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Retirement Benefits
State's Deferred Comp Among The Nation's Largest Public Plans
JULY 2004 - ING Continues To Service Members - With over $2.9 billion in assets, the Commonwealth's Deferred Compensation Program ranks as the sixth largest public deferred compensation ("457") plan in the country. Established some 29 years ago, the Mass. 457 program offers to state workers, and local employees from the 250+ municipalities and subdivisions that participate in the state program, a voluntary retirement plan in addition to our public pension (Chapter 32) system.
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Members Beware: Home May Be Subject To Lien For Nursing Home Costs
MAY 2004 - During the budget crisis last year, changes were made in the Medicaid law that expanded the state's power to recoup its cost for nursing home care - a practice known as "estate recovery". Consequently, members, whose homes were exempt from estate recovery, may find that this is no longer the case and their home may be subject to a lien.
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Retirement Board Profile: Gloucester
MAY 2004 - Focus On Retirees Runs Deep - It is fair to say that the main focus of nearly all of the Commonwealth's 106 retirement boards is bettering the lives of the members of the retirement system, namely retirees. However, there are some retirement boards, such as the City of Gloucester, which deserve special recognition for their dedication to retirees.
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State Board Employees Met Challenge... And Succeeded
MAY 2004 - Responded To Early Retirement Demands - Employees at the State Retirement Board recently completed a challenging two-year work cycle that will likely never be matched again.
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State Supreme Court To Decide Earnings
MARCH 2004 - Controversy For Disability Retirees - While it's taken years of litigation, the controversy over what should be earnings for disability retirees may finally be resolved. In January, the state's highest court (Supreme Judicial Court) heard oral arguments in the case of a disabled Boston police officer, Paul Theodos.
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