← Legal & Legislative Committee · 2023-05-22 · Legal & Legislative Committee Meeting
ORDER-2023-92 : Requesting Approval to Increase the Melrose Retirement System’s Cost of Living Adjustment (“COLA”) for Fiscal Year 2023 from 3% to 5% as Allowed For By Chapter 269 of the Acts of 2022
Agenda original PDF
Minutes original PDF
ORDER-2023-92 Accepting Act of Legislature/Local Option Requesting Approval to Increase the Melrose Retirement System’s Cost of Living Adjustment (“COLA”) for Fiscal Year 2023 from 3% to 5% as Allowed For By Chapter 269 of the Acts of 2022 Ought to Pass City Council City of Melrose Page 1 5/24/2023 4:05 PM
Transcript
▶ 1:16 Ryan Williams: and public comment is closed. Um, we have, uh, one order before us tonight. It is order 2023 dash 92, which is requesting approval to increase the Melrose Retirement System's Cost of Living adjustment, otherwise known as COLA for fiscal year 23 from 3% to 5% as allowed for by chapter 2 69 of the Acts of 2022. And this is brought to us by, uh, the Mayor of Melrose. And I believe we have someone from the administration tonight. So, uh, with no objections, I'd like to suspend the rules and seeing no objections. The rules are suspended. Please come before us. Mr. Vinky. The, and thank you.
▶ 1:58 Speaker 1: Good evening. My name's Adam. I'm the Director of the retirement Board. Um, and I'm here tonight to ask for a 2% increase on the cost of living, uh, for FY 23, retroactive to July one of 22.
▶ 2:11 Ryan Williams: Okay. Uh, do you have any information other than that to present to us, or you just wanna entertain questions? That's It. It's just a one-time retro. Um, and the cost will be reflected next year's appropriation when the board votes on the new funding schedule. Okay. Do any counselors have questions on this?
▶ 2:27 Speaker 2: I would make a motion to, uh, Recommend, uh, to the full board
▶ 2:32 Ryan Williams: Second. Okay. On discussion. I had one, one question. Sure. Um, it's a very small increase, three to 5%. Is there, do, do you have some sense of how this affects the fund's performance long term? Um, what the impact would be over time? Um, short term, where the fund balances are at the moment. Just a little bit of the financial picture. Yeah. Yeah. So it's, it's short term. It's about $90,000, the cost of doing the cola retroactively. Okay. Um, and this will be factored into next year's appropriation with the funding schedule going forward. So you won't even see the reflective cost until FY 25. Okay. Okay. Wonderful. Thank you. Appreciate that. Um, so we have an, uh, motion on the floor with a second. All in favor? Aye. Aye.
▶ 3:16 Speaker 1: I believe it has to be voice roll call. Oh, so vo it's a, okay. Well, Mr. Clerk, please call the roll Councilor son. Yes. Councilor Eccles.
▶ 3:26 Ryan Williams: Yes. Chair Williams? Yes. That's three. Yes. Unanimous. All right. Well, that, we'll move forward to the full counsel. Thanks very much for coming out tonight. Thank you so much. Appreciate it. Yep.
▶ 3:34 Speaker 2: Motion to adjourn. Check. Second.