City Commissioners on Tuesday approved a 5% cost of living adjustment (COLA) for eligible annuitants of both the closed City Employees’ Pension Fund and the closed Owensboro Police and Firefighter’s Retirement Fund.
Last month, the City Employees’ Pension board discussed the COLA recommendation and at one point there was a motion for an 8.7% raise, but that was ultimately denied.
Mayor Tom Watson and Director of Financial Support Services Angela Waninger previously said that in the past, the two boards have usually raised both funds in tandem.
Given the Police and Firefighters’ Retirement Fund board is limited to a maximum of 5% increase, Watson and Waninger recommended keeping the Employee’s Pension at 5% as well.
“I do know, speaking with administration, there’s always been support for keeping the funds in parity … So from an administration standpoint, the recommendation was to go with the same as the Police and Fire and that would be the 5%,” Waninger said.
