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Moore’s bill to increase retired public employees cost of living gets approval
May 11, 2007...The hard work of Sen. Richard T. Moore, D-Uxbridge, on behalf of retired public employees and survivors, paid off when his proposal for a cost of living increase was approved in a redrafted bill. The Committee on Public Service approved legislation that will increase the base on which a retired public employee’s annual percent cost-of-living adjustment (COLA) is computed from $12,000 to $16,000. “With inflation rates averaging above 1.5 percent, today’s COLA falls short of providing a true cost of living adjustment,” said Moore. “In these challenging times, it is still important that we maintain our commitment to our retired public employees who deserve to have this bill passed in a timely manner.” Under this bill, COLA will be automatic and will be 3% of the base. In addition, the changes will align Massachusetts’s COLA increases more closely to those of Social Security, bringing equity to Massachusetts retirees who are not eligible for Social Security benefits. In the future, COLA base will be tied to the maximum Social Security benefit. Over the next 16 years, the COLA base will increase from 65% to 100% of the maximum social security benefit to eliminate revisiting the issue yearly. Since the time when Moore was Senate Chair of the Legislature’s Committee on Public Service in 1997-98, the veteran lawmaker has filed legislation and lobbied his colleagues to increase or remove the cap on COLA increases. The bill, S1515, Relative to Increasing the Cost of Living Adjustment (COLA) Base, now moves to the Committee on Ways and Means for consideration. For more information on Sen. Moore’s work in the Senate, log onto this website at www.senatormoore.com |
