Block the Watertown Retirement Board Recommendation to Increase the Cost of Living Adjustment

Hi,

I'm asking that you help me encourage our Watertown Town Councilors to reject the recommendation and request from the Watertown Retirement Board to increase the Cost of Living Adjustment (COLA) base.

This vote will have direct long term financial impact on our school district and other city services.

I attended the May 23 Budget and Fiscal Oversight Committee meeting where our town pension and OPEB (Other Post Employment Benefits) liability was discussed. I was reassured to hear the steps that the Town Manager, Auditor and Council have already put in place. The $58 million of pension liability and $118 million in OPEB liability are still enormous and daunting figures but our elected officials, Town Manager and Auditor are addressing it.

Our Town Council has put a strategy and a plan in place to address these unfunded obligations. If this increase recommendation is approved by the Town Council it will move our liability line in the wrong direction.

There is the possibility on June 1, at the Budget and Fiscal Oversight Committee meeting, that a large group of current retirees and existing union employees to show up and provide visible support for this increase. I don't believe this group should speak for the entire town and I know that an approval of this recommendation will decrease future funding for our schools, library, recreation, fire, police and public works departments.

Please read the Official Town Meeting notes so you can formulate your own opinion. Please join me in providing a more balanced discussion and perspective at this meeting.

If you are unable to attend please consider contacting our Town Councilors via email (towncouncil@watertown-ma.gov) to let them know how you would like them to vote.

I created a flier that I plan on handing out on Tuesday and Wednesday morning at the Lowell School that encourages a more diverse set of voices to speak up and ask questions. Watertown pension Cost of Living Adjustment

Thanks,
Matt