At a meeting of the Taunton Retirement Board on December 20, 2013, a motion was made by boardmember Richard T. Avila, seconded by boardmember Peter H. Corr and the Board unanimously voted to approve an increase in the COLA from 1.5% to 3% up to the first $14,000 (base) of the retirement allowance. This will be effective as of July 1, 2014 and payable with July 31, 2014’s checks. Eligible retirees and survivors to receive the COLA will be those with a retirement date on or before June 30, 2013. The Board took into consideration improved investment returns in deciding to vote for the COLA. Each year, the Board reviews the Consumer Price Index (CPI) that is set for Social Security recipients which was set at 1.5%. The Board has the option of increasing the CPI up to a maximum of 3%. However since the 3% only applies to the first $14,000 of a member’s allowance, the maximum increase is capped at $35/month. The Board is in the process of reviewing its actuarial experience and funding progress and will decide if it will be affordable to increase the base from $14,000 to a higher amount. This review – an actuarial valuation – will be conducted during the course of 2014.