Retirement board conditionally backs COLA benefit increase funding plan
Belmont's Contributory Retirement Board conditionally approved a deferred-cost COLA benefit funding plan. The board voted to adopt Option #3, which reduces the fiscal 2027 appropriation to $11.8 million and extends the full funding date to fiscal 2032, contingent on Town Meeting approval of Article
Belmont Contributory Retirement Board · Meeting of April 23, 2026
Belmont's Contributory Retirement Board conditionally approved a deferred-cost COLA benefit funding plan. The board voted to adopt Option #3, which reduces the fiscal 2027 appropriation to $11.8 million and extends the full funding date to fiscal 2032, contingent on Town Meeting approval of Article 17 to raise the COLA base from $13,000 to $15,000. Chair Thomas Gibson noted that Belmont's COLA base lags behind its peers and is due for its first increase since 2018.
In the full story:
- The complete report — 209 words
Source: the Belmont Contributory Retirement Board meeting of April 23, 2026, compiled from the official minutes.
Members read the rest of this story and every Belmont meeting we cover, in full.
Become a memberAlready a member? Sign inA 30-day free trial needs a payment method. After it, your membership renews at the price shown at checkout until you cancel, which you can do anytime from your account. Subscription terms
Share this brief
Know someone in Belmont who follows town government? Share Townbrief Belmont: they can sign up free.