Cost of-living adjustments are granted to Hingham benefit recipients by vote of the Hingham Retirement Board. Every year, the Public Employee Retirement Administration Commission (PERAC) files, with the Legislature, a report detailing the increase or decrease in the Consumer Price Index (CPI). The board then votes whether to grant a COLA based on the increase in the CPI or 3%, whichever is less.
Currently, the retirement base on which a COLA is granted is $14,000. Accordingly, if the Board grants a 3% COLA effective July 1st, a benefit recipient may have his or her allowance increased by a maximum of $390 per year, or $32.50 per month.