March retirement checks will be mailed on Thursday, March 27th and direct deposits will be deposited on Monday, March 31st as scheduled.
GIC ANNUAL BENEFIT STATEMENT MAILING
Each year the GIC (Group Insurance Commission) sends all GIC members a benefit statement to give them an overview of their benefits and to help them get their GIC records (name spelling, address, covered dependents, status, beneficiary details, etc.) up to date before annual enrollment. The statement also includes State Board of Retirement beneficiary information. The 2014 statements will be mailed by Thursday, January 30th. Please watch your mail for it and review it carefully. Instructions on how to fix incorrect or missing information will be included.
MASSACHUSETTS PENSION FUND REPORTS 15.2 PERCENT RETURN FOR 2013. $7.9 BILLION GAIN DRIVES NET ASSET VALUE TO $57.9 BILLION. Please click on the link for more information.PRIM 2013 Performance
The Department of Higher Education received a favorable ruling from the Internal Revenue Service regarding implementation of Section 60 of the state's Pension Reform Act of 2011, thus providing the opportunity to re-evaluate choice of retirement plans: the ORP or the Massachusetts State Employee's Retirement System (MSERS). Please click on link for more information ORP Information
STATE ANNOUNCES $265 MILLION SETTLEMENT IN CLASS-ACTION SUIT
The Massachusetts state pension fund, which served as lead plaintiff in the case on behalf of itself and other investors, brought the legal action in response to the company’s safety disclosures, alleging that certain misrepresentations artificially inflated the stock price, and the eventual disclosures and corresponding loss of value harmed investors. Please see link for more information. 265-Pressrelease.pdf
What is MSERS?
The Massachusetts State Retirement Board administers the Massachusetts State Employees’ Retirement System (MSERS) for state employees and certain other employees of public entities. The Board also administers the former Massachusetts Turnpike Authority Employees’ Retirement System and benefits for members of the Judiciary. The MSERS is a contributory defined benefit retirement system governed by Massachusetts General Law Chapter 32. The system provides retirement, disability, survivor, and death benefits to members and their beneficiaries. This governmental plan is a Code section 401(a) retirement plan under Code section 414(d) of the Internal Revenue Code, established and maintained for the employees of the Commonwealth.
Membership in the system is mandatory for nearly all state employees who are employed on a part-time (minimum half time) or full-time permanent basis.