SPRINGFIELD, Mass. (WWLP) – The Springfield Retirement Board has decided to approve a new local option to increase the Cost of Living Adjustment (COLA) for Springfield city retirees.
The board approved up to 5% as a result of a state law that was signed by former Governor Charlie Baker in November 2022.
Mayor Domenic Sarno approved the raise and will sponsor an order for the City Council to consider to increase the total COLA for city retirees from 3% to 5%.
Mayor Sarno states, “Building off the previous 3% COLA increase I sponsored last year for our city retirees/seniors, I want to thank former Governor Baker and our Springfield Retirement Board for approving this additional COLA increase of 2%. This will now bring the total COLA increase for our city retirees to 5%. Thanks to our sound and prudent fiscal management, and with the unprecedented times of a 40 year high in inflation and a looming recession, it is imperative that we assist our city retirees/seniors, ‘to help make ends meet’. Simply put, this is the right thing to do as I do not want our city retirees/seniors to have to make the difficult decisions whether to get their medicine and/or put food on the table.”
Initially, the mayor submitted an order that was approved by the City Council to increase the COLA for city retirees to 3% in October. On November 16, 2022, then Governor Baker signed into law, Chapter 269 of the Acts of 2022, which provides a local option to increase the COLA to up to 5%.