COLAs

No changes.

No changes.

5.4% COLA approved.

1.4% COLA approved.

1.7% COLA approved.

2.3% COLA approved.

2.2% COLA approved.

1.5% COLA approved.

New Fund Rules (Section VI) were adopted regarding the number of beneficiary designation changes allowed for unmarried retirees. New Fund Rules (Section XI) were adopted regarding possible retirement benefits and procedures upon indefinite suspension.

No COLA approved due to a lack of inflation in the prior year, based on the CPI-U index.

New Fund Rules (Section VI) were adopted for both active and retired firefighters regarding survivor and beneficiary designations. New benefit options (Section X) were adopted to include the Single Life Annuity (SLA).

1.3% COLA approved.

A $64/month increase in benefits was approved for all eligible retirees.

A $93/month increase in benefits was approved for all eligible retirees.

No COLA approved.

The minimum monthly pension increased to $2,000 for all annuitants who were members of the Fund in 1994 when the last adjustment of this type was made.

No changes.

No COLA approved.

The City of Austin contribution rate increased from 18.05% to 22.05%, completed in four 1% increments by 2013. The firefighter contribution rate increased from 15.7% to 18.7%, completed in six 0.5% increments by 2016.

No changes.

No changes.

No changes.

A $100/month increase in benefits was approved for all eligible retirees.

A $32/month increase in benefits was approved for all eligible retirees.

No changes.

The firefighter contribution rate increased from 13.7% to 15.7%, effective June 1, 2003. The City of Austin contribution rate remained at 18.05%.

2.1% COLA approved.

3.4% COLA approved.

The retirement multiplier increased from 3.10% to 3.30%, to be used in all retirement and DROP calculations regardless of the Deferred Retirement Option Plan (DROP) date, effective September 1, 2001.

DROP extended from a maximum of 5 years to a maximum of 7 years of service.

A survivor benefit was made available for all unmarried retirees and for unmarried firefighters who die after becoming eligible to retire per statutory provisions. The percentage is an actuarial equivalent of 75% of the firefighter’s accrued benefit and is tied to the age difference of the firefighter and the designated beneficiary.

A 6.45% benefit increase was approved, effective September 1, 2001, for all retirees at the time based on the percentage increase of the retirement multiplier from 3.10% to 3.30%.

2.6% COLA approved.

1.5% COLA approved.

The retirement multiplier increased from 3.0% to 3.1%, to be used in all retirement and DROP calculations regardless of DROP date, effective September 1, 1999.

The Deferred Retirement Option Plan (DROP) benefits are made available to eligible survivors of members who die before retirement but after becoming eligible for a DROP.

A 3.33% benefit increase was approved effective September 1, 1999, for all retirees at the time based on the percentage increase of the retirement multiplier from 3.0% to 3.10%.

After 2004, annual COLAs of 0.5% would be granted to retirees and beneficiaries if inflation was at least 0.5%. The COLA was not limited to 0.5%, but the idea was to determine required funding in advance. If inflation exceeded 0.5%, the Board and actuary would have to approve any portion above 0.5% based on the financial health of the Fund.

Mortality rate assumption for actives and non-disabled annuitants were updated to the 1994 Group Annuity Mortality tables, to reflect industry standards.

The Fund made an actuarial assumption of 3.50% anticipated COLA through 2004 (which was less than a 5% anticipated COLA previously assumed).

2.1% COLA approved.

The actuarial assumption for DROP participation rate was revised to 100% of the members to retire and elect a 5 year DROP one year following the age first eligible for a 5-year DROP.

3.0% COLA approved.

Early retirement eligibility was lowered from age 48 to age 45 with at least 10 years of service. Early retirement eligibility at any age was lowered from 23 years of service to 20 years of service.

COLA eligibility was delayed until normal retirement eligibility is met.

The Deferred Retirement Option Plan (DROP) was extended from a maximum of 2 years to a maximum of 5 years of service.

Benefits were made available to surviving spouses of retirees married after retirement. The requirement that a spouse’s benefits terminate after remarriage was eliminated.

The “meet and confer” agreement “bought down” firefighter contributions to 11.70%, while City contributions increased to 20.05%. Firefighters continued to get contribution credit for 13.70% per statutory requirements.

An actuarial assumption for a 5% anticipated COLA was extended through 2004.

2.9% COLA approved.

2.6% COLA approved.

The retirement multiplier increased from 2.90% to 3.0%.

Early retirement eligibility was lowered from age 50 to age 48 with at least 10 years of service. Early retirement eligibility at any age was lowered from 25 years of service to 23 years of service.

Normal retirement eligibility was lowered from age 52 to age 50 with at least 10 years of service. Normal retirement eligibility at any age was lowered from 27 years of service to 25 years of service. A Deferred Retirement Option Plan (DROP) was added, allowing up to 2 years of service designated for DROP participation.

The City of Austin contribution rate increased from 16.05% to 18.05%. The firefighter contribution rate remained at 13.7% of pay.

An actuarial assumption for a 5% anticipated COLA was extended through 2002.

2.8% COLA approved.

The minimum monthly pension benefit for eligible retirees and beneficiaries increased from $1,000 to $1,200.

The City of Austin contribution rate increased from 14.05% to 16.05%. The firefighter contribution rate remained at 13.7% of pay.

3.2% COLA approved.

Normal retirement eligibility was lowered from age 53 to age 52. Normal retirement eligibility at any age was lowered from 28 years of service to 27 years of service.

Early retirement eligibility lowered from age 50 with 25 years of service to age 50 OR 25 years of service, regardless of age.

The survivor benefit changed to a flat 75% of retiree’s benefit.

Contribution refunds are paid with 5% interest.

Actuarial assumption for payroll growth no longer assumed a 1% growth in membership annually.

The actuarial assumption for a 5% anticipated COLA was extended through 1998.

2.9% COLA approved.

The minimum monthly pension benefit for eligible retirees and beneficiaries increased from $850 to $1000.

The actual assumption for a 5% anticipated COLA was extended through 1996.

6.3% COLA approved.

The minimum monthly pension benefit for eligible retirees and beneficiaries increased from $500 to $850.

Normal retirement eligibility was lowered from age 55 to age 53. Normal retirement eligibility at any age was lowered from 30 years of service to 28 years of service.

Surviving children became eligible for full spousal benefits in the event there is no surviving spouse.

Actuarial assumption for salary growth decreased from 6.50% to 5.50% annually.

4.5% COLA approved.

4.25% COLA approved.

4.0% COLA approved.

The retirement multiplier increased from 2.65% to 2.90%.

1.5% COLA approved.

The retirement multiplier increased from 2.50% to 2.65%.

Normal retirement eligibility remains at age 55, while normal retirement eligibility at any age was lowered from 35 years of service to 30 years of service.

3.0% COLA approved.

4.0% COLA approved.

The retirement multiplier increased from 2.3% to 2.5%.

Early retirement eligibility set at age 50 and 25 years of service.

The City of Austin contribution rate increased from 14.0% to 14.05%.

Employee contributions treated as employer contributions for federal income tax purposes. Contributions are paid pre-taxed, creating more take home pay.

A benefit increase for all retirees was approved to “catch benefits up” with inflation since the time of retirement. If the resulting monthly benefit for a retiree was less than $500, then a $500 minimum monthly benefit was approved.

2.0% COLA approved.

The retirement multiplier increased from 2.2% to 2.3%.

An actuarial study was conducted to increase all retirees’ benefits to offset against inflation.

2.0% COLA approved.

2.0% COLA approved.

The retirement multiplier increased from 2.1% to 2.2%.

2.0% COLA approved.

2.0% COLA approved.

2.0% COLA approved.

The minimum monthly spousal benefit increased from $100 to $200, and the minimum children’s benefit increased from $50 to $100.

2.0% COLA approved.

The retirement multiplier increased from 2.0% to 2.1%

2.0% COLA approved.

2.0% COLA approved.

2.0% COLA approved.

Retirement calculations changed from using the highest 5 years’ average salary to using the highest 3 years’ average salary.

The minimum monthly disability benefit changed from $100 to $200.

The firefighters’ contribution rate increased from 11.85% to 13.7% of pay.

State statute Article 6243e.1 is created, allowing the Austin Firefighters Relief and Retirement Fund to branch away from the former statewide system.