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CAHILL OPPOSES COLA INCREASE PROPOSAL |
Cites ‘Fictitious’ Dangers To Bond RatingMAY 15, 2008: Striking a body blow to the Association’s hopes of raising the base, to which the annual cost-of-living-adjustment (COLA) is applied, state Treasurer and Receiver General Timothy Cahill has come out against the proposed $16,000 base, passed by the House and contained in the Senate’s FY09 budget. Specifically, the treasurer, who chairs the state’s pension board, is against extending the pension funding schedule by three-years to accommodate this modest increase in the COLA base.
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SENATE ENDORSES $16,000 COLA BASE |
Budget Rider Includes State, Teacher and Local RetireesMAY 14, 2008: Providing a major boost to public retirees, Senate leaders unveiled their version of the Fiscal 2009 State Budget that includes language raising the COLA base to $16,000. The three outside sections of S2600 raise the base not only for state and teacher retirees, but also allow local retirement systems to provide the same $16,000 COLA base for local retirees.
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For forty years the Retired State, County and Municipal Employees Association of Massachusetts has provided retired public employees their own voice on Beacon Hill.
