PLYMOUTH RETIREMENT BOARD Thursday, December 17, 2009 8:30 a.m. Agenda I – Annual COLA Vote
Chairman Kelley opened the meeting of Thursday, December 17, 2009, at 8:30 a.m. The purpose of this meeting was to discuss the percentage of Cost-of-Living Adjustment (COLA) to be granted to eligible retirees as of July 1, 2010. Pursuant to Chapter 32, Section 103(c) any system may grant a COLA of 3%, which is the maximum amount allow under Section 103(c). The maximum allowable for retirees of the Plymouth Retirement System is 3% applied to the first $12,000 of retirement allowance, given the Town’s previous acceptance of Chapter 32, Section 103(i). Eligible retirees are those who have been retired for one full year as of June 30, 2009. Present Board members were Lynne Barrett and Richard Manfredi. Shawn Duhamel & John Murphy were absent. Also present was Debra Sullivan & Wendy Cherry of the Plymouth Retirement Office and Claire Soares of PREA.
Motion made by Mr. Manfredi to vote and approve the maximum COLA of 3% to retirees, effective July 1, 2010; seconded by Ms. Barrett. Unanimously voted.
Motion to adjourn meeting at 8:35 a.m. made by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Next Meeting: Friday, December 18, 2009, 8:30 a.m.
Respectfully submitted,
Wendy Cherry
Assistant Director
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting held on Friday, December 18, 2009. Original signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth MA.
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