At a retiree luncheon in May, NorCo Exec Tara Zrinski argued it would be ridiculous to deny them a COLA when inflation is out of control. But at the Retirement Board meeting last week, no action was taken. So if you are a NorCo retiree and was hoping to see one, you'll have to wait 'till next year or perhaps as long as three years before the matter is even discussed.
According to the county's pension manager, the retirement fund was valued at $585.7 million as of October 27. It was 92% funded at the beginning of the year. If a COLA were granted this year, it would be 4.2%. But it would cost the county $14 million. The county is still paying off three previous COLAs to the tune of $21 million.
Council President Ken Kraft said that, as a retiree, he'd love to have a COLA. "But I just don't see how the county can afford to do this," he added. Council member Lori Vargo Heffner suggested a smaller COLA but was told it has to be 4.2% or nothing. She said it's unfair to vote on this matter without knowing what the Council will do with Zrinski's proposed budget.
A suggestion was made that COLAS be granted to retirees with relatively modest pensions, but the Board was told it must be for all or none.
Retiree rep Pat Strunk said that pensioners would appreciate a COLA, "but I can understand under this environment that it may not be possible."
Earlier in the meeting, former Exec Gerald E "Jerry" Seyfried argued at length for a COLA, noting that the failure to award them in previous years has diminished the pensions of retirees by 20%.
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