City officials approved a cost of living adjustment (COLA) for eligible City of Owensboro, Owensboro Police Department and Owensboro Fire Department retirees Tuesday evening. This COLA only applies to City of Owensboro retirees who fall under the City’s closed pension plan as of 1986.
City commissioners approved the municipal order for a 1.6 percent COLA for all eligible pension annuitants under the closed City Employees Pension Fund, as well as annuitants of the closed Owensboro Police and Firefighters Retirement Fund.
Those who fall under the City’s current retirement pension program will not receive the cost of living adjustment.
City pension plan board members recommended the 1.6 percent increase at their last meeting, Pagan said, adding that the cost of living adjustment mirrors the 1.6 percent social security increase for the year.
City pension plan board members include Mayor Tom Watson, Director of Finance and Support Services Angela Hamric and City Commissioner Pamela Smith-Wright. The three of them serve as representatives for the pensioners on the board as well, Pagan said.
