|
DECEMBER 2, 1999 - Boards Quick To Grant 3% Adjustment - In
what can only be described as a token of good will, five North Shore
retirement systems have taken aggressive action to provide their
retirees with the new 3% Cost-of-Living Adjustment. Members will note
that the new COLA law allowing for a 3% COLA is contained in the FY
2000 State Budget passed last month.
By
taking swift action to adopt the new language, the retirement boards of
Essex County, Medford, Revere, Salem, and Woburn have done a great
service for their retirees. In Essex County and Revere the new law has
been adopted by both the retirement board and the local legislative
body. Next are mandated public hearings, scheduled to take place at the
end of December, at which time the new COLA will be granted to eligible
retirees.
The city councils in
Medford, Salem, and Woburn are expected to take action to approve the
adoption of the new law in early December. After which the retirement
board will post its thirty day public meeting notice. While there is a
one-time acceptance of the law by the local legislative body, the
statute requires the retirement board to conduct an open public meeting
each year to discuss and grant an annual COLA.
"I
am very encouraged by the early action by these 5 retirement systems.
Retirees have been very patient throughout the whole budget delay,"
says Association President Ralph White. "Now that the COLA is in the
hands of the retirement boards, the delays should be over. I would
anticipate and expect each and every board to act on this important
matter as soon as possible.
"With
the tremendous investment gains the boards have experienced, coupled
with the fact that a 3% COLA has already been assumed within the
funding schedules, there is no justification for further delays. I
realize the towns have to wait until town meetings, which unfortunately
will be the spring in most cases. City, county, and district systems
have no reason to delay action on this."
|
