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Retiree COLA and Multiplier Adjustment

The Board of Trustees is happy announce that on December 31, 2007, retirees will receive a 6.67% increase in their monthly retirement check. This is a direct result of an increase in the multiplier, provided by active members increasing their contributions to 13% from 9% over the last two years. The Board is also pleased to announce a 1% cost of living (COLA) increase in retirement pay will be paid on the January 31st retirement checks. This is a direct result of good investment performance over the last five year period. However, those who retired during 2007 will receive a prorated increase of 1%, based on the number of months they were retired. Together these increases in retirement pay combine for a 7.67% increase for those retired prior to 2007, and it still leaves the 'System' an adequate financing arrangement for the future. For those interested in the Post Retirement Option Plan (PROP) program, changes in 2007 now allow qualified retired members to defer a minimum of $500 at 8% paid interest, if interested please contact the pension office. In conclusion the Board wishes each and everyone a Safe, Happy Holiday Season and New Year.

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