Increase in COLA Base Approved
The Cambridge City Council has apprvoed an increase in the base used to calculate Cost of Living Adjustments for retirees. The base increase had also been approved by the Cambridge Retirement Board at a prior meeting. With the approval of both bodies, the new COLA base will come into effect in July 2018.
The new COLA base will be $16,000, up from $14,000 in 2017. The means the maximum increase to a retiree's monthly benefit will now be $40 per month, rather than $35. The Board will likely vote on a COLA later in the year.