee and passed unanimously, was "to go to ballot for a combination of option 1, increase benefit multiplier and option 3, a COLA." The fund's lawyer said the plan document would be updated after the vote and the DROP eligibility language clarified. [1]
