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Commissioners Pass Pension Fund Increases

Owensboro Seal 02 300OWENSBORO, Ky. (12/4/13) - Several Owensboro organizations will see increases in pension funds effective Jan. 1, according to municipal orders passed by the Owensboro Board of Commissioners Tuesday night.

The Board of Trustees of the Police and Firefighters’ Retirement Fund met in special session on Nov. 21 and unanimously resolved to recommend a 1.5 percent cost of living increase, except for those receiving the minimum payment. The pension fund is no longer active, according to the Commission, and will only be used for those who already had the funds set up. This will cost an additional $14,000 annually and will be mostly for widows and the elderly.

The Board of Trustees of the City Employees’ Pension Fund also met in special ses-sion on Nov. 21 and unanimously resolved to recommend to the Owensboro Board of Commissioners that eligible annuitants receive a 1.5 percent cost-of-living in-crease, except for those receiving the minimum payment. This pension fund is also closed and the increase will cost less than $5,000.

There will be an Owensboro Board of Commissioners Work Session 12 p.m. Tuesday, Dec. 3.

Taylor Riley
SurfKY News

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

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