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Active members of the Cambridge Retirement System have two options as to how beneficiaries will be paid out should the member die prior to retirement.  The first option is for the balance of the member’s Annuity Savings Fund to be paid out in a lump sum to any named beneficiary or beneficiaries. 

The Cambridge City Council has apprvoed an increase in the base used to calculate Cost of Living Adjustments for retirees.  The base increase had also been approved by the Cambridge Retirement Board at a prior meeting.  With the approval of both bodies, the new COLA base will come into effect in July 2018.

The new COLA base will be $16,000, up from $14,000 in 2017.  The means the maximum increase to a retiree's monthly benefit will now be $40 per month, rather than $35.  The Board will likely vote on a COLA later in the year.

It is hereby determined that John Shinkwin was the only candidate to have submitted valid nomination papers for election to the Cambridge Retirement Board.  Therefore, at the meeting of the Cambridge Retirement Board held on Thursday, May 11, 2017, the Board voted to declare that John Shinkwin be considered elected to the Cambridge Retirement Board and that no election shall be held.  His term will commence on August 1, 2017 and expire on July 31, 2020.  He will serve in all respects as though he had been elected by election.

Two retirement seminars which had been postponed due to inclement weather have now been rescheduled. 

An information seminar for members of the Fire Department which had been scheduled for February 9 will now be held on March 21 at 9:00 am at 31 Smith Place.

The seminar for all City employees (pre-registration required) which had been scheduled for March 14 will now be held on April 16 at 9:00 am at City Hall Annex.  All participants who originally registered for the event will be automatically scheduled to attend.