Articles about Investments that may be useful to Massachusetts retirees.

New Pension Schedule Adopted

JULY 1999 - Cellucci Proves His Case - Following
a string of strong criticism from legislative leaders, the state
treasurer, and this Association, Governor Paul Cellucci released
information supporting his plan to revamp the state and teachers'
pension funding schedule.

Pension Obligation Bond Update

MAY 1999 - POB Being Studied By Public Service - As we reported earlier (January Voice),
several bills are now before the Legislature that allow municipalities
to pay off their unfunded pension liability by issuing pension
obligation bonds. As they proceed through the legislative process, we
will be working to insure that our concerns, raised in our earlier
reports, are satisfied.

Mass. Pension Fund Earned 15% In '98

MARCH 1999 - Buoyed
by a strong final quarter, PRIT, the state and teachers' pension fund,
earned almost 15 percent on its investments for the year 1998.

Pension Obligation Bonds: Wave Of The Future?

MARCH 1999 - Battle Looms Over Who Benefits From A Pension Surplus - Ever
since the City of Worcester sold $220 million in pension obligation
bonds, POBs have become the hottest buzzwords in public retirement
circles. But even with all the fanfare, it remains to be seen if POBs
are the wave of the future.


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 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.


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

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.

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.


MARCH 1998 -
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.