COLA

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

3% COLA OK'D

JULY 2004 - Base Alternative On Horizon - A 3% July COLA for state and teacher retirees is now assured.

Greenspan Wants To Change Price Index: Would Mean Smaller COLAs

MAY 2004
- Federal Reserve Chairman Alan Greenspan's testimony before the House
Budget Committee on February 25 has been getting a lot of headlines
lately.

July Pension COLA Looks Good

MAY 2004
- So far, it's been smooth sailing for a state and teacher retirees' 3%
July pension COLA. Language for the COLA was included in the FY05 state
budget filed by Governor Romney in January. House Leaders are now
preparing to act on the budget, which takes effect July 1. We have been
assured that the COLA will remain intact when the budget is passed by
the House, and we are optimistic that Senate leaders will support the
COLA in that branch.

Four Boards Change July '03 COLA Vote

MARCH 2004
- Increase Retirees' COLA To 3% - A reconsideration vote by four retirement boards, that had earlier
voted for 1.4% July '03 consumer price index (CPI) COLAs for their
retirees, resulted in three of these boards voting for retroactive 3%
COLAs and a fourth board voting for 3% beginning in January.

Medford Votes First On July COLA

MARCH 2004
- Three Other Boards Quickly Follow - Medford's Retirement Board wasted no time in voting for a July 2004
3% COLA, becoming the first board in the state to take this action.

North Attleboro Reverses Cola Vote

JANUARY 2004
- Retirees Receive Three-Percent - After a June vote for a 1.4% July COLA for their retirees, the North
Attleboro Board has changed their minds and members are now receiving
3% COLAs.

Pension COLA Base To Be Studied

JANUARY 2004
- Public Service Committee Acts - In a move that breathed new life into our efforts to raise the base
upon which the annual pension cost-of-living adjustment (COLA) is
applied, the Joint Committee on Public Service has commissioned an
in-depth study of the subject.

Beverly Is Last Board To Vote COLA

NOVEMBER 2003 - Beverly's Retirement Board voted on July 31 to pay a three-percent COLA to its retirees. The vote was retroactive to July 1.

The
vote by the Beverly Board brought the total number of boards that voted
for 3% to 101 of 106 boards. As reported earlier, four Boards -
Easthampton, North Attleboro, Gardner and Peabody voted for 1.4% COLAs,
and Somerville voted for a 2.5% COLA.

Worcester Reverses COLA Vote

SEPTEMBER 2003
- Pension Bonding Muddies Water - In the aftermath of the lagging financial markets, the city of
Worcester Retirement Board has reversed an earlier vote, taken in late
June, that would have restricted this year's Cost-of-Living-Adjustment
(COLA) to 1.4%.

Local Boards Deliver 3% COLA

SEPTEMBER 2003
- Members Express Appreciation For Support - Despite a few recalcitrants, the overwhelming majority of our 104
five-member local retirement boards voted unanimously for new three
percent cost-of-living adjustments (COLA) beginning with this July's
pension checks.