FORT WORTH (KLIF/WBAP) – First responders and retirees are upset after Fort Worth’s City Manager David Cooke proposed a plan to help fix the pension fund. Now, the city’s pension fund is about $1.6 billion dollars and is projected to run out of money in 25 years. The Council’s initial plan increases taxpayer and retiree contributions to the fund while slashing cost of living increases. This would cut cost of living adjustments (COLA) except for those who’ve worked for the city for at least 25 years and then only on the first $20,300. On Thursday, The Fort Worth Fire Association and the Fort Worth Police Officers Association discussed ideas that would eliminate the problem without touching the cost of living adjustments for active or retirees.
Mike Glynn, President of IAFF Fort Worth Firefighters Association said this is not fair and is not the Fort Worth way. “A promise is a promise. Maintain a 2% simple COLA for those who made that choice in the last irrevocable election,” Glynn said.
Glynn also said DROP eligibility should remain at 80 points and to extend the DROP participation eligibility to a maximum of 8 years.
He said the minimum retirement age should be set at 55 years old. He said if the employee leaves before reaching the minimum retirement age, then their DROP balance should revert back to their monthly pension benefit with either a vested termination or early retirement penalty.
Donald Clark, a retired Fort Worth firefighter said he hopes the presentations will help the city come up with a better plan. “The 2% COLA that you get annually after you retire helps you keep up with increases in fuel, food, housing, everything,” Clark said. “The city needs to keep it that way”
The City will vote on a finalized plan on September 18th.
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