The Cambridge Retirement Board has approved a COLA, which will be effective on July 1, 2016. The Board voted to approve a COLA of 3%, based on the first $14,000 of earnings. This is the maximum amount currently authorized by law. Retirees will see the increase in the payments issued at the end of July.
Latest News
02-24-2016
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Employees are invited to attend a retirement planning forum at City Hall Annex on Wednesday, March 9th at 9:00am. Speakers include Sheila Keady Rawson, City Personnel Director; Ellen Philbin, Executive Director of the Retirement System and Kristen Albertino from the Social Security office. Please see the attached information sheet for more details. Please note that registration is required in order to attend.
02-08-2016
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Due to the weather, the Retirement Office will be closed on Monday, February 8. The Board meeting which was scheduled for tonight at 5:00 pm will be rescheduled for next week.
01-22-2016
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1099-R forms for all retired members, and for any members who recieved refunds in 2015, were mailed on January 21. Please contact us if you have not received your form by January 28.
09-22-2015
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The Cambridge Retirement Board is seeking proposals from qualified investment managers specializing in Core Open-End Real Estate. The Cambridge Retirement Board is a defined benefit pension fund with approximately $1.1 billion in total assets. The Board is considering making an allocation of approximately $80 million to a commingled fund mandate.
08-31-2015
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The Cambridge Retirement Board is seeking proposals to provide custodial services. The Cambridge Retirement Board is a defined benefit pension fund with approximately $1.1 billion in total assets.
07-27-2015
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The Cambridge Retirement Board is seeking proposals from qualified investment managers specializing in International Fixed Income. The Cambridge Retirement Board is a defined benefit pension fund with approximately $1.1 billion in total assets. The Board is considering making an allocation of approximately $55 million to a commingled fund mandate.
05-19-2015
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The Cambridge Retirement Board is seeking proposals from qualified investment managers specializing in High Yield Fixed Income. The Cambridge Retirement Board is a defined benefit pension fund with approximately $1.1 billion in total assets. The Board is considering making an allocation of approximately $55 million to the mandate.
05-06-2015
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The Cambridge City Council has approved an increase in the Section 101 survivor benefit. This allowance is paid to the surviving spouses of Accidental Disability retirees who retired prior to November 7, 1996. The allowance had been $750 per month. Due to the Council’s approval of a local option, the benefit will be increased to $1,000 per month. The increase is effective immediately, and will be included in the May payroll.
04-13-2015
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How Does the 2012 Pension Reform Affect Me?
Chapter 176 of the Acts of 2011 made a number of significant changes to the Massachusetts public pension system. The law affected both the operations of the local Boards as well as the calculation of benefits for members. This post will attempt to summarize the changes to benefits for public employees.