PATRICK SIGNS FY14 BUDGET

3% State & Teacher COLA Approved

JULY 12, 2013: Governor Deval Patrick has approved the FY 14 3% COLA for state and teacher retirees. Eligible retirees and survivors (retired before 7/1/12) will receive the increase, which is set on a $13,000 base, in their July pension check.

The annual COLA for state and teacher retirees is contained within the state’s annual budget appropriation. It was first proposed by Patrick in January, and then unanimously endorsed by the House and Senate.

Local COLA payments for municipal retirees are governed and paid by local retirement systems. This has been the case since 1998, when the state returned the COLA to local control.

Local retirement systems, with the approval of their legislative bodies, may also increase the COLA base beyond $12,000. Hampden County and the Town of Montague each have set the COLA base at $18,000. Other recent increases range from $13,000 to $16,000.

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