Issues

Pension Fund Rebound Continued In First Quarter

May 2, 2023: After a prolonged market selloff in 2022, the nearly $95 billion state pension fund has recorded back-to-back quarterly gains. In 2022, the fund was down 11.2 percent, but it is clawing back some gains. "The PRIT Fund is rebounding strongly," executive director and chief investment officer Michael Trotsky said Tuesday morning.

COLA amendment 808

COLA amendment 808

April 21, 2023: As we reported last week, your Association has filed one amendment to the FY24 State Budget proposal (H.3900) that is set to be debated in the House of Representatives next week. Before I walk you through the specifics, as well as provide an update on local COLA activities, let me first remind those members in the Fitchburg / Leominster area of our upcoming area meeting.

Thursday, April 27, 2023, 11:00 AM

Leominster-Fitchburg Elks #1237

Harvard Pilgrim Health Care Experiencing Technical Issues

Harvard Pilgrim Health Care Experiencing Technical Issues

APRIL 19, 2023: Earlier today, news broke that Harvard Pilgrim Health Care was the target of a recent cybersecurity ransomware attack. While HPHC works to restore impacted systems and serve member needs, the state's Group Insurance Commission has also taken steps to protect enrollees. Please visit the link below to learn more. https://www.mass.gov/news/harvard-pilgrim-health-care-experiencing-technical-issues

Fixing Social Security involves hard choices

APRIL 8, 2023: CNN  — There’s a reason why politicians have long shied away from addressing Social Security’s massive financial problems. The commonly proposed solutions involve cutting benefits or raising taxes, which would spark an outcry from a range of powerful constituents, including senior citizens and the business community.

The City of Lynn has Lost a Legend

The City of Lynn has Lost a Legend

BUZZY ALWAYS HAD THE TIME TO GIVE

APRIL 7, 2023: It was hard not to be struck by the irony of the moment. A half-dozen people crammed into a room on the 16th floor of Brigham & Women’s Hospital late Tuesday night, family and friends of Buzzy Barton, who was sitting up in his bed taking it all in.

COLA News

COLA News

Positive Developments Continue Statewide

When it comes to the local COLA (Cost-of-Living-Adjustment), there has been a tremendous amount of activity over the past year and positive developments statewide. As you can see here, Mass Retirees has been at the center of this COLA activity.

Local retirement boards continue to increase the COLA base, with some voting this spring to shatter the $18,000 ceiling and push past the $20,000 threshold. 

GIC Open Enrollment & Annual PAC Drive Begins

GIC Open Enrollment & Annual PAC Drive Begins

March 31, 2023: It is very hard to believe that today is the end of March. For what is normally the longest month of the year, time has flown by so far in 2023!

April represents the start of what will be a four-month sprint, before the August summer legislative recess. And in just four weeks’ time, the House of Representative will have finalized its version of the FY24 State Budget – in which we are making every effort to include a State and Teacher retiree COLA base increase.

Governor Healey Files First Budget Proposal

Governor Healey Files First Budget Proposal

Expands Pension Funding & Proposes 3% COLA

WEDNESDAY, MARCH 1, 2023: Governor Maura Healey has filed her first state budget proposal, formally kicking off the FY24 budget process.

The $55.5 billion “spending blueprint” focuses on taming the high cost of living in Massachusetts, while investing heavily in the state’s future. This includes a new three-year appropriation schedule for the Commonwealth’s Pension Liability Fund, which funds both the State and Teachers’ Retirement Systems.

How Not to Panic About Social Security

How Not to Panic About Social Security

By Paul Krugman

New York Times Opinion Columnist

“The days of our years are threescore and ten,” says Psalm 90 in the King James Bible. So right now I’m about to [keels over].

Local COLA News

Local COLA News

WEEKLY REPORT FOR FRIDAY, FEBRUARY 24, 2023: Between the President’s Day holiday and school vacation week, there is not much to report in terms of legislative or health insurance news. We will have a lot to say about retiree health insurance following the GIC’s insurance premium meeting next Thursday (3/2/2023).

Meanwhile, I would like to bring attention back to the ongoing work to improve COLA benefits for public retirees – particularly the ongoing success we are witnessing at the local level.