Mineola retiree COLA gets lukewarm reception
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A plan to give city of Mineola retirees a cost-of-living adjustment (COLA) that would also impact future retirees got mixed reactions from the city council Monday.
The plan would cost $85,000 the …
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Mineola retiree COLA gets lukewarm reception
A plan to give city of Mineola retirees a cost-of-living adjustment (COLA) that would also impact future retirees got mixed reactions from the city council Monday.
The plan would cost $85,000 the first year and $1.8 million over the 20-year life of the plan.
It would bring those already retired up to date based on an annual increase of 30% of the Consumer Price Index and continue annual COLAs going forward, unless future city councils opt to change the plan.
The city is a member of the Texas Municipal Retirement System and has not had a COLA since 1988, when a one-time increase was given.
The city retirement plan is about 90% funded, and at the end of the 20 years would be fully funded.
Council member Sue Jones said the city should consider putting the money into something that directly benefits citizens now, such as street repairs.
In another budget matter, the planned 2% increase in water and sewer rates will be rising to 3% to help repay bonds the city recently sold for sewer plant upgrades.
The street repair budget was also adjusted upward to $100,000.
The council re-elected Jones as the mayor pro tem after she, Cassandra Sampson and Eric Carrington were sworn in for two-year terms to the council, following the May election.
The council approved a replat for lots at 223 Cheek St. for Charlote and Bruce Turner. The replat will allow an additional home to be built on the property.
Public Works Director Kyle McCoy reported the city pumped more than 800,000 gallons of water on Saturday, the most in the past three years.