Articles about the Cost of Living Adjustment (COLA) that may be useful to Massachusetts retirees
Busy Schedule For Public Service Committee
SEPTEMBER 5, 2013: With the summer recess now in the rearview mirror, the state Legislature has returned to Beacon Hill with an aggressive fall agenda.
On Tuesday, September 10th, the Joint Committee on Public Service will reconvene with what is expected to be a lengthy public hearing in the State House’s Gardner Auditorium. Association officials will be on hand to testify on further increases to the COLA base (S1259 & S1263) and the Option B & C recalculation (H2235).
3% State & Teacher COLA Approved
JULY 12, 2013: Governor Deval Patrick has approved the FY 14 3% COLA for state and teacher retirees. Eligible retirees and survivors (retired before 7/1/12) will receive the increase, which is set on a $13,000 base, in their July pension check.
The annual COLA for state and teacher retirees is contained within the state’s annual budget appropriation. It was first proposed by Patrick in January, and then unanimously endorsed by the House and Senate.
COLA, Option C & Life Insurance Get Early Hearing
JULY 2013 VOICE: The Joint Committee on Public Service kicked-off its 2013 schedule with a public hearing that focused on thirty-seven bills earmarked for early action. Each are bills that received a favorable report from the Committee during the last legislative session or are issues deemed of pressing nature by the House and Senate Leadership.
Systems On Track For July Payment
JULY 1, 2013: The House and Senate approved a full 3% COLA on a $13,000 base for state and teacher retirees effective this July. Eligible retirees and survivors should receive the first payment in the July pension check, which is issued at the end of the month.
37 Local Systems Adopt July Increase
APRIL 25, 2013: This week, the Massachusetts House of Representatives passed the $34 billion state budget for Fiscal Year 2014, which begins July 1. Contained within the budget is a full 3% COLA for eligible state and teacher retirees, which will be applied to a $13,000 base.
Budget Also Includes Full GIC Funding
JANUARY 24, 2013: Governor Deval Patrick proposed a full 3% COLA increase for eligible state and teacher retirees within his FY 2014 budget proposal filed on Wednesday. In November 2011, the state increased the COLA base for state and teacher retirees to $13,000.
COLA's for municipal and county retirees are the responsibility of local retirement systems. At this time, a number of local systems have begun discussions to approve a 3% COLA for their retirees come July 1.
Counties Are Best Success Story
SEPTEMBER 2012 VOICE: When the Commonwealth’s 103 local retirement systems were released from the shackles of our restrictive $12,000 COLA base in Year 2010 a rare opportunity presented itself to the 103 retirement boards governing these systems.
In the two years (July 2011, July 2012) that have elapsed since the enabling legislation was enacted (Ch 188 Acts of 2010) a total of 39 retirement boards have been able to take advantage of this law.
3% State & Teacher COLA On $13k Base Included
JULY 9, 2012: On Sunday, Governor Patrick signed the $32.6 billion FY13 state budget into law. Contained within the budget is a new 3% State & Teacher COLA, a minimum survivor pension increase for disability retirees’ survivors and access to the Group Insurance Commission’s retiree dental plan for municipal retirees insured under the state plan.
Boston Globe Editorial, June 24, 2012:
Piece Fair But Incomplete Picture
JUNE 18, 2012: Figures don’t tell the full story when pension cost-of-living increases are discussed in the press.