Retirement Board approves 3% COLA effective July 1.

Retirement Board · Meeting of May 26, 2026

Swampscott Retirement Board grants 3 percent COLA to system retirees effective July 1, 2026. Chair Thomas H. Driscoll Jr., Vice Chair John F.

Behen Jr., Kevin F. Breen, Robert J. Powell III, and Patrick Luddy unanimously approved the increase along with two new members and $1.12 million in combined financial warrants.

Wainwright Consulting advisers Mike Dwyer and Jeff Fabrizio reported the fund's total market value had dropped to $98.6 million in March; the board unanimously approved a partial reallocation transferring $3.5 million from PRIT Domestic Equity Large Cap into $1.5 million in US Investment Grade Bonds and $2 million in Hedge Funds, deferring the remaining $2 million of the initial recommendation.

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Source: the Retirement Board meeting of May 26, 2026, reported from the official video recording and transcript.