Board approves 3% cost-of-living adjustment for fiscal year 2026
Effective with the July 1, 2026 pension payment, applied to the first $18,000 of each member's annual benefit. The maximum monthly increase is $45.
At its April 22, 2026 meeting, the Eldridge Bay Retirement Board voted unanimously to approve a 3.0% cost-of-living adjustment (COLA) for the fiscal year beginning July 1, 2026.
The adjustment applies to the first $18,000 of each retiree's or beneficiary's annual retirement allowance, in line with the board's locally adopted COLA base under M.G.L. c. 32 § 103. The maximum monthly increase is $45, or $540 per year.
When it shows up
The increase is reflected automatically in your July 1, 2026 payment. No member action is required. You'll see the new gross monthly amount on your July direct-deposit statement; your federal tax withholding may shift slightly depending on your W-4P election.
Who's eligible
The COLA applies to all members of the Eldridge Bay Retirement System who:
- Were receiving a retirement allowance from the system as of June 30, 2026, and
- Began drawing that allowance at least twelve months prior to the COLA effective date.
Survivors and beneficiaries receiving a continued allowance are eligible on the same terms.
Statutory background
The Board sets the COLA percentage each year, within the 0–3% range allowed under M.G.L. c. 32 § 103, subject to PERAC concurrence. The base ($18,000 in Eldridge Bay) was last adjusted by the Board in 2018. The cumulative annual cost of the FY26 COLA to the pension fund is estimated at $1.42 million, fully accommodated within the board's actuarially determined contribution schedule.
Questions
Members with questions about how the COLA affects their individual allowance can call the Retirement Office at (508) 555-0142 or email office@eldridge-bay-retirement.gov.