Retirement Benefits

Articles about Retirement Benefits that may be useful to Massachusetts retirees.

State to offer early retirement deals; layoffs may follow

Baker to start by offering enhanced-pension deals, hopes for 4,500 takers

By Joshua Miller Globe Staff  March 02, 2015

Facing the prospect of a daunting state budget gap, Governor Charlie Baker will file legislation this week aimed at enticing thousands of state employees to retire early. But if the move does not generate the expected savings, workers will be laid off, a top official said Sunday.

RETIREMENT SYSTEMS ISSUE 2014 1099

Blizzard May Cause Postal Delays

JANUARY 29, 2015: Tax documents for retired Massachusetts public employees are now in the process of being issued by the 10 retirement systems.

The IRS gives retirement boards (and all employers) through January 30th to issue 1099s to those retirees and surviving spouses who received a retirement allowance in 2014. Some systems have already mailed the forms to retirees. All members should receive their 1099 document by the end of the first week of February.

Leominster Retirement Board hit over pension-hike denial

By Jack Minch

LEOMINSTER -- A statewide association representing retired municipal employees is criticizing the city's Retirement Board for voting in July not to give retirees a cost-of-living pay increase in their pensions for the fifth straight year.

Leominster's COLA Denial For Fifth Year Unconsionable

Mayor Mazzarella Controlled Board Manipulates Funding Schedule and Treats Retirees as Second Rate

SEPTEMBER 2014 VOICE: By any fair measure, five years is a considerable amount of time. It’s half a decade, longer than a presidential or gubernatorial term in office and exceeds the time spent in high school or college. For Leominster’s retirees and survivors five years may only be the beginning of their wait for a modest and much needed cost-of-living adjustment (COLA).

President's Message

President's Message

Let's Deal With The Facts, Not An Agenda

July 2014 Voice: We’ve all seen the steady stream of headlines and heard the sound bites declaring public pension systems a disaster, unsustainable or a failure. To the average citizen these are examples of bloated entitlement programs run amuck. For public retirees, these reports portray a nightmare scenario in which their retirement security is in jeopardy.

Bank Fee Waiver Generates Huge Member Response

Applies Only To State Chartered Banks

JUNE 20, 2014: “In our July 2014 issue of the Voice, we included an article reporting on the Association’s successful enactment in 1984 of a law that prohibited a bank from imposing any fee or assessment on a checking or savings account of a person 65 or over,” according to Publisher Nancy Delaney. “We termed it the "Bank Fee Waiver Law".

Spotlight on Basic Life Insurance

Report Brings Focus to Increase For State Retirees & Employees

MAY 2014 Voice: Information recently obtained from the both the National and State Associations of Funeral Directors has brought renewed focus on our Association’s proposal to increase basic life insurance for state retirees and employees to $10,000.

Big Year For Pension Fund

Big Year For Pension Fund

Finally Recovered From FY08 Losses

MARCH 2014 VOICE: Year 2013 was cause for a modest celebration at the Commonwealth’s giant Pension Reserves Investment Management (PRIM) Board, chaired by State Treasurer Steve Grossman.

A strong market year saw PRIM’s Pension Reserves Investment Trust (PRIT) Fund earn 15.2%, and finally climb back and exceed its pre-Year 2008 value with a new high of $57.9 billion at year’s end.

Leadership Agrees To Changes in Funding Schedule

Adopts Conservative Approach & Increased Funding

MARCH 2014 VOICE: Governor Deval Patrick and the state’s Legislative Leadership have agreed to significantly increase  the appropriation toward funding the Commonwealth’s unfunded pension liabilities, along with shortening the pension funding schedule by four years and adopting a more conservative set of assumptions.

Pension Deal Edges Detroit a Step Closer to Recovery

New York Times
April 16, 2014

Detroit’s pension boards and a retirees’ group say they have reached tentative agreements with the city that could serve as a breakthrough in its quest to settle with its major creditors and propel itself out of bankruptcy before the end of the year.