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Holyoke council asks staff to analyze cost and eligibility of 'half-pay' pension increases under Sections 90A/90C
Summary
Councilors directed staff and the retirement board to compile an actuarial analysis of possible pension increases under Chapter 43 sections 90A and 90C ("half pay") to estimate how many retirees would be eligible and how much such increases would add to the system's unfunded liability before the council considers any action.
The Holyoke Finance Committee voted Feb. 11 to request an analysis of pension "half-pay" increases under Chapter 43, Sections 90A and 90C and to prepare draft language for a future order or vote. The committee did not approve any benefit changes; members directed staff to obtain data and an actuarial estimate before taking a formal position.
City officials said Section 90A/90C allows eligible retirees (for example, superannuation retirees with sufficient service or accidental disability retirees) to receive pension increases up to half the pay…
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