PERAC Compliance & Investment Guidelines & Memos

Guidelines for Retirement Board Investment Activity

The PERAC Investment Unit has developed investment guidelines which are intended to offer the retirement board increased flexibility with which to accomplish their investment objectives.

The guidelines pertain to:

1. Allowing the limited use of certain interest rate financial futures and options solely as a duration management tool within an investment manager’s mandated duration range, and allowing the limited use of equity index financial futures and options as a short-term liquidity tool within a manager’s existing mandate. (Under Review)
2. Permitting a modest modification to an investment manager's mandate in certain cases.
3. Governing and regulating investment in hedge fund strategies for Massachusetts local public retirement systems. (Under Review) 

Boards may follow these guidelines subject to PERAC approval of an appropriate supplementary regulation request and the submission of other required information. Please address any questions or comments to the PERAC Investment Unit.

Investment Guidelines 

• Investment Guideline 99-1  (Under Review)
• PERAC Placement Agents Policy
• Investment Guideline 99-2   (Under Review)
• Commonwealth of Massachusetts Public Employee Retirement Administration Commission Guidelines for Hedge Fund Investment  (Under Review)

PERAC Memos Related to Compliance & Investments

• Memorandum #14, 2014
  Investor Registration with the Securities Exchange Commission Massachusetts Secretary of State
• Memorandum #27, 2012
  Investment Under Chapter 176 of the Acts of 2011
• Memorandum #49, 2012
  Investment Under Chapter 176 of the Acts of 2011 - #2
  Attachment to PERAC Memo 49 of 2012
• Memorandum #51, 2012
  Chapter 32, Section 23B Contract Terms, Indemnification, Disclosure, and Fiduciary Duty
• Memorandum #54, 2012
  Annual Disclosure Forms