The Hampden County Regional Retirement Board is pleased to announce that at its regular monthly meeting held on January 28, 2011, the Board voted to increase the base that the Cost of Living Adjustment maximum increase is calculated upon from $12,000.00 per year to $18,000.00 per year effective July 1, 2011. The Board’s action was approved by the Hampden County Regional Retirement Board Advisory Council on April 5, 2011. The Board was able to increase the COLA base by extending the funding schedule of the system from 2024 to 2036. The Board’s actuary, Kathy Riley from Segal provided actuarial services to the Board.
The Hampden County Regional Retirement Board is pleased to announce that at its regular monthly meeting held on April 29, 2021 the Board approved a 3% Cost of Living Adjustment on the first $18,000.00 of retirement income for those eligible retirees and survivors receiving benefits from the system. In order to be eligible to receive this increase, a member must be retired on or before June 30, 2020. This cost of living increase would be effective July 1, 2021 and reflected with the retirement allowance check and direct deposit issued on July 31, 2021. For those retirees and beneficiaries who are receiving $18,000.00 per year or more of retirement income the maximum increase will be $540.00 per year, which is a monthly increase of $45.00.
The Retirement Board mailed out to all retirees and beneficiaries receiving monthly benefits as of Dec. 31, 2020 the Annual 1099R tax form for Tax Year 2020 on January 25, 2021. This is the form for retirees and beneficiaries to use when filing their Federal Income Tax Forms to the IRS by April 15, 2021. If you have not received your form, please contact the Retirement Board Office for a copy.