MSRB Board Newsletter-October 2013
It was great to see everyone at the MACRS conference in Springfield. Despite some technical difficulties, we were able to explain the new MARIS processes for 3 (8) C billing and COLA payments. The presentation instructions will be posted on the Board’s website. Further information will be available as the Board gets closer to going live with the new system in March 2014. All of the processes will be used after we go-live in March 2014. Beginning in the spring of 2014, the Board will provide training and support on these new processes and would be available if there are any additional statewide MACRS meetings.
After the presentation, we spoke to several board administrators about many of the changes in public pension administration. Technology seems to be moving at a pace that most of us have a hard time keeping up with. In a recent survey conducted by the Board of active members and retirees, questions related to technology gave us insightful information about the changing demographics and the role technology will play in public retirement. Of the active members of the state retirement system between the ages of 45-65, 91% indicated that they would be comfortable accessing their retirement information online by computer, tablet, or smartphone. The numbers were far less for current retirees, but the trend is clearly visible that more and more people will rely on online real time transactions. Understanding that dynamic is important in all of our technology planning. More and more businesses are moving to online transactions. It is also a reality in public retirement throughout the country. The Board‘s MARIS System is built upon web based interactions and business processes and will include many member self-service options.
I am pleased that several local boards have volunteered to participate in the transfer-in pilot. This pilot will give us an opportunity to work through the web based portal for submitting transfers. Anyone who did not attend the Springfield MACRS conference and would like to participate, please feel free to contact me. This pilot will assist in minimizing the transition to electronic processes and provide helpful information in planning for any future enhancements for the MARIS system or other systems local boards are using. Please feel free to contact me if your board would like to participate in the pilot.
State Retirement Board
1 Winter Street
Boston, MA 02108
617-367-9333 ext 357