Retirement Benefits

Articles about Retirement Benefits that may be useful to Massachusetts retirees.

Big Year For Pension Fund

Big Year For Pension Fund

Finally Recovered From FY08 Losses

MARCH 2014 VOICE: Year 2013 was cause for a modest celebration at the Commonwealth’s giant Pension Reserves Investment Management (PRIM) Board, chaired by State Treasurer Steve Grossman.

A strong market year saw PRIM’s Pension Reserves Investment Trust (PRIT) Fund earn 15.2%, and finally climb back and exceed its pre-Year 2008 value with a new high of $57.9 billion at year’s end.

Leadership Agrees To Changes in Funding Schedule

Adopts Conservative Approach & Increased Funding

MARCH 2014 VOICE: Governor Deval Patrick and the state’s Legislative Leadership have agreed to significantly increase  the appropriation toward funding the Commonwealth’s unfunded pension liabilities, along with shortening the pension funding schedule by four years and adopting a more conservative set of assumptions.

Pension Deal Edges Detroit a Step Closer to Recovery

New York Times
April 16, 2014

Detroit’s pension boards and a retirees’ group say they have reached tentative agreements with the city that could serve as a breakthrough in its quest to settle with its major creditors and propel itself out of bankruptcy before the end of the year.

JEFF JACOBY PUBLIC PENSION OPINION IS COMPLETELY OFF BASE

APRIL 10, 2014: In the Sunday, March 23, 2014 edition of the Boston Globe, conservative opinion columnist Jeff Jacoby penned an op-ed titled "Public pensions are eating taxpayers alive".

ALERT: BOSTON MEMBERS ON ACCIDENTAL DISABILITY

Help With Your Form 1099-R

We’ve been receiving calls and emails from Boston members who receive an accidental (work related) disability pension. They were surprised to see that the federal income tax statement they recently received from the Boston Retirement Board, known as Form 1099-R, was totally different from the forms they received in previous years.

Association Meets With Federal Officials

Association Meets With Federal Officials

Social Security & Medicare Central Issues

FEBRUARY 1, 2014: This past week Association President Frank Valeri and Legislative Liaison Shawn Duhamel met with members of the Massachusetts’ Congressional Delegation in Washington, DC.

Valeri and Duhamel were in the nation’s capital to attend the annual legislative conference of the National Conference of Public Employee Retirement Systems (NCPERS), to which the Association belongs. They met with the offices of all nine members of Congress, as well as Senior Senator Elizabeth Warren.

Growing Concern: Premium Freeze Expiring

JANUARY 2014 VOICE: An issue of great concern to the Association is the end of the legal moratorium on increasing retiree and survivor health insurance contribution rates.

Within the Municipal Insurance Reform law (Chapter 69, Acts of 2011), our Association was able to secure language that has prohibited many cities and towns from increasing contribution rates on retirees and survivors over the past three years. The moratorium applies to any community that fully implements the provisions of Chapter 69.

Judge Approves Detroit Pension Cuts

Situation In Mass. Vastly Different

DECEMBER 4, 2013: A federal bankruptcy judge has granted approval for the City of Detroit to move forward with its bankruptcy protection plan – a plan that will include cuts to the pensions of existing city retirees and future benefits of active employees.

LOCAL SYSTEMS INCREASING PENSIONS FOR CERTAIN SURVIVORS

Boards Adopting Laws Sponsored By Association

SEPTEMBER 2013 VOICE: One of the guiding principles of this Association has always been to improve the pension and insurance benefits for surviving spouses,” states Ralph White. “And, when we are successful in enacting legislation toward that end, it must be adopted locally in order to take effect.

ASSOCIATION BILLS ADVANCE

H59 Retiree Insurance Reform Eyed For Fall

SEPTEMBER 2013 VOICE: The Joint Committee on Public Service has favorably released a key bill of particular importance to public retirees.

Under the direction of Co-Chairmen, Senator Will Brownsberger and Rep. Aaron Michlewitz, the Committee unanimously advanced legislation aimed at correcting Option B & C pensions for pre-July 2004 retirees (H2354). Also, among the bills heard by Public Service, is our legislation which increases basic state life insurance benefits from $5,000 to $10,000 (H2288).