Retirement Board to Review COLA

The Taunton Retirement Board will meet on December 20, 2013 to review the feasibility of granting a Cost-of-Living Adjustment (COLA) to retirees and survivors of the system.  The Consumer Price Index (CPI) was recently calculated for social security recipients and was set at 1.7%.  The Board will review increasing the 1.7% CPI amount up to 3% which is the maximum rate allowed by state law.  The 3% can only be applied up to the first $14,000 (base) of the retirement allowance.  If approved by the board, the COLA would take effect on July 1, 2014 and would be granted to eligible retirees/survivors who were on the pension rolls on or before June 30, 2013.

The Board will also be conducting an actuarial study as of 01/01/2014 to determine if an increase in the COLA base will be feasible.  If an increase in the COLA base is approved by the board, it would be subject to further ratification and approval by the Mayor and Taunton Municipal Council.