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ASSOCIATION TO HOLD ANNUAL MEETING

Tuesday At Randolph's Lantana

SEPTEMBER 1, 2010: The Association will hold its Annual Meeting this coming Tuesday, September 7 at 1:00 PM. Once again 2009_meeting.jpgthe meeting will be held at the Lantana on Rt. 28 in Randolph. Refreshments will be served prior to the meeting and door prizes will be drawn at the conclusion.

As always, members who attend will be among friends!

 
NEW STATE PENSION FUND BOSS NAMED

6-3 Vote on Compensation

AUGUST 3, 2010: The board of Massachusetts's $41.3 billion Pension Reserve Investment Trust (PRIT) Fund has unanimouslymichael-trotsky.jpg selected Michael Trotsky, currently the executive director of the Massachusetts Health Care Security Trust Fund, to head the fund's operations.

Trotsky will receive a $245,000 annual salary and be eligible for performance bonuses.

He will oversee the fund's investments and manage a staff that recommends investment options, which are executed largely by private firms hired by board. The fund carries retirement assets for 300,000 state employees and teachers, as well as 90 municipal and regional retirement systems.

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SOMERVILLE BOARD FAILS RETIREES

Also Leominster & Arlington

JULY 30, 2010: Despite the urging of Somerville Retirement Board member Jack Memory, that city's Retirement Board failed to take action on a 3% July COLA and, as a result, the retired members of the Somerville Retirement System, by "default,"  have lost this fiscal year's COLA.

"The Board never put a COLA vote on its agenda, never put it on the table. It's inexcusable," says Association President Ralph White. "It's too late now. The window of opportunity is gone."

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Current Voice
CVS NEW STATE PHARMACY VENDOR

MAY 2010 VOICE: In a move that impacts tens of thousands of retirees, the state's Group Insurance Commission (GIC) has chosen CVS Caremark as the state's new pharmacy benefits manager. The Rhode Island based CVS replaces Express Scripts, which had been the state vendor since 2000.

GIC officials chose a new pharmacy vendor following an exhaustive RFP process, where CVS Caremark scored the highest marks. Not only did CVS score well on price, the Commission believes that the company is poised to deliver superior service and value to retirees and employees.

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PENSION FUND HAS BANNER YEAR

But Change In Funding Schedules Needed

MARCH 2010 VOICE: After losing over 29% of its value in calendar 2008, the Commonwealth’s Pension Reserves Investment Trust (PRIT) Fund rebounded with an earnings of 17.46% for Year 2009, providing a badly needed lift for the 50 retirement systems, including the State and Teachers, whose entire pension funds are invested by PRIT. Other retirement systems, investing on their own, also had a banner year, some as high as 20%.

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PENSION REFORM: PHASE II ON THE MOVE

Governor Introduces Legislation

MARCH 2010 VOICE: Pension reform's "Phase II" is on the move, taking shape in legislation filed by Governor Patrick (HB4440). Now in the hands of the Joint Committee on Public Service, it is far from being a finished product at this time.

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PUBLIC SAFETY UNIONS FOCUS ON WEP/GPO

MARCH 2010 VOICE: Top officials within two of Massachusetts's most influential public safety unions are playing an increasingly central role at the national level when it comes to the issue of Social Security reform.

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Ralph White For forty two years the Retired State, County and Municipal Employees Association of Massachusetts has provided retired public employees their own voice on Beacon Hill.
 
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