To see if the Town will vote to give the Contributory Retirement Board authority to increase the maximum base on which the cost - of - living increase is calculated for retirees of the Arlington Retirement System from $15,000 to $16,000; in accordance with Section 103(j) of Chapter 32 of the Massachusetts General Laws.  

Inserted at the request of the Contributory Retirement Board

VOTE: 14-1-2

COMMENT: With a projected large deficit and override vote looming on the horizon, the Finance Committee believes that this is an ill-advised time for the Town to now adopt this existing state legislation which, while affording the average retiree a very modest benefit, will collectively cost the Town the equivalent of approximately $4 million in present dollars, causing the Town to extend even further its pension funding liability.

That no action be taken under this Article.