Overview
Public Employee Retirement Administration Commission Units5
The Public Employee Retirement Administration Commission (PERAC) is divided into nine distinct units with varying responsibilities. The units are as follows:
Actuarial Unit
The unit determines the annual appropriation for each of the 104 retirement systems.
As part of the appropriation process, the unit performs an actuarial valuation (or reviews a valuation performed by an outside actuary) of each of the 104 retirement systems every few years. . . .
Each retirement board establishes a funding schedule (or expected series of payments). . . . PERAC is responsible for reviewing and approving funding schedules. . . .
In addition, the Unit calculates and verifies the amount of each retirement allowance granted by the local systems.
Administration Unit
The unit is responsible for the day-to-day operations as it relates to fiscal policies, procurement policies, payroll administration and overseeing the agency budget expenditures.
Audit Unit
PERAC’s Audit Unit is responsible for performing a triennial audit of each retirement system to ensure that all financial and managerial functions are being performed in accordance with statute and regulation. . . .
PERAC field auditors not only perform audits but also provide technical assistance as needed. It is the goal of the Auditing Unit to provide education and training to all retirement system staff in the financial operations of the retirement systems.
Communications Unit
The Communications Unit organizes symposiums about Massachusetts public pension statutes, regulations and policies for Retirement Board Members, their staff and other interested parties . . . maintains the Commission’s website; and publishes a wide variety of reports, newsletters, bulletins, and educational pieces. The majority of publications produced by PERAC are developed in-house by the Communications Unit.
Compliance and Investments Unit
The Compliance Unit is responsible for the regulatory oversight of the investment portfolios of the Massachusetts Public Retirement Systems. . . .
The Unit also oversees board member education.
Disability Unit
The . . . Disability Unit oversees the processes associated with four different aspects of disability retirement: disability retirement applications, comprehensive medical evaluations, rehabilitation, and restoration-to-service.
Fraud Prevention Unit
The Unit has the powers and duties necessary for the prevention and investigation of fraudulent disability pension claims and payments. The Unit is responsible for data collection relating to all disability retirees, including earnings statements, registry information, criminal offender record information, retirement board records and other relevant information.
Information Systems Unit
The Information Systems Unit provides support for information technology . . . to meet the information technology needs of all PERAC Units.
Legal Unit
The Public Employee Retirement Administration Commission’s Legal Unit assists the Commission with various responsibilities including, but not limited to:
- Representing the Commission in hearings before administrative agencies. . . .
- Reviewing applications for disability retirement and accidental death benefits
- Reviewing and approving the supplementary rules of retirement boards.
| Date published: | June 28, 2018 |
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