Skip to comments.City considers hike in retirees’ pensions
Posted on 06/18/2012 2:31:28 PM PDT by outpostinmass2
As cities and states across the nation take aim at public employee pensions, Boston City Hall is engaged in a very different debate: how much to increase retirees checks.
Mayor Thomas M. Menino is proposing to boost the annual cost-of-living adjustment for most pensioners from $360 to $390, a $30 increase. City Council president Stephen J. Murphy is pushing for more, seeking a $90 increase over the current rate.
Other Massachusetts cities and towns have had similar debates. Last month in Brookline, voters rejected the advice of the Board of Selectmen and approved a pension increase akin to what Menino is proposing. In Hampden County last year, the retirement board that covers 18 towns enlarged the annual cost-of-living adjustment by $180.
In contrast, Maine lawmakers canceled all cost-of-living increases for three years for the roughly 37,000 beneficiaries in the state pension system. Last month, Chicagos mayor, Rahm Emanuel, called for a pause on cost-of-living increases for a decade. Residents in San Diego voted overwhelmingly to eliminate pensions for newly hired city employees - except police officers - and institute a 401(k) program.
But Massachusetts county retirement boards covering almost 200 cities and towns have approved larger pension checks by increasing the yearly cost-of-living adjustments, according to Ralph White, president of Mass Retirees, which represents the Commonwealths retired public employees.
At first blush, it does look opposite to the trend, said Jean-Pierre Aubry, assistant director of state and local research at the Center for Retirement Research at Boston College. But Massachusetts differs from these other plans.
(Excerpt) Read more at boston.com ...
Of course you can, it's other peoples money.
I have a private pension, it contains no increases ever of any sort. I knew that when I decided to retire and planned accordingly.