Summary

Retirement Board Approves 3% COLA

ShrewsburyMar 26, 20261 min read

At a glance

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The board voted 4-0 to approve a 3% cost-of-living increase for all eligible retirees, applied to the $14,000 COLA base and effective July 1, 2026.

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Retirement Board

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Labor

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What this means

Eligible retirees will receive the approved cost-of-living increase beginning July 1, 2026. The board also approved three retirement applications, four member enrollment forms, routine payments and payrolls, and a $900,000 transfer from the PRIT Fund. Two firms submitted proposals for actuarial services, and the executive director will arrange presentations for the April meeting.

Key decisions

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Approved a 3% cost-of-living increase for all eligible retirees on the $14,000 COLA base, effective July 1, 2026, by a 4-0 vote.
Approved the amended February 26, 2026 meeting minutes by a 4-0 vote.
Approved four member enrollment forms and three retirement applications by a 4-0 vote.
Approved the listed accounts payable, payroll warrants, refunds, and automatic payments, including March 2026 accounts payable of $598,793.03 and March 2026 retiree payroll of $999,082.25.
Approved a $900,000 transfer from the PRIT Fund by a 4-0 vote.
Directed the executive director to schedule meetings with KMS and Stone Consulting regarding their actuarial proposals for the April board meeting.

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