File #: 25-4194    Version: 1 Name:
Type: Ordinance Status: Agenda Ready
File created: 7/25/2025 In control: City Commission
On agenda: 10/9/2025 Final action:
Title: An Ordinance of the City of Key West, Florida, amending Chapter 46, Section 107 of the Code of Ordinances to provide for an ad-hoc 2% annual cost of living adjustment to retirees receiving a benefit as of January 1, 2026 and to provide for an increase in the monthly benefit to $1,000 for retirees who retired with more than 20 years of service whose current monthly benefit is less than $1,000; Providing for severability; Providing for repeal of inconsistent provisions; Providing for an effective date.
Sponsors: Brian L. Barroso
Attachments: 1. Ordinance, 2. Cover Memo - Updated - (Finance), 3. Actuarial Impact Statement, 4. Business Impact Estimate, 5. Ordinance - Pension Board Proposal, 6. Pension COLA Letter, 7. Teamsters Support Letter, 8. Original COLA Study

Title

An Ordinance of the City of Key West, Florida, amending Chapter 46, Section 107 of the Code of Ordinances to provide for an ad-hoc 2% annual cost of living adjustment to retirees receiving a benefit as of January 1, 2026 and to provide for an increase in the monthly benefit to $1,000 for retirees who retired with more than 20 years of service whose current monthly benefit is less than $1,000; Providing for severability; Providing for repeal of inconsistent provisions; Providing for an effective date.