We are pleased to announce that the board voted to approve a 3% Cost of Living Increase effective July 1, 2011 and payable July 31, 2011. This Cola is capped on the first $12,000.00 of your retirement allowance. The dates and cap amount are set by our governing body. 3% is the maximum cola allowed.
You must have retired on or before June 30th, 2010 in order to be eligible to receive this COLA.
received from Social Security may be offset by any pensions you receive from
the City of
If you chose an Option C to provide for your spouse and they have predeceased you, your pension will be considered a part of the conversion commonly referred to as the Option C “Pop-up”. Upon notification and a copy of your beneficiary's death certificate, you will thereafter be paid the full retirement allowance you would have received had you elected Option A at the time your retirement allowance became effective. Any cost-of-living increases that have been granted since your Option C retirement became effective will be reflected in your newly established Option A allowance. All payments will cease upon your death.
As a Massachusetts Public Employment Retiree, there are restrictions on post-retirement employment for any and all Massachusetts Public Employers (including all cities, towns, public schools, fire/water or health districts, housing authorities, state agencies, state colleges and universities). Restrictions also apply to federal grant funded positions with a Massachusetts Public Employer.
Public sector employment for retirees is limited to both aggregate hours and earnings per calendar year. Hours of compensated work are limited to an aggregate of 960 hours per calendar year. Earnings are limited to the difference between your retirement allowance and the compensation paid for the position you retired from. For example, if the position you retired from currently pays $30,000 and your retirement allowance is $20,000, you are limited to the difference - $10,000 of earnings from public sector employment in a calendar year. The rationale – as a public sector retiree, you cannot be compensated (from public funds) more than you would have received had you continued working in the position from which you retired. You, the retiree, are responsible for monitoring your aggregate hours and compensation from all public sector employment. You must cease all public employment when either limit is reached. If you exceed either limitation, you will be subject to reimbursement of all compensation in excess of limits or you must waive receipt of your retirement allowance for the period of re-employment with any public sector employer(s).
For regular “Superannuation” retirees (i.e. regular age/service based retirements) post-retirement employment in the private sector is not subject to restrictions.
For “Disability” retirees all post-retirement earning including private sector earnings are subject to restrictions.