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Here are the facts are COLA from Gabriel Roeder Smith & Company documents submitted to Oscar Shelton, Personnel Director on April 1, 2011 regarding the changes for new employees hired after June 30, 2012

Fire II Pension Fund: "Retirees currently receive a compounded increase of 3% per year, but for Tier II members, this would be reduced to 75% of the increase inthe Consumer Price Index, not less than 0% and not greater than 3%".

Police II Pension Fund: "Retirees currently receive a compounded increase of 3% per year, but for Tier II members, this would be reduced to 75% of the increase inthe Consumer Price Index, not less than 0% and not greater than 3%".

Municipal Pension Fund: "The proposal does not change either the 8.oo% member contribution rate or the mechanism for providing a COLA to retirees, based on "excess returns" that are banked."

From: Fiscal warning from researcher puzzles mayor

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