Some Abilene Retirees Upset with Small Cost of Living Increase
By: Brendaliss Gonzalez
Updated: February 8, 2012
Garland Wade looked forward to his paycheck from the City of Abilene
after its cost of living increase last month- that is, until the day he
received it.
"The bank account indicated that we received four dollars and twenty cents for our cost of living increase", he says.
Wade isn't the only one. Some received as little as $.17 or nothing at all. City officials say they're not the ones to determine who gets what.
"Taking into consideration their date of retirement, options that they chose at the time of their retirement for the distribution of their funds and any increases that they have received under the course of time," said Ronnie Kidd, Managing Director for Administration for the City of Abilene.
The Texas Municipal Retirement System (TMRS) is the state program that determines the percentage options added to each pension check, and the city decides how much.
In December last year, the City of Abilene set aside $46,000- about 7 percent of the annual budget.
The 32-year police officer says its not about the money.
"It's not going to make me or break me. I told my investment broker that we got a cost of living increase. I said, 'Should I invest it?' He said, 'How much was it?' I said, 'Four dollars and twenty cents.' But I said 'I thought about buying a gallon of milk,' and he hasn't quit laughing since," said Wade.
The cost of living increase used to be automatically implemented on a yearly basis, but that was stopped due to a lack of funds.
There is no set time when increases are made.
"The bank account indicated that we received four dollars and twenty cents for our cost of living increase", he says.
Wade isn't the only one. Some received as little as $.17 or nothing at all. City officials say they're not the ones to determine who gets what.
"Taking into consideration their date of retirement, options that they chose at the time of their retirement for the distribution of their funds and any increases that they have received under the course of time," said Ronnie Kidd, Managing Director for Administration for the City of Abilene.
The Texas Municipal Retirement System (TMRS) is the state program that determines the percentage options added to each pension check, and the city decides how much.
In December last year, the City of Abilene set aside $46,000- about 7 percent of the annual budget.
The 32-year police officer says its not about the money.
"It's not going to make me or break me. I told my investment broker that we got a cost of living increase. I said, 'Should I invest it?' He said, 'How much was it?' I said, 'Four dollars and twenty cents.' But I said 'I thought about buying a gallon of milk,' and he hasn't quit laughing since," said Wade.
The cost of living increase used to be automatically implemented on a yearly basis, but that was stopped due to a lack of funds.
There is no set time when increases are made.
