COLA

Articles about the Cost of Living Adjustment (COLA) that may be useful to Massachusetts retirees

House Approves Largest COLA Increase Since 1992

House Approves Largest COLA Increase Since 1992

Local Retirement Systems Empowered to Increase COLA Up To 5% 

APRIL 27, 2022: Today, the Massachusetts House of Representatives unanimously approved a 5% increase in the FY23 cost-of-living adjustment (COLA) for State and Teacher Retirees. The measure also contains authorization for the state’s 102 local retirement systems to increase local COLAs from 3-5% by a majority vote of the retirement board.

COLA improvements pending before House

COLA improvements pending before House

APRIL 22, 2022: After nearly a year of preparation by our Association, debate is about to begin in the House of Representatives on proposals that would make improvements to the annual COLA benefit paid to public retirees. Mass Retirees has sponsored two amendments to the House FY23 budget - #1136 filed by Representative Ken Gordon and #1411 filed by Representative Mark Cusack.

Before I get into the specifics of the two amendments, let me first remind you of two upcoming Mass Retirees meetings.

House FY23 Budget Contains 3% State and Teacher COLA

House FY23 Budget Contains 3% State and Teacher COLA

Amendments Filed to Improve COLA Benefits 

APRIL 19, 2022: On Wednesday the House released their version of the Fiscal Year 2023 state budget. This marks the next stage of the budget process, which began in January when Governor Baker filed his proposal. The $49.6 billion dollar budget included two items of significance to retirees. First, as in the Governor’s proposal, the House fully funded the Group Insurance Commission, making sure health insurance will once again remain stable. 

Pension Fund Gains Added $70 Billion Over 10 Years

Pension Fund Gains Added $70 Billion Over 10 Years

February 17, 2022: The state's pension fund has gained $70.6 billion over the past decade, exceeding its targets by $12 billion after posting the fourth largest annual gain in its history in 2021, fund managers reported on Thursday. Pension Reserve Investment Management Executive Director Michael Trotsky has previously shared that the fund, which pays retirement benefits to state employees and teachers, grew by 20.1 percent after fees in 2021, for a gain of $17.4 billion, and closed the year at a record high $104.3 billion.

COLA: Rising Inflation Adds to Urgency

Janaury 2022 Voice: In the past two editions of The Voice, we documented the outstanding long-term investment success of our Massachusetts public pension systems and our belief that the success can and should be shared with retirees by way of improved COLA benefits. 

However, there is also a downside to a white-hot economy – Inflation! 

What’s happing in 2022

Preview of the January 2022 Voice

Preview of the January 2022 Voice
DECEMBER 10, 2021: As promised, for this week’s video I am joined by Bill Rehrey and Nancy McGovern for a sneak preview of our January 2022 edition of The Voice.
Before I dive into the details of what you will find in the upcoming newsletter, I’d like to thank the thousands of members who have promptly renewed your Mass Retirees membership for 2022. November began our membership renewal process for next year, with notices mailed to the 20,000+ members who renew at the end of the year. Members receive a renewal notice base

A 5.9% COLA

A 5.9% COLA

10/15/2021 Weekly Update, By Shawn Duhamel

If you have read our September newsletter or watched/read any of my recent weekly updates, then you know that a major focus of our ongoing work is to make improvements to the annual COLA or cost-of-living adjustment. Wednesday’s news that the CPI is now 5.9% only bolsters our argument that more needs to be done in this area.

FY22 COLA marks 23 years of increases

FY22 COLA marks 23 years of increases

APRIL 23, 2021 WEEKLY UPDATE: Before I jump into the news of the week, let me first remind you of our upcoming Tele-Town Hall event taking place next Friday, April 30th, at 1:00 PM EST. The topic will be the Public Employee Retirement Administration Commission (PERAC), with guest speaker Executive Director John Parsons. PERAC is the state agency that oversees and regulates our public retirement systems. It plays a critical role in pension policy.

FY21 STATE BUDGET SIGNED INTO LAW

FY21 STATE BUDGET SIGNED INTO LAW

December 14, 2020: Governor Baker has signed the FY21 State Budget into law. This ends the 6-month delay of a final FY21 budget and funds the Commonwealth’s operations through June 30, 2021.