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City of Chattanooga Wins COLA Lawsuit Brought by Retired Police Officers, Firefighters
Chattanooga Times Free Press Link to more items from this source
Nov. 25, 2015

"In 2014, the City Council voted to reduce the cost-of-living adjustment, or COLA, for retired police officers and firefighters from a guaranteed annual 3 percent rate to an average of 1.5 percent, depending on the level of benefits a retiree was receiving. Reducing the cost-of-living adjustment level was part of a package of reforms ... to reduce the city's $150 million unfunded pension liability ... The reform also increased employees' pension contributions by nearly 40 percent, while saving the city more than $227 million over the next 24 years, the mayor's office said."

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