Leominster Retirement Nixes COLA

I wish the Leominster Retirement Board had seen our analysis before they voted down a COLA for their retirees because I think they might have thought differently about it.  Essentially, because COLA is limited to 3% on only the first $12,000 of our retirees’ annual pension, they get greatly shortchanged when compared to Social Security’s COLA over the years.

See our report: COLA July 2010 board vote explained to units

See the newspaper article about the Leominster vote: http://www.sentinelandenterprise.com/ci_15164382