Since our last report in the April Voice, we have eleven more local retirement systems that have increased their COLA Base. It’s noteworthy that for all of them it wasn’t their first time doing so.
Chaired by retired Deputy Fire Chief and Association member Mark Devine, Westfield raised its base from $13K to $14K. Hampshire County did likewise, with a new $14K base this coming July. Already at $14K, Revere will be raising its base to $15k.
Upping its base by $2K, New Bedford and Winthrop have adopted a new $16K base, while North Adams went a step further, voting a $4K increase to a $17K base. Another system going to a $17K base is Natick that had been at $15K.
We’re also pleased to report that there are two new members of the “20K Club”. Greater Lawrence Sanitary District (GLSD) raised its $18K base to $20K. And, just before press time, we received good news from Salem.
“While we were putting the finishing touches on this Voice, Salem Retirement Board elected member Bob Callahan, a retired police captain, let me know that the City Council had approved the Board’s increase of the COLA base to $20K – a whopping $5,000 increase over its current $15K base,” reports President Frank Valeri.
“I’m proud to say that both Bob and Sally Hayes, the Board’s other elected member, belong to the Association. And, the GIC’s Executive Director Matt Veno, with whom we have a solid working relationship, also serves on the Board as its fifth member. Thank you all for this significant (and permanent) COLA boost to the pensions of your city’s retirees and survivors.”
Wellesley went even further when its town meeting approved an incremental approach over the next four fiscal years. Beginning this July, the COLA Base will be $22K for Wellesley retirees, nearing the average Mass. Social Security benefit. Over the succeeding three fiscal years, the base will be increased in $1K increments until it reaches $25k on July 1, 2029.
Just like Wellesley, the City of Newton has adopted the incremental approach in raising its current $15K base. Beginning this coming fiscal year (FY27), the Newton base will be $16K. Then in each of the next two fiscal years (FY28 & FY29), the base will be raised in $1K increments so that beginning July 1, 2028, Newton retirees and survivors will be entitled to a $18K base.
“As we did with the systems highlighted in our April Voice, we also applaud these eleven for what they have achieved, namely increasing their COLA base,” comments President Frank Valeri. “And, we’re confident the list will grow before July 1.”
Reminder: Our next (October) Voice will include a complete report on the COLA base for each of the Commonwealth’s 104 retirement systems.
