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Town of Lexington <br />3 <br />Considerations for Adoption: <br />•The current funding schedule and actuarial valuation assume a 3% <br />Cost of Living (COLA) increase in FY2023, so this would add 2%. <br />•The 5%COLA will only apply to the COLA base,currently $15,000. <br />•Increasing from a 3% to 5% COLA will equate to a maximum of <br />$25/month or $300/year for Retirees. <br />•The State of Massachusetts and Massachusetts Teacher’s <br />Retirement Systems have already adopted the 5% COLA. Any <br />teachers who worked and retired from Lexington will receive the <br />5% COLA for FY2023. <br />•The Lexington Retirement Board has voted in favor of granting the <br />5% COLA for all Lexington retirees.