Appointed 5th Member of the North Adams Retirement Board

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APPOINTED 5TH MEMBER OF THE NORTH ADAMS RETIREMENT BOARD

NORTH ADAMS RETIREMENT BOARD

Appointment of Fifth Member

The North Adams Retirement Board will accept applications for the Fifth Member position for a three year term commencing on February 28, 2018. Interested applicants should submit a statement of interest and resume electronically to BethMatson@NorthAdamsRetirement.org, or by mail to the North Adams Retirement System, 61 Main Street, Suite 247, North Adams, MA 01247 no later than 4:00 p.m. on December 18, 2017. All qualified candidates will be interviewed by the Board on January 23, 2018.

The North Adams Retirement Board is responsible for overseeing the operations of the North Adams Retirement System as fiduciaries to the members and beneficiaries of the System. The North Adams Retirement System consists of 331 active members, 228 retirees and beneficiaries. The Retirement Board is responsible for the investment management of $65 Million in assets. The Board meets one day per month and at other times as needed. There is no annual stipend.

Board Members are required to complete 18 hours of educational training during the three year term, and to file Annual Statements of Financial Interest with the Public Employee Retirement Administration Commission. Board Members must comply with G.L. c. 268A, the State Ethics Law.

Prohibitions

Massachusetts General Law Chapter 32, s. 20(4) (b). The Fifth Member shall not be an employee, a retiree or official of the City of North Adams, The North Adams Housing Authority, or the Northern Berkshire Vocational Regional School.

Massachusetts General Law Chapter 32, s. 20(47/8E). No employee, contractor, vendor or person receiving remuneration, financial benefit or consideration of any kind, other than a retirement benefit or the statutory stipend for serving on the retirement board, from a retirement board or from a person doing business with a retirement board shall be eligible to serve on a retirement board; provided, however, that an employee of a retirement board may serve on a retirement board other than the retirement board by which the person is employed; and provided further, this subdivision shall apply only to individuals who first become members of a retirement board on or after April 2, 2012.

840 Code of Massachusetts Regulations 1.03. No individual who has been convicted of robbery, bribery, extortion, embezzlement, fraud, grand larceny, burglary, arson, a felony violation of state of federal law defined in Section 102(a) of the Comprehensive Drug Abuse Prevention and Control Act of 1970, murder, rape, kidnapping, perjury, assault with intent to kill, any crime described in Section 9(a)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-9(a)(1)), a violation of Section 302 of the Labor-Management Relations Act, 1947 (29 U.S.C. 186), a violation of Chapter 63 of Title 18, United States Code, a violation of Section 874, 1027, 1503, 1505, 1506, 1510, 1951, or 1954 of Title 18 United States Code, a violation of the Labor Management Reporting and Disclosure Act of 1959 (29 U.S.C. 401), any felony involving abuse or misuse of such person’s position or employment in a labor organization or employee benefit plan to seek or obtain an illegal gain at the expense of the members of the labor organization or the beneficiaries of the employee benefit plan, or conspiracy to commit any such crimes, or a crime in which any of the foregoing is an element or has been found by the Public Employee Retirement Administration Commission or any court to have violated his/her fiduciary duty or has been found by the Ethics Commission or any court to have violated M.G.L. c. 268A, shall be permitted to serve as a member of a retirement board.

Posted on the City of North Adams Website and PERAC’s Website on 12/11/2017.

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