Budget Amendment ID: FY2024-S3-798

OTH 798

COLA

Messrs. Crighton, Pacheco and Cronin, Ms. Gobi and Messrs. Brady, Keenan and Mark moved that the proposed new text be amended in section 40, in line 7 by striking the words “3 per cent” and inserting in place thereof the following words:- "5 per cent"; and 

By adding the following section:-

"SECTION XX. Notwithstanding any provision in section 103 of chapter 32 of the General Laws 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 greater than 3 per cent up to 5 per cent for fiscal year 2024.

The sum of the dollar amount of said cost of living increase, together with the amount of retirement allowance, pension, or annuity to which the cost of living per cent factor 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 board shall conduct such election in a public meeting, properly posted, called specifically for such election. The board shall also notify each legislative body at least 30 days before such election. A retirement board may grant a cost-of-living increase greater than 3 per cent for fiscal year 2024 at any time during said fiscal year and said increase shall be retroactive to July 1, 2023."