OWENSBORO, 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 The pension fund is no longer active, according to the Commission, and will only be used for those who already had the funds set up.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.
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