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.
The Cambridge Retirement Board has issued two RFPs for investment managers.
The Cambridge Contributory Retirement Board (“Board”) is considering an allocation to a passive large cap value equity portfolio. The mandate size for the search will be approximately $80 million. The selected manager(s) must be familiar and comply with Massachusetts General Law, Chapter 32 and Chapter 176 and all applicable investment guidelines administrated by PERAC. Also, the selected firm(s) must be willing to complete supplemental disclosures and certification documents required by PERAC.
The Cambridge Retirement Board has issued two RFPs for investment managers.
The Cambridge Retirement Board (“Board”) is considering an allocation to a high alpha, concentrated international core equity portfolio and the mandate size will be approximately $30 million. The selected manager(s) must be familiar and comply with Massachusetts General Law, Chapter 32 and Chapter 176 and all applicable investment guidelines administrated by PERAC. Also, the selected firm(s) must be willing to complete supplemental disclosures and certification documents required by PERAC.
The Retirement Office will be closed on Monday, February 9 and will remain closed on Tuesday, February 10 due to the latest snowstorm. The Board Meeting scheduled for Monday night has been rescheduled. The meeting will now be held on Tuesday, February 17 at 11:00 am.
First, be sure that you really are considered part-time. While the vast majority of members are considered full-time at either 40 or 37.5 hours per week, there are some employees who work less, and are still considered full-time.
Due to the lastest blizzard, the Retirement Office will close at 2:00 pm on Monday, February 2. At this time, we expect to open as usual on Tuesday morning.
The Cambridge Retirement Office is open as of 7:30 am on Thursday, January 29. All retiree payments for the month of January will be issued on time. Retirees on direct deposit will receive payments on Friday, January 30. 1099 forms for all retirees and members who received payments in 2014 were mailed on Friday, January 23.
Due to the continuing severe weather, the Cambridge Retirement Office will be closed on Wednesday, January 28. The office will reopen at 7:30 am on Thursday, January 29th.
Due to the severe weather conditions, the Cambridge Retirement Office will close at 6:00 PM on Monday, January 26th. The office will be closed all day on Tuesday, January 27th. At this time, we expect to reopen on Wednesday, January 28th.
The Cambridge Retirement Board is seeking proposals from qualified investment managers specializing in emerging markets debt. 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 $30 million to the mandate.