FILED ON: 7/28/2022

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 5124

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Second General Court
(2021-2022)

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An Act relative to cost-of-living adjustments for retirees.

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to provide for increased cost-of-living adjustments for retirees, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1.  Notwithstanding section 103 of chapter 32 of the General Laws or any other general or special law to the contrary, the retirement board of any system that has accepted said section 103 may elect to establish a cost-of-living adjustment increase not less than 3 per cent and not greater than 5 per cent for fiscal year 2023.

The sum of the dollar amount of the cost-of-living increase, together with the amount of retirement allowance, pension or annuity to which the cost-of-living increase is applied, shall become the fixed retirement allowance, pension or annuity for all future purposes, including the application of subsequent cost-of-living adjustments in future years.

The retirement board shall conduct an election in a public meeting, properly posted and called specifically for such election. The board shall notify the relevant legislative body not later than 30 days before such election. A retirement board may grant a cost-of-living increase of not less than 3 percent and not greater than 5 per cent for fiscal year 2023 at any time during the fiscal year.

SECTION 2. This act shall take effect on July 1, 2022.