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Needham retirement board readies $20,000 COLA base; to vote on July 3% rate in April meeting
Summary
The Town of Needham Retirement Board discussed placing a $20,000 cost‑of‑living adjustment (COLA) base on the town meeting warrant and agreed to schedule a separate April vote on the July 3% COLA rate; staff told the finance committee the request seeks to reduce back‑to‑back increases for retirees.
The Town of Needham Retirement Board on March 25 discussed a warrant article to raise the COLA base for retirees to $20,000 and agreed to place a separate vote on the COLA percentage (the board’s maximum is 3%) on next month’s agenda.
Staff told the board that the town manager has included the COLA base request in her budget and that the finance committee had approved the request while asking for comparisons with other communities. Board members said presenting a $20,000 base is intended to…
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