May 26, 2010:
Supplemental Creditable Service Regulation:
Members of the Swampscott Retirement System shall receive creditable service, in whole month increments, consistent with this regulation in the following manner
1. A cost-of-living adjustment for eligible retirees and beneficiaries shall not be granted unless the average rate of return on the Swampscott Retirement System’s investments for the three-year period immediately preceding the current calendar year is eight percent.
2. Any cost-of-living adjustment will be an amount equal to the Consumer Price Index as calculated by PERAC or three percent whichever is less.
3. The Swampscott Retirement Board is under no obligation to grant cost-of-living adjustments in any particular year.