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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
LEGISLATIVE UPDATE

Budget Struggles at Session Mid-Point

JANUARY 2010 VOICE: The 2009-2010 Massachusetts Legislative Session has reached the mid-point, with the Legislature set to complete formal business on July 30.

As the state's economy continues to suffer through the recession, Beacon Hill leaders struggle to plug gapping holes left in the Commonwealth's budget. Observers fear that there could be as much as a $1.5 billion structural deficit for the coming FY11 fiscal year.

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PENSION FUNDS STEADY RECOVERY UNDERWAY
NOVEMBER 2009: After an unprecedented market upheaval in 2008 which saw most of our state's 106 public retirement funds lose twenty-five percent or more of their values, the recovery, which was slow earlier this year and gradual in our last report, can now be upgraded to steady and perhaps above average by the end of this year.
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STUDY COMMISSION CALLS FOR $18,000 COLA BASE

Focus Now Turns To General Court

NOVEMBER 2009: As part of its much anticipated report, the Special Pension Study Commission calls for an improved cost-of-living adjustment (COLA) law. Specifically, it proposes that the maximum pension amount (base), on which the COLA is calculated, be raised from the current $12,000 to $18,000 in annual increments of $1,000, subject to available funding and local acceptance.
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WEP/GPO REFORM HINGE ON HEALTHCARE DEBATE
NOVEMBER 2009: For months the Association has been reporting that 2010 is the likely time period in which Social Security reform will be debated in Congress.
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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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