Investments

Articles about Investments that may be useful to Massachusetts retirees.

WORCESTER

JANUARY 1999 - “We
expect the City of Worcester retirement system to be fully funded by
the beginning of next year (1999),” announced Ray McGrath, an elected
member of that municipality’s retirement board, at the Association’s
Central Mass. meeting in Shrewsbury. These were extremely encouraging
words to the Worcester retirees in attendance.

PENSION FUND SUFFERS HUGE LOSS

NOVEMBER 1998 - Not to Worry: White - After
soaring on the wings of an unprecedented three-year market surge, PRIT,
the Commonwealth’s pension fund, came back to earth with a resounding
thud, losing 10.54% of its value when the market crashed this past
August.

Cellucci Makes Pension Board Appointment

NOVEMBER 1998 - Police Association Gains Key Seat - Acting
Governor Paul Cellucci has appointed Fall River police officer Jim
Machado to a seat on the nine-member Pension Reserves Investment
Management (PRIM) Board.

Pension Manager Charged

NOVEMBER 1998 - Mismanaged Funds Says SEC - According
to the Securities and Exchanges Commission (SEC), a Boston pension fund
manager, Bing Sung, has cost his clients $155 million by making
unallowed trades.

City Adopts Innovative Funding Plan

SEPTEMBER 1998 - Worcester To Issue Pension Obligation Bonds - Ten
years ago, a new pension law, with far-reaching impact, took effect
that permitted local retirement systems to establish a 40-year funding
schedule in order to pay off their unfunded pension liabilities
(Section 22D of Chapter 32). Now 10 years later, another new law has
taken effect that could have as significant an impact on how local
systems pay off these liabilities.

NATION

MARCH 1998 -
CONTINUE TO SHOW STRONG EARNINGS GAIN - Assets
of the nation’s 50 largest public pension systems have continued to
grow at a staggering rate. In the year ending last September 30, the
funds’ value climbed by 20.6% over the previous year.