UPCOMING
Date: February 1st, 2024
Purpose
Pursuant to Massachusetts General Laws Chapter 32, Section 103 (i), please accept notice that on Tuesday, February 27th, 2024 at 8:30a.m., the Lawrence Retirement Board will conduct a public meeting at 354 Merrimack St. Included in this meeting it will discuss whether it will elect to grant a Cost of Living Adjustment (COLA), not to exceed 3% in the aggregate (up to the first $14,000 of the retirement allowance), to the Lawrence Retirement System’s retirees and survivors.
Conditional Effective Date:
If approved, allowances will increase effective July 1st, 2024. Also, this will be
applicable to all those who retired on or before June 30th, 2023.
APPROVED COLA on 2/27/2024 - 3% Capped at 14K
Please note: Your pension is exempt from Massachusetts State Income Tax
Massachusetts state and local employee contributory pension
Massachusetts state/local employee pensions are contributory annuity, pension, endowment, or retirement funds of the Commonwealth of Massachusetts (or any of its political subdivisions), including the MA Optional Retirement Program (ORP).
As an employee of Massachusetts:
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Contributions you made to a Massachusetts state and local employee contributory plan are included in Massachusetts gross income even though they are excluded from federal gross income.
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Income you earned on the contributions while in the Massachusetts state and local employee contributory plan is excluded from gross income.
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Distributions made to you from a Massachusetts state and local employee contributory plan are excluded from Massachusetts gross income even though they are included in federal gross income.
Massachusetts state/local employee contributory pensions that are paid to a surviving spouse are also tax-exempt.
Retiree Insurance Information
The City Health Insurance is offered through the Group Insurance Commission, GIC
City benefit questions can be asked via Dawna Mackland-Rivera at 978 620-3065
Greater Lawrence Technical School insurance questions should be directed to Carol Dwyer 978 686-0194
Click here for rates and benefit guides as well as instructions for changing benefits
Click here for access to the Altus site
GIC Annual Open Enrollment - For more information, go to our home page
The Massachusetts Group Insurance Commission (GIC) open enrollment will be April 3 - May 1, 2024 for changes effective July 1, 2024. - For more information, contact GIC or the City Benefits Coordinator Dawna Mackland-Rivera (see above contact info)
* Please note: GIC Health Insurance rates will increase effective your June 2024 pension check