WALB.com, Albany News, Weather, SportsNew change to city of Albany’s pension plan

New change to city of Albany’s pension plan

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Albany commissioners hope to save tax money by amending the city's pension ordinance.

Tuesday, commissioners unanimously approved an ordinance that will make cost of living adjustments discretionary instead of automatic.

Officials say this will save taxpayers almost a half million dollars for the upcoming fiscal year.

"By changing to a discretionary COLA (Cost of Living Adjustment), it allows us to remove a $23 million liability, which causes the tax payers or employees not to put any additional money into the plan," said Board of Pension Trustees Chairman Phil Roberson.

The Albany Board of Pensions will now have the discretion of giving pension cost of living adjustments.

 

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