Taunton Retirement

Retirement Board seeks to increase COLA up to 3% maximum - At its meeting on January 25, 2008, the Taunton Retirement Board took its first step in securing a cost-of-living adjustment for retirees and survivors. On a motion by boardmember Richard T. Avila, seconded by Peter H. Corr, the Board voted for a 2.3% COLA which is consistent with the Consumer Price Index as set by the Commissioner of Social Security. However, the board also voted to post a meeting for February 29, 2008 to consider increasing the COLA from 2.3% to 3% which is the maximum allowed. By law, proper notice must be given to the local community before an increase up to the maximum percentage can be voted.

The COLA percentage is applied to the first $12,000 of the retirement allowance and would be effective as of July 1, 2008. Those members retiring on or before June 30, 2007 would be eligible to receive the COLA.

Members of the Retirement Board strongly supported the COLA stating - “…at a time when retirees and survivors are incurring large increases in their health premiums, the least we could do, as a board, is to provide the maximum COLA to assist our members.”