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The Finance Committee recommended that the City Council approve raising the Malden Retirement System COLA base from $16,000 to $18,000, with the retirement fund scheduled to be fully funded by 2030. The recommendation passed 4-1.
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The increase would raise the amount used to calculate annual cost-of-living adjustments for contributory retirees and survivors; it would not itself set the annual COLA percentage. Officials said the change would add about $98,000 to the city’s appropriation initially and more than $5 million to long-term liability, while retirees would receive about $5 more per month under a typical 3% COLA. Final approval was left to the City Council.
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