Government
City Watertown Retirees Will Get a Pension Boost After Council Vote
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This week, the City Council voted to give City retirees an increase in their pension benefits, while maintaining a fully-funded pension system. Retirees typically get an annual cost of living adjustment (COLA) of 3 percent a year, said City Manager George Proakis, but that increase only applies to the first $14,000. On May 13, the Council voted to increase the amount that the COLA is applied to by $1,000. The pension number is fixed based upon an employee’s years of service and their age when they retired, Proakis said. The increase came at the request of the Watertown Retirement Board, said City Council President Mark Sideris.