|
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 |
|
