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NORTH ADAMS WAS TOP FUND IN '07

MAY 2008: Three local retirement boards, North Adams, Malden and Northampton, were the top three winners in our annual, unofficial, Pension Fund Investment Earnings Contest for Year 2007. 

UPDATE: More Retirees May Be Eligible For Stimulus Payment:

MAY 2, 2008: When the economic stimulus package was signed by President Bush on February 13, Association staff began reviewing information, released by the Internal Revenue Service, detailing the new federal law. Based on our reading of the IRS material at that time, we believed that public retirees could not use their pension income in order to qualify for the stimulus payment.

STONEHAM INSURANCE DEBATE CONTINUES

Meeting Between Stoneham Selectmen and Retired Teachers Cancelled, Negotiations Between Town’s Labor Leaders And Town Manager Tentative

The meeting between the Stoneham Board of Selectmen and Stoneham’s retired teachers scheduled for April 22 was cancelled. This meeting was to be held for the purpose of withdrawing retired teachers from the state’s Group Insurance Commission (GIC).

PENSION INVESTMENT BOARD ELECTION UNDERWAY

Association’s Paul Shanley Our Choice

paul_shanley.jpgActive and retired members of the State Retirement System have received ballots for a very important election at the State Pension Reserves Investment Management (PRIM) Board.

STATE GIC SETS 2008 INSURANCE RATES

MARCH 9, 2008: The state’s Group Insurance Commission (GIC) has approved the insurance rates for Fiscal Year 2009, which begins July 1, 2008. On average, the state-run public retiree and employee healthcare plans will increase 6.4%. Last year, rates increased 3.78% following an average increase of 7.47% in 2006. Each year the GIC has posted increases well below the state and national averages.

SOCIAL SECURITY OFFSETS TAKE NATIONAL TOLL

MARCH 2008: At times, members who have lost part or all of their Social Security benefit to the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO) may feel as if they are alone in their fight to repeal both federal laws.

PATRICK BUDGET: 3% COLA

NO CHANGE IN RETIREE HEALTH INSURANCE CONTRIBUTION

MARCH 2008: There were few surprises when Governor Deval Patrick unveiled his proposed $28.2 billion Fiscal ’09 State Budget and sent it to the Legislature on January 22. The three-percent July ’08 COLA for state and teacher retirees, as promised, was included in his budget. And, as we were earlier informed, the 10% insurance premium contribution for state pensioners, who retired prior to July 1, 1994, and 15% for those who retired after that date, will not change.

RAISE COLA BASE NOW

MARCH 2008: Starting with a special study in 2004, the Association has spent the past four years moving the debate forward on raising the COLA base to a higher level. In 2005, the Public Employee Retirement Administration Commission (PERAC) recommended that the COLA base be raised from the current level of $12,000 to a new level of $16,000. The current $12,000 base was established by the Legislature nearly eleven years ago in 1997.

US HOUSE HOLDS KEY HEARING ON WEP/GPO

MARCH 2008: Following through on his commitment to fully examine the potential repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), US Congressman Michael McNulty (D-NY) chaired a key January hearing that put the spotlight on Social Security reform for public retirees.

STATE'S PENSION FUND EARNED ALMOST 12% IN '07

MARCH 2008: Although the Commonwealth pension fund continued its run of double digit earnings for the fifth straight year in 2007, this January’s market dive raised concern among managers of pension funds everywhere. "Year 2007 was a good one for the State’s PRIT Fund," said Association President Ralph White. "January’s storm clouds were not completely unexpected, but we’ll recover," said the ever-optimistic White.