MEMPHIS, Tenn. — The City of Memphis is giving its retirees a one-time bonus of $3,000 at a cost of more than $16 million, leaders announced Friday.
In a news release, City leaders said the bonus is “in recognition of the dedicated service provided by the retirees to the City and its citizens over the years prior to their retirement.”
City officials said the one-time bonus of $3,000 would be distributed on Aug. 30, 2024.
About 5,600 retirees will receive the bonus, which city leaders said would cost the Pension Fund about $16.7 million.
“City of Memphis retirees have made invaluable contributions to our community, and it is right that they are recognized and supported,” said Mayor Paul Young in a news release. “This bonus is a demonstration of our appreciation for their service to our community.”
Mayor Young also said leaders are reviewing future budgets “to explore opportunities for additional support to retirees.”
