At its meeting on February 23, 2011, the Board of the Franklin Regional Retirement System voted to grant the full 3% Cost-of-Living-Allowance (COLA) to the retirees of the system. As in years past, in compliance with the law, this COLA is calculated only on the first $13,000 of the retiree’s annual pension (increased from $12,000).
Given the current financial status of the member communities, the Board weighed the pros and cons carefully and came to an enlightened decision. The factors influencing the Board’s decision have been described in a letter to the member units (towns and agencies) which can be viewed by clicking here: COLA July 2011 announced to units