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Analysis of New Retirement Law Underway |
July 2009: The Fall River Retirement Board is currently reviewing Chapter 21, of the Acts of 2009, the so-called "Pension Reform" law. Chapter 21 redefines some aspects of the law (M.G.L. Chapter 32) governing the prospective pension benefits of current and future public employees. Retirees are not impacted in any way by the new law.
Prior to the Board making any determination, as to how Chapter 21 will be implemented in Fall River, we are awaiting further direction and analysis from the Public Employee Retirement Administration Commission (PERAC). We are also working closely with the city and union representatives to determine how the new law may impact collective bargaining agreements.
If you have any questions or concerns regarding Chapter 21, please feel free to contact our office directly.
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The Fall River Retirement Board has approved a 3% Cost-of-Living Adjustment (COLA) for Fiscal Year 2010. Eligible retirees will receive a 3% COLA on the first $12,000 of one's pension, up to a maximum annual benefit of $360, beginning this July. State law requires a retiree to have been retired for one full fiscal year (6/30/08-7/1/09) in order to be eligible for the FY10 COLA.The first installment of the new COLA will be paid in the July 2010 pension check.
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