Articles about Retirement Boards that may be useful to Massachusetts retirees.
Help With Your Form 1099-R
We’ve been receiving calls and emails from Boston members who receive an accidental (work related) disability pension. They were surprised to see that the federal income tax statement they recently received from the Boston Retirement Board, known as Form 1099-R, was totally different from the forms they received in previous years.
Managers add $7.9 billion to accounts, with biggest increases coming from US stocks
By Beth Healy
Globe Staff
January 22, 2014
The Massachusetts state pension fund posted a 15.2 percent investment gain for 2013, as strong markets helped the fund’s managers add $7.9 billion to the retirement accounts of public employees.
US stocks provided the biggest boost to the fund, climbing 33.7 percent during the year, followed by investments in private equity, which rose 21.1 percent.
Includes 3% COLA & Funding Schedule Changes
JANUARY 22, 2014: Within the final budget proposal of his eight-year tenure as governor, Deval Patrick chose to include two provisions of critical long term importance to public retirees and surviving spouses.
As he has consistently done in the past, the governor has recommended a full 3% cost-of-living adjustment (COLA) for state and teacher retirees who retired before July 1, 2013. Like 2013, the new COLA will be paid on a base of $13,000.
New 3-Year Term On State Retirement Board
DECEMBER 10, 2013: The Association’s Ralph White has been reelected to a new 3-year term on the State Retirement Board. White topped the ticket in a landslide, winning by more than 11,000 votes.
He received 79% of the total votes cast by the members of the State Retirement System. White has served on the Board since 1996.
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.
Since 1968 the Retired State, County and Municipal Employees Association has been the leading voice for Massachusetts public retirees and their families. Join with our 52,000 members as we continue the fight.
