Newton Votes July COLA

MARCH 2002
- First Board To Take Action - Newton's Retirement Board, the first retirement board in the state to
vote for a July 2002 3% COLA, wasted no time in making a decision.
Their unanimous vote was actually held on December 12, 2001, before
calendar year 2002 even started.

state law, municipal and county boards now have the right to vote for
COLAs on their own after giving advance notice to their governing
authority. Newton could have voted for a lesser 2.6% CPI (consumer
price index) COLA, but under our Association's successful 1997
legislation, opted to go for a full three percent.

Board wanted to vote as early as possible and eliminate any uncertainty
among our retirees," said Newton Retirement Board Director Kelly Byrne.
"The retirees depend on this COLA and the vote was actually a nice
Christmas present."

Bob Magni, Fran
Capello, David Wilkinson, Nunzio Piselli and Dick Heidlage are the
members of the Newton Retirement Board. Magni and Piselli are City of
Newton retirees.

"We expect a rash
of local boards to be voting on July COLAs early this year. In fact,
some have already voted," said Association President Ralph White.
"There is really no reason to wait until the last minute. Newton is
right, why keep the retirees waiting under an air of uncertainty."