Articles about Retirement Boards that may be useful to Massachusetts retirees.
Situation In Mass. Vastly Different
DECEMBER 4, 2013: A federal bankruptcy judge has granted approval for the City of Detroit to move forward with its bankruptcy protection plan – a plan that will include cuts to the pensions of existing city retirees and future benefits of active employees.
NOVEMBER 21, 2013: An article in today’s DCDB Daily Free E-Newsletter says that Massachusetts Treasurer and Receiver General Steve Grossman, Chairman of the Pension Reserves Investment Management (PRIM) Board, manager of the state’s more than $54 billion Pension Reserve Investment Trust (PRIT), has lodged support for mission-based investing focused on climate change.
SEPTEMBER 13, 2013: Yesterday, the 18-member Executive Board of the Mass. Association of Contributory Retirement Systems (MACRS) unanimously voted to oppose legislation that would require the State’s Pension Fund Board (PRIM Board) to divest all holdings in the Fund, which include fossil fuel such as oil, gas and coal.
Base Increase Opposed By Mayor Fiorentini
SEPTEMBER 11, 2013: Last night, the Haverhill City Council tabled a request by the Haverhill Retirement Board that would have raised the cost-of-living base for its retirees.
The initiative, voted 3-2 by the Retirement Board, would have increased the base amount, which is currently $12,000, by $1,000 per year for each of the next three years, capping at $15,000 in 2016.
Boards Adopting Laws Sponsored By Association
SEPTEMBER 2013 VOICE: One of the guiding principles of this Association has always been to improve the pension and insurance benefits for surviving spouses,” states Ralph White. “And, when we are successful in enacting legislation toward that end, it must be adopted locally in order to take effect.
White is Candidate
SEPTEMBER 9, 2013: Although no longer President of the Association, Ralph White will remain active in the public retirement arena.
His first chore is to win reelection to the State Board of Retirement for a new three-year term beginning in January. The election is now underway.
Busy Schedule For Public Service Committee
SEPTEMBER 5, 2013: With the summer recess now in the rearview mirror, the state Legislature has returned to Beacon Hill with an aggressive fall agenda.
On Tuesday, September 10th, the Joint Committee on Public Service will reconvene with what is expected to be a lengthy public hearing in the State House’s Gardner Auditorium. Association officials will be on hand to testify on further increases to the COLA base (S1259 & S1263) and the Option B & C recalculation (H2235).
Continues Climb From '08 Disaster
MARCH 2013 VOICE: A strong investment earnings last year, 2012, of 13.82%, has pushed the Commonwealth’s Pension Reserves Investment Trust (PRIT) Fund’s value over the $50 billion mark for the first time since 2007, when its peak value was $53.7 billion.
The recovery since Year 2008, a disasterous market year’s loss of -29.5 billion, which plunged the fund’s value to $37.8 billion has been a steady process with three of the past four years showing double-digit returns bringing the new value to $51.97 billion.
Municipal bonds that states and local governments use to pay for some of their public pension obligations rarely improve the issuer's credit quality, Moody's Investors Service said on Tuesday.
"If bond proceeds substitute for annual contributions to pension plans or are used to pay pensioners, we consider it a deficit borrowing and would view the financing as credit negative," Marcia Van Wagner, the senior Moody's analyst who wrote the report, said in a statement.
NOVEMBER 26, 2012: It was a busy Thanksgiving weekend for the staff of the State Board of Retirement who were engaged in the process of moving to their new home at 1 Winter Street in downtown Boston.