Currently, the retirement benefits for firefighters and police officers are determined annually, with multipliers adjusted based on the accumulated state monies and market conditions. The firefighters’ multiplier is set to increase from 0.65% to 0.72% by January 2025, while the police multiplier will rise from 0.55% to 0.63%. These multipliers are in addition to a fixed 2.5% multiplier.

The board’s primary objective was to gauge whether retirees preferred the potential for increased benefits, with the risk of decreases, or a fixed benefit. Some members expressed a preference for stability, emphasizing the importance of reliable income for managing monthly expenses. The decision to fix the multiplier would require changes to the city ordinance, potentially involving collective bargaining with the unions.

The possibility of introducing a “13th check” or share plan was also discussed. This would provide additional financial benefits if state contributions exceeded a certain threshold. However, such changes would need to be negotiated and codified through city ordinances.

While the firefighters’ union is approaching its contract negotiation period, the police union recently ratified its contract, which may explain their absence from the meeting.