No cost-of-living increase for Coral Gables retirees, commission decides

http://www.miamiherald.com/2013/05/14/3397348/no-cost-of-living-increase-for.html

The Coral Gables City Commission unanimously reaffirmed its December decision to reject the Retirement Board’s request to provide a nearly 6 percent cost-of-living (COLA) increase to their pension plans for retirees.

Last year, in a 3-2 decision, the commission countered the Retirement Board’s argument that the city must pay its retirees the increase in January. Former commissioners Ralph Cabrera and Maria Anderson voted to pay the retirees the COLA. The amount would have been $1.6 million per year over 30 years — or $48 million.

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