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Taunton is one of 106 public employee contributory retirement systems in Massachusetts. The retirement plan serves over 1,400 city employees (excluding teachers) and over 750 retirees & survivors and is managed by a local retirement board consisting of five trustees.
The Taunton Retirement Board is responsible for maintaining approx. $150 million is pension assets for the City of Taunton's retirement system in compliance with Mass. General Laws Chapter 32. The Board's mission is to provide retirement benefits to plan participants and to safeguard the assets of the system. The retirement board is charged with the responsibility of prudently investing the pension assets to maximize the investment returns with the goal of becoming a fully funded system. The plan is a public employee contributory defined benefit plan first established in 1937.
Latest Taunton Retirement News
Retirees & Survivors to receive FY11 COLA
At a meeting of the Taunton Retirement Board on March 26, 2010, the Board met with its actuarial consultant and reviewed the system’s funding schedule and the financial impact of granting a cost-of-living allowance (COLA). After review and discussion, a motion was made by board member Peter H. Corr, seconded by board member Richard T. Avila, and the board unanimously voted to approve a COLA of 3%. The 3% COLA will be effective July 1, 2010 and only applies to the first $12,000 of a retirement allowance. Therefore, the maximum benefit available will be $360.00 per year ($30.00/month). Eligible retirees/survivors are those who retired on or before June 30, 2009.
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