Recent legislation by the Commonwealth of Massachusetts - Chapter 269 of the Acts of 2022 - provides for a cost-of-living increase up to 5% effective retroactive to July 1, 2022. The Taunton Retirement Board trustees voted to approve Ch. 269 thereby increasing the COLA from the previously approved 3% up to 5%. This will be processed as soon as payroll computer programs are modified to process the retroactive increase.
The other COLA item approved by the retirement board was the increase in the cola base from $15,000 to $16,000 effective July 1, 2023. The board voted a 3% cola effective 07/1/2023.
Both COLA provisions received the support of Mayor Shaunna O'Connell and the Taunton Municipal Council.
The board and the city are pleased to provide eligible city retirees and their beneficiaries with additional help due to the current inflationary environment. The approval of both provisions is expected to have a minimal impact to the city's pension appropriation due to substantial excess earnings in prior years.