Retirees demand urgent cost of living adjustments

During a recent government meeting, retired city officials voiced concerns regarding the lack of cost-of-living adjustments (COLA) for pensioners in Atlantic Beach. Don, a former building official, highlighted that it has been 20 years since any COLA was granted, significantly diminishing the purchasing power of retirees. He emphasized that the removal of the COLA requirement from the pension ordinance has left many pensioners struggling financially, as their retirement funds now hold only 60% of their original value.

Jerry Benjamin, a former deputy finance director, echoed these sentiments, noting the dramatic decline in money's purchasing power, particularly over the past two years. He urged the city commission to consider a one-time COLA for retirees, suggesting that it be evaluated during upcoming budget meetings. Benjamin pointed out the differences between defined benefit plans and 401(k) plans, advocating for a separate consideration of retirees' needs, distinct from those of active police officers, who are currently receiving attention for their benefits.

Both speakers called for the city to take their concerns seriously, stressing the importance of addressing the financial hardships faced by retired employees. The discussions reflect a growing urgency among retirees for the city to revisit its pension policies and provide necessary support to those who have served the community for many years.