Taunton Retirement

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.