Memorandum  #29: Mandatory Retirement Board Member Training – 4th Quarter 2020

Date:	09/29/2020
Referenced Sources:	PERAC Website

PERAC Memo #29, 2020

To All Retirement Boards:

M E M O R A N D U M  

TO:                  All Retirement Boards

FROM:            John W. Parsons, Esq., Executive Director

RE:                  Mandatory Retirement Board Member Training – 4th Quarter 2020

DATE:            September 29, 2020

 

Chapter 32 mandates retirement board members to complete training during each year of service on the retirement board. This requirement has two elements: 18 credits over the course of the member’s term and at least 3 credits in each year of the term. Failure to meet either of these statutory standards will prohibit the member from serving beyond the conclusion of the term for which the training requirement was not met. We urge board members to utilize the full array of training choices in order to remain eligible to serve. All classes, webinars, seminars, and conferences listed will earn three credits each, unless otherwise noted.

Due to ongoing social distancing guidelines related to the COVID-19 pandemic, all offerings this quarter are virtual as we continue to prioritize safety while trying to balance educational opportunities.

Ways to receive your credits:

• Credits for attending live PERAC webinars are updated by PERAC staff approximately one week after the event – please register in advance through PROSPER, and join the live webinars with your full name and email address so we have a record of your attendance. Viewing a recorded session requires a Training Affidavit.
• If a Certificate of Completion is offered for any training not directly provided by PERAC, you must submit the certificate through PROSPER for proper credit.
• You must submit a completed Training Affidavit in PROSPER for all other trainings, including pre-recorded PERAC webinars and pre-approved webinar and conference attendance. Any session listed under sections I, II, and III are pre-approved.

The Commission would be remiss if we did not thank all the members of the retirement boards who, in spite of other pressing duties, and especially during such unprecedented circumstances, are making a good faith effort to fulfill their duties and responsibilities.    

I. Training Schedule Dates (pre-registration is required)

Date	Topic/Organization	Location / Registration Information
October 6	Open Meeting Law	Webinar
6:30 p.m.	Offered by: Office of the MA Attorney General	Register: https://tinyurl.com/MA-OML-1
October 6	COVID 19 - Investment Opportunities in Fixed Income for Public Plans*	Webinar
1:00 p.m.	Offered by: NCPERS	Register: https://tinyurl.com/CV-19-NCPERS
October 12-15	98th Annual NCTR Conference	Virtual Conference, Cost: $450-$600
	Offered by: NCTR	Register: nctr.org
October 20	Discussion of Proposed Changes to the HELPS Tax Benefit	Webinar
1:00 p.m.	Offered by: NCPERS	Register: https://tinyurl.com/NCPERS-helps
October 21	Ethical Decision Making: Introduction	Webinar
12:00 p.m.	Offered by: CFA Institute	Register: https://tinyurl.com/CFA-EDM-intro
October 22	Accidental Disability: Remands & Medical Panels*	Webinar
10:00 a.m.	Offered by: PERAC	Register: PROSPER
October 27	Open Meeting Law	Webinar
9:30 a.m.	Offered by: Office of the MA Attorney General	Register: https://tinyurl.com/MA-OML-1027
October 29	Financial Statement Fraud	Webinar – Deadline to register: 10/22 Cost: $49.00
8:30 a.m.	Offered by: Office of the Inspector General	Register: https://tinyurl.com/MCPPO-FRAUD
November 19	Buybacks: Interesting Calculations*	Webinar
10:00 a.m.	Offered by: PERAC	Register: PROSPER
December 3	Conflict of Interest Seminar**	Webinar
10:00 a.m.	Offered by: State Ethics Commission	Register: https://tinyurl.com/SEC-COI
December 10	Recent Cases of Interest & PERAC Memos*	Webinar
10:00 a.m.	Offered by: PERAC	Register: PROSPER

  *    Indicates live event will be recorded and available to view on demand at a later date  

**  Board members must complete the Conflict of Interest Law training once every two years. A certificate of completion is required to receive credit for the Conflict of Interest training.

II. PERAC Produced Online Training (available on demand)

Topics

PERAC 2020 Emerging Issues Forum

Options on Retirement and Beneficiary Selection

Functioning During the State of Emergency

Chapter 32 in a Nutshell

Cases of Interest – November 2019

Audit Process Revisions

An Introduction to the Annual Statement

  III. Other Pre-Approved Online Training (available on demand)

Organization	Topic	How to find webinar:
FINRA	Financial Crimes, Trends, and Responses in the Midst of the Pandemic	https://tinyurl.com/y6o579ab
FINRA	Virtual Conference Panel: Diversity and Inclusion	https://tinyurl.com/y4kg3obq
Nat’l. Conf. on Public Employee Retirement Systems	Please see PERAC’s  website for a list of seven pre-approved NCPERS webinars	https://www.mass.gov/service-details/webinars Each video is three educational credits
State Ethics Commission	Conflict of Interest Law* select either State and County or Municipal links	https://go.usa.gov/xpPxD and view appropriate webinar
Office of the Inspector General	Inspector General Videos You must watch all three videos	https://www.mass.gov/service-details/webinars
Office of the Attorney General	Open Meeting Law Training You must watch all six videos	https://go.usa.gov/xpPx5
National Council on Teacher Retirement	Please see PERAC’s website  for a list of the 13 pre-approved NCTR webinars (3 credits each)	https://www.mass.gov/service-details/webinars Each video is three educational credits
National Crime Prevention Council	Investment Fraud Prevention Program	https://tinyurl.com/NCPC-peracDownload and review all five pdf presentations
U.S. Dept. of Health and Human Services	Cybersecurity	https://go.usa.gov/xpu4Q
PRIM Available for credit until 12/31/2020	Executive Director Q1 2020 Market Commentary	https://www.mass.gov/info-details/q1-2020-market-commentary

Links to all of the above webinars can be found on PERAC’s Education page at https://www.mass.gov/perac-education.

* Board members must complete the Conflict of Interest Law training once every two years.
   A certificate of completion is required to receive credit for the Conflict of Interest training.

IV. Other Opportunities to Obtain Educational Credit

The Commission is willing to approve educational credits for a variety of events sponsored by “…local, state, regional and national organizations recognized by the Commission as having expertise in retirement issues of importance to retirement board members or other entities…”     Additionally, the Commission has approved education credit for participating in webinars.  In 2020, we will again entertain requests for credit in relation to relevant webinars provided that such a request is made well in advance of the session.  

Approval for credit must take place well in advance of the date of the event or webinar.  This will enable the Commission to analyze the program and provide a general notice to other retirement board members to maximize participation. Once approved, you must complete the Training Affidavit in PROSPER to ensure proper credit. Board members experiencing Extenuating Circumstances in meeting educational requirements should review Memo 15 of 2019 and contact PERAC with any questions.      The following list of local and national organizations provide additional educational opportunities that may be relevant for retirement board members:  

• American Society of Pension Professionals and Actuaries (ASPPA)
• City/Town Sponsored Conflict of Interest or Open Meeting Law Training
• Government Finance Officers Association (GFOA)
• International Foundation of Employee Benefit Plans (IFEBP)
• MA Association of School Committees Open Meeting Law Training
• MA Town Clerks Association Ethics Training
• National Association of State Retirement Administrators (NASRA)
• National Conference on Public Employee Retirement Systems (NCPERS)
• National Council on Teacher Retirement (NCTR)
• National Pension Education Association (NPEA)
• Pension Reserves Investment Management Board Investors’ Conference

Commission Members

Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Robert B. McCarthy
Jennifer F. Sullivan