Summary

Retirement Board Approves 3% COLA Increase

MarlboroughMay 26, 20261 min read

At a glance

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The board unanimously approved a 3% cost-of-living adjustment on the current $15,000 base for eligible retirement allowances.

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Retirement Board

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LaborElections

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What this means

Eligible retirees will receive a 3% COLA increase based on the current $15,000 allowance base. The board also unanimously approved $1,914,240.80 in retiree, vendor, staff, and refund warrants, accepted nine new member applications, and approved five refund/rollover and three transfer requests. Mark Bingle was appointed Election Officer for upcoming board elections.

Key decisions

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Approved a 3% COLA increase on the current $15,000 base of eligible retirement allowances by a unanimous 5-0 vote.
Approved retiree payroll of $1,656,219.28, a vendor warrant of $114,210.93, staff payroll of $20,143.35, and a refund warrant of $123,667.24.
Accepted nine full-time membership applications.
Accepted five refund/rollover applications and three transfer requests.
Appointed Mark Bingle as Election Officer for upcoming elections involving Gregory Brewster and William Taylor.
Placed the death of Elaine C. Connor on file by unanimous vote.

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