In response to the rising cost of living affecting retirees across Boston, the City Council has passed a resolution to significantly increase the Cost-of-Living Adjustment (COLA) base for city retirees. This decision follows a 2.5 percent increase in the cost of living in Boston over the past year, with notable rises in essential areas such as transportation, food, and housing.

This decision by the council acknowledges the challenges faced by municipal retirees, who depend on fixed incomes that are struggling to keep up with rising costs. According to a recent announcement from the City of Boston, Councilors Weber, Santana, and Flynn introduced the resolution, highlighting that these retirees have “dedicated many years of service as municipal employees and contributed their hard-earned money to the retirement system in hopes that they could live comfortably after their service to our City.”

Despite the clear need and extensive advocacy from both council members and retirees, the Boston Retirement Board initially did not vote to support the COLA base increase. This hesitation left many city employees uncertain about their financial security in retirement. However, the unanimous resolution from the Council has paved the way for continued advocacy, with the goal of securing a three percent annual COLA increase and raising the base amount from $15,000 to $18,000 for retirees.

Massachusetts Chapter 188 of the Acts of 2010 allows each retirement board the discretion to adjust the COLA base as they see fit, but this discretion had not been exercised until the Council's intervention. With this resolution, the Council has demonstrated its support for those who have served the City of Boston, raising hopes that the Retirement Board may reconsider its stance.