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| All Counties Aboard On 3% COLA |
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MARCH 2000 - 276 Towns Covered - As
we go to press, all county/regional retirement boards and their
governing advisory councils have accepted Chapter 127, our three
percent COLA legislation, for the fiscal year beginning last July and
are in the process of making retroactive payments to eligible members.
The retroactive payments are 1.7%, which combined with Julyís 1.30%, brings the increase to the full 3%. Essex Regional was an exception. Essex delayed its July COLA and instead paid a full retroactive 3% in its January 2000 checks. Retirement systems for the abolished counties of Middlesex, Worcester, Hampden, Hampshire and Essex continue to operate as regional (not county) systems. Within the next few months we expect that all county/regional retirement boards will be voting on a new 3% COLA beginning July 2000. Because county/regional retirement systems are the umbrella systems for 276 towns and over 500 assorted districts, all of whom will have received a 3% COLA, it would be inconceivable for larger towns which have their own retirement systems to deny the same benefit at town meetings this spring. And, to the best of our knowledge, with a few possible exceptions, all town retirement boards intend to sponsor the 3% COLA at their town meetings. At this time, most of the city boards in the Commonwealth are completing the process of accepting the Chapter 127 COLA provision by a vote of their city councils or boards of aldermen and will be making (or have made) adjustments for their members. A full listing will be published in our May edition of the Voice. |
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