At the November 2023 Board meeting, AFRF's actuary determined that a COLA cannot be supported under the Fund’s COLA Policy, based on the Fund’s amortization period exceeding the 25-year maximum set forth in the policy for financial stability assessment. The Board is bound by its COLA Policy and its actuary’s recommendation and therefore was unable to grant a COLA for 2024. It was a difficult decision for the Board given the continued inflationary pressure on our retirees. Please see the actuary’s COLA Policy Analysis below and feel free to reach out to staff if you have any questions. Striving to provide COLAs, when affordable, remains one of the top priorities of the Board.
Open Enrollment for retiree health insurance has begun. The open enrollment period runs through Sunday, November 5, 2023. Benefit changes are effective January 1, 2024, with any deduction changes reflected on January 25, 2024, annuity payments.
Three candidates have accepted nomination for the 2023 Trustee Election:
The Austin Firefighters Retirement Fund staff is pleased to announce the release of our second issue of the recently redesigned AFRF News.