Cost-of- Living Adjustment (COLA) Approved Thursday, April 14, 2016 The Falmouth Retirement Board unanimously voted to approve a Cost-of-Living Adjustment for FY 2017. Effective July 1, 2016, a 3% Cost-of-Living Adjustment will be applied up to the first $12,000.00 of a recipient’s annual retirement allowance. The maximum amount a recipient can receive is $30.00 per month. Eligible recipients will be those who retired or began survivor benefits on or before June 30, 2015. Recipients will see the Cost-of-Living Adjustment with their direct deposit on July 29, 2016.