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Council approves small increase in retiree COLA ceiling to $16,000
Summary
The Lynn City Council approved raising the maximum base used for retiree cost-of-living adjustments from $15,000 to $16,000 following a recommendation from the retirement board.
The City Council on May 27 voted to raise the maximum base used for retiree cost-of-living adjustments (COLA) from $15,000 to $16,000, following a unanimous recommendation from the Lynn Retirement Board.
Retirement Board counsel and city attorney Jim LaManna told the council the board had not increased the COLA base since 2021 and that improved investment returns and lower-than-expected liabilities supported the change. LaManna said the retirement board is a separate legal entity and sets COLA recommendations; council approval is required to accept the change.
Councilors asked how many retirees would be affected; LaManna said the retirement board, which is separately governed, would have the detailed count. The council approved the change by roll call.
