Local Boards Urged To Vote For 3% July COLA

MAY 2003
- At this point 39 local retirement boards – cities, towns, counties,
districts and authorities – have voted 3% pension COLAs for their
eligible members beginning this July.

The
COLA percentage is currently applied to the first $12,000 of a pension,
therefore the maximum annual increase will be $360.00.

“Since
the COLA is built into the long range funding schedule of each
retirement system, I expect that all boards will be voting for 3% COLAs
prior to July 1,” said Association President Ralph White.

“While
it’s true that a Board could save its system money in the long run by
not voting for a COLA, it would be a chintzy way to cut costs. Retirees
went without COLAs for several years, which greatly helped retirement
systems to reduce their future liability. I think that most Board
members are aware of the sacrifices that retirees have made in the past
and will vote for a full 3% COLA.”

Boards That Have Voted For 3% COLAs:

Amesbury
Arlington
Athol
Barnstable County
Belmont
Braintree
Bristol County
Brockton
Blue Hills Reg Voc
Cambridge
Clinton
Duke’s County
Essex Regional
Everett
Gloucester
Haverhill
Hingham
Holyoke
Lexington
Maynard
Middlesex Regional
Milford
Milton
Montague
Natick
Needham
New Bedford
Newton
Norfolk County
Northbridge
Pittsfield
Plymouth
Plymouth County
Quincy
Saugus
Taunton
Westfield
Weymouth
Woburn
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