The county is facing a short-term deficit because of the self-employed (often very wealthy) people under-reporting their earnings in the 3rd and 4th quarters of 2017 because of the pending federal tax reform plan. The County expects that self-employed people will begin reporting higher earnings in 2018. As a result, the County has proposed to defer the 2% COLA scheduled on July 1, 2018 to January 1, 2019 with an increase to a 3% COLA. The County proposal also includes deferring the agreed upon pension contribution increases (for members hired prior to July 1, 2007) from July 1, 2018 to January 1, 2019.
(CLICK TO SEE ATTACHED PROPOSAL)
The BCFPE Executive Board has voted unanimously to accept the proposed COLA / RETIREMENT CONTRIBUTION changes and recommends ratification by BCFPE Members for the following compelling reasons;
- The obvious mathematically realization that a 3% COLA is better than a 2% COLA.
- The 3% COLA earned over calendar year 2019 will fully make-up for the six month deferred 2% COLA.
- Deferring the COLA to January 1, 2019 adds a 1% benefit to your hourly rate, annual income and retirement AFC for the rest of your career / life.
The BCFPE Executive Board is planning a General Membership Meeting for February 28th at 6:00 p.m. to answer any questions.
(Click to see attached General Membership Meeting flyer.)
The BCFPE Executive Board has also planned a Membership Ratification Vote for March 14th at the Union Office from 6:00 a.m. to 7:30 p.m.
(Click to see attached Ratification Vote flyer)
As BCFPE President, I encourage ALL Members to take a vested interest in the proposed financial enhancement, attend the General Membership Meeting, and most importantly, vote on this proposed COLA / RETIREMENT CONTRIBUTION change.
2/13/2018