July 1, 2016 COLA approved by Retirement Board

At a meeting of the Taunton Retirement Board on April 27, 2016, the Board discussed the FY2017 Cost-of-Living Adjustment (COLA).  After review of the system’s financial condition and improving funded status, the Board unanimously voted to approve a 3% COLA effective 07/01/2016 to retirees and survivors to be applied up to the first $15,000 of a recipient’s annual retirement allowance.  Eligible recipients will be those who retired or began survivor benefits on or before June 30, 2015.  The maximum amount a recipient can receive is $37.50 per month.  Recipients will see the COLA with their direct deposit on 07/29/2016.