The City of Owensboro unanimously approved a 3.2% cost-of-living adjustment for both the closed City Employees’ Pension Fund and the closed Owensboro Police and Firefighter Retirement Fund earlier this week.
Both are closed legacy retirement plans. City Manager Nate Pagan said the cost of living adjustments were recommended by the respective funds’ boards of trustees last month.
Pagan said the pension plan has 13 remaining members and “is financially sound, meaning the funds provided to the members come from investments and assets of the plan.”
He said the police and firefighter retirement fund has 26 remaining members and the plan “has no assets, so we provide funding for the annuitants every year in the General Fund.”
The increases will go into effect in January 2024.
