Latest News

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.

Why Medicare and Social Security Are Sustainable

Why Medicare and Social Security Are Sustainable

By Paul Krugman, New York Times

A big life, all too brief

A big life, all too brief

This week, we said goodbye to our friend and colleague Chris Condon. In addition to his work with SEIU Local 509, Chris previously served as a member of the State Retirement Board. He was not only dedicated to public service, but worked tirelessly and selflessly to better the lives of others. The positive impact his work had on others, including public retirees, is immeasurable.

We would like to share the following tribute to Chris, by Globe Columnist Yvonne Abraham.

Yes, Social Security and Medicare still need to be reformed — and soon

Yes, Social Security and Medicare still need to be reformed — and soon

February 6, 2023: Washington Post Editorial

State treasurers warn of pension fund, 401(k) damage if debt ceiling breached

State treasurers warn of pension fund, 401(k) damage if debt ceiling breached

By BRIAN CROCE 

Pensions & Investments

A group of 11 state treasurers and the comptrollers of Maryland and New York City are calling on House Speaker Kevin McCarthy, R-Calif., "to cooperate in increasing the debt limit of our country in a timely manner," in order to prevent economic chaos.

No Deal On WEP

No Deal On WEP

Congressional Budget Agreement Does Not Include Social Security Fix

December 20, 2022: Christmas did not come early for public retirees. Late last night, Mass Retirees and TRTA officials received word from Congressional leaders that they were not able to achieve a bipartisan deal to reform the Social Security Windfall Elimination Provision (WEP). The $1.7 trillion federal omnibus bill will move forward without tackling WEP or GPO.

Big news on GIC & Social Security

Do you remember when I said that December would be a busy month? It turns out that things have been even busier than I anticipated – which is saying something.

I have three things to report to you this week:

  1. Our Central Mass. area meeting takes place today (Friday) at 11AM

  2. Breaking news from the GIC on the selection of CVSHealth as the pharmacy benefits manager (PBM) for both Medicare and non-Medicare plans

  3. The latest news on our efforts to pass a Social Security WEP reform bill in 2022 

GIC SELECTS CVS AS FY24 PHARMACY MANAGER

GIC SELECTS CVS AS FY24 PHARMACY MANAGER

INCLUDES MEDICARE & NON-MEDICARE PLANS

DECEMBER 15, 2022: The Group Insurance Commission held the final monthly commission meeting of the year on December 15th.  A major piece of business on the agenda was the selection of Pharmacy Benefit Manager (PBM).

Urgent Call to Action on WEP Reform

Urgent Call to Action on WEP Reform

Time to Act is Now!

December 1, 2022: Let me get right to the point. If you are subjected to the Social Security Windfall Elimination Provision (WEP), now is the time for you to join me in demanding Congress pass a reform law in 2022 that will bring needed relief from the WEP.

Major retiree health insurance news

Major retiree health insurance news

October 21, 2022: Thursday brought some highly anticipated news to the 460,000 enrollees covered by the state’s Group Insurance Commission (GIC). After months of closed-door work to review and score the winning bids from respondents through the procurement process, the GIC unveiled the 4 Medicare and 7 non-Medicare health insurance plans to be offered starting in FY24.

CPI hits 8.7%

CPI hits 8.7%

October 14, 2022: Thursday morning’s announcement by the Social Security Administration of an 8.7% COLA increase for 2023, while not unexpected, confirms what we already knew – inflation has placed substantial financial pressure on retirees. In fact, an 8.7% Consumer Price Index (CPI) is the largest increase since 1981, when inflation hit 11.2%!

New developments with Social Security

New developments with Social Security

September 23, 2022: This week brought major developments in the nationwide fight to repeal or reform the Social Security WEP and GPO laws. One of these developments was history making.

Retirees were heard

Retirees were heard

9/9/22 Weekly Update: By CEO Shawn Duhamel

Before I jump into the news of the week, let me first remind everyone that our Annual Meeting takes place today (Friday) at Lombardo’s in Randolph. The meeting will kick off at 11AM. As is the case at all Mass Retirees meetings, members can bring a guest.

Senate Passes Landmark Bill to Cut Prescription Drug Prices

Senate Passes Landmark Bill to Cut Prescription Drug Prices

The U.S. Senate passed a historic budget bill on Aug. 7 that would help millions of Medicare enrollees better afford their life-sustaining medications and help millions more Americans pay their Affordable Care Act (ACA) health insurance premiums. The measure must now be approved by the House of Representatives before going to the president's desk.

The truth about the WEP & GPO

The truth about the WEP & GPO

8/5/2022 Weekly Update: While the bulk of today’s (long and detailed) email is on the status of the Social Security WEP & GPO legislation, allow me to remind you of today’s (Friday) Tele-Town Hall Meeting as well as provide a quick update on developments with the local option for the 5% COLA.

5% COLA approved by legislature

5% COLA approved by legislature

Awaits Approval By Governor Baker

By: Shawn Duhamel, Chief Executive Officer
Mass Retirees Association
Our efforts to pass a 5% COLA for FY23 took a major step forward this week when the legislature unanimously approved the measure as part of the annual the State Budget.