Tenny Elected President

SEPT 2007 - Over five hundred retirement board delegates and staff of the Commonwealth’s 106 retirement systems assembled at the Sheraton Hyannis this June for the annual conference of the Massachusetts Association of Contributory Retirement Systems (MACRS).

A highlight of the conference was the election of Brad Tenney of the
Cambridge Retirement Board as MACRS President for the next two years.
Tenney defeated MACRS Vice President Denis Devine of the Woburn
Retirement Board in a tight vote after a spirited race. Tenney, a
firefighter like Devine, is the chairman of the Cambridge Board as well
as a legislative agent for the Professional Fire Fighters of
Massachusetts (PFFM). He’s a Marine Vietnam veteran.

Also elected was Chet Riley of the Brookline Retirement Board as Vice
President. Anne Leduc, Cambridge Retirement Board; Rich Biagiotti, Lynn
Retirement Board; Patrick Brock, Hampshire County Retirement Board; and
Brian Leahy of the MWRA Retirement Board were elected to the MACRS
Executive Board.

Riley, Leduc and Brock are all retirees and members of our Association.
Leduc, Biagiotti and Leahy are new members of the MACRS Executive
Board, while Brock is a longtime Executive Board member.

Retiree Association President Ralph White, a member of the State
Retirement Board, is a member of the MACRS Executive Board and is its
Legislative Chairman. Shawn Duhamel, Retiree Association Legislative
Liaison and a member of the Plymouth Retirement Board, is also a member
of the MACRS Executive Board. Both were speakers at the conference,
with White highlighting the need for a higher COLA base and Duhamel
reporting on our progress for repeal of the Social Security WEP and GPO
laws.

Pension Fund Concern

White, as well as other speakers, attacked pending legislation, which
would force some retirement boards to turn their pension fund assets
over to the Commonwealth’s Pension Fund (PRIT) for investment. Boards
currently have the option of utilizing the PRIT Fund as an investment
vehicle, but resent being forced into PRIT.

“There are thirty boards who have placed all of their pension funds
with PRIT for investment and another fifty who have put some of their
money with PRIT,” said White. “The boards are very comfortable with
this arrangement but fear that a forced transfer of pension funds would
be a precursor of retirement boards being merged and a loss of local
identity.”

Mike Travaglini, director of PRIM, which oversees the PRIT Fund, was
present as a guest speaker as well as Mike Reardon, PRIM’s client
service officer. They were invited to the conference to clarify the
investment process utilized by PRIM and answer questions from the
delegates.

Included at the conference, which lasted three days, plus an optional
two-day educational session for newer board members and staff, were a
large number of guest speakers. These included retirement attorneys,
actuaries, investment managers, consultants and The National Conference
of Public Employee Retirement Systems (NCPERS) officials.

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