Articles about the Cost of Living Adjustment (COLA) that may be useful to Massachusetts retirees
MARCH 2006 - No Pension COLA In His Annual Budget - It's hard to believe, but Governor Mitt Romney, in submitting his FY 07 state budget (effective July 1, 2006) to the Legislature, failed to include a 3% pension COLA for state and teacher retirees.
JANUARY 2006
- Association officials continue to work closely with the Joint
Committee on Public Service to draft legislation raising the COLA base
to a higher level in 2006.
SEPTEMBER 2005 - Cities, Towns Continue To Benefit - Since the inception of Prop 2 1/2 in 1981, COLA payments totaling $1.727 billion have been distributed by the state to local retirement systems, according to Jean Simone of the State Retirement Board who coordinates the payments.
And, although the state returned the responsibility of new COLA costs to local governments in 1998, the Commonwealth is still paying a significant amount each year to the locals for COLAs that were built into municipal pensions during the '81-'98 period.
JULY 2005
- Retired members of our 106 retirement systems can look forward to a
new 3% cost-of-living adjustment (COLA) in their July pension checks.
MARCH 2005
- First Step Toward Cost-Of-Living - When it comes to reporting on cost-of-living adjustments (COLA) on
your pension, you've read or heard us referring to the Consumer Price
Index or CPI. What is the CPI and why is it important to us?
JANUARY 2005
- Once again, the Consumer Price Index (CPI) was less than 3%. The CPI
for the year ending with the third quarter of 2004 increased by 2.7%
over the third quarter of 2003. This is the figure that will be used
for increases in the January Social Security and Federal retirement
checks.
JANUARY 2005
- Initial "Summit Meeting" Held - While the $12,000 COLA base will remain in effect for this coming
July's COLA, the second step toward a higher future base was taken on
October 28.
SEPTEMBER 2004
- Romney Rejected COLA Base Study - In a stunning rebuke, the Legislature has unanimously overridden
Governor Mitt Romney's veto of our Association's COLA base study.
JULY 2004 - Base Alternative On Horizon - A 3% July COLA for state and teacher retirees is now assured.
MAY 2004
- Federal Reserve Chairman Alan Greenspan's testimony before the House
Budget Committee on February 25 has been getting a lot of headlines
lately.
Since 1968 the Retired State, County and Municipal Employees Association has been the leading voice for Massachusetts public retirees and their families. Join with our 52,000 members as we continue the fight.
