No COLA in 2010

The Retirement Board voted unanimously at their May 2010 meeting to not provide a Cost of Living Adjustment (COLA) or other benefit increase to the membership in 2010. The investment losses experienced by the Plan in 2008 due to the global financial crisis continue to leave the Plan without the extra assets that would be needed to cover any increase in benefits to our retirees.

The Plan’s funding overall remains solid. However, it will take a prolonged recovery of the financial markets, accompanied by an extended period of stepped-up financial contributions into the Plan, to sustain this healthy position and restore the Plan to the funded position it achieved prior to 2008. The Retirement Board, the Executive Director, and the Plan staff remain committed to managing the Plan’s assets and liabilities to maintain the long-term financial soundness of the Plan.