Retirement News

On April 7, 2025, the City Council voted to accept the COLA base increase to $20,000. This will be effective July 1, 2025.

On March 27, 2025, the Board voted to approve a 3% COLA.

On February 20, 2025, the Board voted to increase the COLA base to $20,000. This increase needs to be approved by City Council.  

On May 20, 2024, the City Council voted to accept the COLA base increase to $19,000. This will be effective July 1, 2024.

On March 21, 2024, the Board voted to approve a 3% COLA.

On February 22, 2024, the Board voted to increase the COLA base to $19,000. This increase needs to be approved by City Council.  

On June 30, 2023, retirees who subscribe to the City’s health insurance plans will see rate changes reflected on this month’s deposit. Any questions about retirement payments can be directed to this office. Any questions about insurance coverage should be directed to Sheila Pelczar at 978-983-8577.

On June 12, 2023, after thirty-eight years of service to the City of Methuen, Deputy Director of Budget & Finance, Louise Moss is retiring. The ex-officio seat on the Methuen Retirement Board will be filled by Finance Director, Kathleen Beam. Congratulations Lou and enjoy retirement!

COLA Updates 2023

On July 28, 2023, eligible retirees (those who retired on or before June 30, 2022) will see an increase in the monthly payment. The Methuen Retirement Board granted a 3% COLA on the first $18,000 of the retirement allowance. This is a maximum monthly increase of $45. 

On May 31, 2023, eligible retirees (those who retired on or before June 30, 2021) will see an increase in the monthly payment. The Governor signed a bill allowing for a one-year increase in the COLA percentage from 3% to 5% with a approval from the Methuen Retirement Board, the Mayor and City Council. In July 2022, retirees received a 3% COLA. In May 2023, retirees will see a 2% increase in COLA and all retroactive amounts to July 1, 2022.