Tuesday, July 14, 2015 - 9:59am
The Taunton Retirement Board voted to grant a 3% cost-of-living allowance (COLA) to all eligible retirees and survivors who retired on or before June 30, 2014. The 3% COLA is included in the retirement system’s funding schedule and is predicated on good investment results which have come in at over 9% annualized since 1985. The COLA is applied to the first $15,000 of the retirement allowance. Therefore the maximum amount a pensioner can receive is $37.50 per month. Please take note that allowances will change with the direct deposit on July 31, 2015. A stub will be mailed to all pensioners to verify the new monthly amount.