HomeMy WebLinkAboutIR 89130 .
SUBJECT: RESULTS OF AD -HOC i OF
ELECTION
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The Ad-Hoc cost of living adjustment election is complete. The results are listed below-
'
Vested Number of vested employees: 4,134
employees who selected the • Hoc '
Vested employees who selected the 2% guaranteed COLA
Vested employees i made no selection M defaulted
to guaranteed COLA
Number of - •1
Retirees who selected the Ad-Hoc 1
Retirees who selected the 2% guaranteed COLA
Retirees t made no selection and defaulted #
the `. guaranteed COLA
«i
625(15.1%)
s ' t
872(27.3%)
The ordinance specifies that all non- vested and new employees will be subject to the Ad -Hoc
COLA,
The impact the Ad-Hoc COLA election will have on the unfunded actuarial accrued liability of the
Retirement Fund has not been determined by the Fund's actuary, but will be part of the annual
valuation of the Retirement Fund scheduled to be released in April 2008.
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ISSUED BY THE CITY MANAGER FORT WORTH, T