NEW CASTLE — The Lawrence County retirement board agreed to have no cost-of-living adjustment increases for existing county pensioners in 2022.
Board member and County Commissioner Chairman Morgan Boyd said the county can’t afford an increase, noting any increase in allocation would result in an increase in pension liabilities.
Acting County Controller Dave Prestopine said an increase would cost $1.6 million, which would be paid over three years from the county’s general fund.
Currently, in 2022, the county will be paying $250,000 from the general fund, and a cost-of-living adjustment increase would prompt a $624,000 increase, for a total amount to be paid of $874,000.
Nicholas Vercilla is a staff reporter for the Beaver County Times and Ellwood City Ledger. He can be reached at firstname.lastname@example.org.