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.

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%.

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.

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.