TO: All Retirement Boards

FROM: Joseph E. Connarton, Executive Director

RE: Schedule 7 Report

DATE: January 8, 2016

The Public Employee Retirement Administration Commission (PERAC) is pleased to release its 2014 Schedule 7 Fee Report.  This edition of the Report represents the first time that investment management fees (investment management, consultant and custodian) as reported by the retirement boards in Schedule 7 of their Annual Report of Financial Condition have been replicated and published in an easy to read format.

PERAC has not conducted an audit of the information submitted and the Report exhibits are the actual Schedule 7 filings received as part of the 2014 Annual Report(s) of Financial Condition.  As noted in the Introduction, in some cases the board did not include all the investment managers providing service to the board, and in Belmont no Schedule 7 is available because the 2014 Annual Report of Financial Condition has not been filed.

Each Exhibit also includes investment performance and asset data for each retirement board as published in PERAC’s Annual Report for 2014.

In assessing this material it should be kept in mind that the level of cost, in and of itself, is neither a positive nor a negative.  More important is whether the performance justifies the cost.

2014 Schedule 7 Fee Report  pdf format of 2014 Schedule 7 Fee Report
file size 10MB