But Change In Funding Schedules Needed

MARCH 2010 VOICE: After losing over 29% of its value in calendar 2008, the Commonwealth’s Pension Reserves Investment Trust (PRIT) Fund rebounded with an earnings of 17.46% for Year 2009, providing a badly needed lift for the 50 retirement systems, including the State and Teachers, whose entire pension funds are invested by PRIT. Other retirement systems, investing on their own, also had a banner year, some as high as 20%.

Governor Introduces Legislation

MARCH 2010 VOICE: Pension reform's "Phase II" is on the move, taking shape in legislation filed by Governor Patrick (HB4440). Now in the hands of the Joint Committee on Public Service, it is far from being a finished product at this time.

MARCH 2010 VOICE: Top officials within two of Massachusetts's most influential public safety unions are playing an increasingly central role at the national level when it comes to the issue of Social Security reform.

No Change In GIC Premium Contribution

MARCH 2010 VOICE: Within Governor Patrick's version of the FY11 Budget, a 3% COLA (cost-of-living adjustment) for eligible state and teacher retirees was missing. In contacting the Governor's Administration and Finance Secretary Jay Gonzales, we were told that it was not the administration's intent to exclude the COLA and that an errata (correction) to the budget for a 3% COLA would be filed.