PENSION OVERSIGHT BOARD APPOINTS COMPLIANCE OFFICER

PENSION OVERSIGHT BOARD APPOINTS COMPLIANCE OFFICER
Tom O'Donnell

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.The program which was created within last year's pension reform legislation provides that the five members of every retirement board (7 members of Teachers’ Board) shall undergo annual training sessions dealing with various areas of their legal responsibilities as Board members.

While initial sessions have already been underway, PERAC has also made provisions with the Mass. Association of Contributory Retirement Systems (MACRS) to include a training program within the spring annual meeting at MACRS.

The session at the MACRS Conference will include pension forfeiture, benefit calculations and understanding actuarial calculations.

MACRS President Denis Devine says that with the huge attendance at the spring meeting it will be an ideal opportunity for Board members to participate. “Some of these members have not had the time to attend regional sessions thus far.” he said.

Under the pension reform law, retirement board members will have greater responsibilities and reporting requirements to PERAC when they undergo the process of selecting pension fund investment managers. This is in addition to their duties of administering the duties of our ever-changing pension laws.

O’Donnell, whose PERAC title is “Compliance Officer”, has a long background in the pension fund investment field. He previously served as a vice president of marketing and client services at the Loomis Sayles Investment Management firm, and more recently a similar position with Congress Asset Management.

A Quincy resident, O’Donnell was a Boston school teacher in Dorchester during a very historic period, the 70’s when Boston integrated its schools with forced busing. “It was quite an experience, a real challenge to be a teacher in those days,” said the affable O’Donnell, a true people person as well as knowledgeable, in keeping with his assignment as PERAC's Compliance Officer.

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