No Change In GIC Premium Contribution

MARCH 2010 VOICE: Within Governor Patrick's version of the FY11 Budget, a 3% COLA (cost-of-living adjustment) for eligible state and teacher retirees was missing. In contacting the Governor's Administration and Finance Secretary Jay Gonzales, we were told that it was not the administration's intent to exclude the COLA and that an errata (correction) to the budget for a 3% COLA would be filed.

Opens Door For COLA Base Reform

JANUARY 2010 VOICE: Following a recommendation from the state’s public pension officials, Legislative Leaders and the Patrick Administration are now crafting a plan that will extend state and local pension funding schedules up to ten years.

Without such a change, annual pension fund appropriations would simply overwhelm state and local budgets. This was made clear at a State House hearing on November 9th before a packed audience in Gardner Auditorium. The hearing was chaired by Senator Thomas McGee (D-Lynn) and Robert Spellane (D-Worcester), co-chairmen of the Public Service Committee. 

Focus Now Turns To General Court

Local Adoption Almost Complete

JULY 2009: In a desperate rush to put together a FY'10 state budget in the face of a $2 billion revenue shortfall, triggering language for the state and teacher retirees 3% July COLA, was omitted from the Senate budget when that branch began budget debate on May 18.

Despite Pension Funds' Setback

MAY 2009 VOICE:  Despite suffering huge pension fund losses as a result of the 2008 market meltdown, members of the Commonwealth’s 104 local retirement boards expressed faith that the market would recover by voting three percent July COLAs for their retirees.