COLA Updates 2023
On May 31, 2023, eligible retirees (those who retired on or before June 30, 2021) will see an increase in the monthly payment. The Governor signed a bill allowing for a one-year increase in the COLA percentage from 3% to 5% with a approval from the Methuen Retirement Board, the Mayor and City Council. In July 2022, retirees received a 3% COLA. In May 2023, retirees will see a 2% increase in COLA and all retroactive amounts to July 1, 2022.
On July 28, 2023, eligible retirees (those who retired on or before June 30, 2022) will see an increase in the monthly payment. The Methuen Retirement Board granted a 3% COLA on the first $18,000 of the retirement allowance. This is a maximum monthly increase of $45.