Retirement Systems

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

PENSION FUNDS

NOVEMBER 2012 VOICE: Buoyed by a strong market surge, the Commonwealth’s $50 billion Pension Reserves Investment Trust (PRIT) Fund increased in value by 8.27% for the first eight months of this year.

This is in contrast to our headline earlier this year, which reported that Year 2011 had been a dismal year with zero earnings, and a closing value of $47.1 billion.

On pensions, Boston should avoid extra annual hike

Boston Globe Editorial, June 24, 2012:

Mass. needs more realistic goal for pension fund returns

Boston Globe Editorial, June 24, 2012

In some ways, lowering expectations for returns on the state’s pension fund investments is an easy call. Current state law requires the Massachusetts pension board to assume an 8.25 percent annualized rate of return, but in recent years that has come to seem too optimistic. Massachusetts needs to start stepping its pension expectations down — but in a deliberate way, to limit the impact on government agencies that will need to contribute more.

State Loses Top Pension Fund Manager

State Loses Top Pension Fund Manager

JUNE 11, 2012: The resignation of Stan Mavromates, the longtime chief investment officer of the Commonwealth’s $50 billion pension fund, has caused some concern among the retirement systems of the Commonwealth holding membership in the fund.

Although the bulk of the Fund is the State and Teachers’ Pension fund, the majority of our 103 city, town and county boards have placed their pension funds within PRIT and depend on PRIT’s investment earnings to increase the growth and value of their own funds.

State error delays teachers’ benefits

JUNE 1, 2012: State Treasurer Steven Grossman has launched an internal investigation after an ­error by his office delayed benefits payments to about 53,000 retired teachers.

The problem, which affected 92 percent of retired educators whose Massachusetts Teachers’ Retirement System benefits are electronically deposited into their bank accounts, has been rectified, but the deposits may not go through until Friday, Grossman said.

McGOLDRICK RE-ELECTED TO STATE BOARD

McGOLDRICK RE-ELECTED TO STATE BOARD

Theresa McGoldrick, without opposition, has been re-elected to a 4th three-year term on the State Retirement Board.

McGoldrick serves as one of the State Board’s two elected members along with Ralph White. State Treasurer Steve Grossman is the Board’s chairman, retiree Pat Deal is an appointed member and SEIU Local 509 Political Director, Chris Condon the fifth member is elected by the other Board members. Nick Favorito is the Board’s Director.

PENSION BOARD APPOINTS LEGAL CHIEF

PENSION BOARD APPOINTS LEGAL CHIEF

MARCH 22, 2012: The Commonwealth’s Public Retirement Administration Commission (PERAC) has voted the appointment of Attorney John Parsons to the post of PERAC General Counsel. This key position had become vacant when Barbara Phillips, longtime General Counsel, retired. Phillips had been with PERAC and its predecessor PERA since 1984.

PENSION OVERSIGHT BOARD APPOINTS COMPLIANCE OFFICER

PENSION OVERSIGHT BOARD APPOINTS COMPLIANCE OFFICER

MARCH 6, 2012: Tom O’Donnell has been named by the Public Employees Retirement Administration Commission (PERAC) to oversee the new retirement education program and pension fund investment reporting requirements for members of our state’s 105 public retirement boards.

LISTON NAMED TO TEACHERS’ RETIREMENT BOARD

LISTON NAMED TO TEACHERS’ RETIREMENT BOARD

Seven-Member Board Now Complete

FEBRUARY 29, 2012: Richard Liston, a retired Everett special education teacher has been named to fill an opening as the seventh member of the Teachers’ Retirement Board, the Commonwealth’s only seven-member Board.

Liston was voted to that seat for a four-year term by the first six members of the Board after interviewing five finalists over the past month. The seat had been previously held by Linda Ruberto, a retired Pittsfield teacher, who declined a new term after 20 years on the Board.

ESSEX BOARD NOW COMPLETE

ESSEX BOARD NOW COMPLETE

PERAC Approves Vincent Malgeri as 5th Member

JANUARY 23, 2012: Today, the Public Employee Retirement Administration Commission (PERAC) approved the fifth and final member of the Essex Regional (County) Retirement Board.