Newsletter Archive Summer

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					                                                                                    Summer 2008 Volume 3, Issue 3
                  T H E      C O M M O N W E A LT H                          O F    M A S S A C H U S E T T S

                  State Board of Retirement
                  O N E     A S H B U R T O N           P L A C E ,      B O S T O N ,     M A          0 2 1 0 8 - 1 6 0 7

N              E            W              S             L               E          T        T                E                 R
                            Welcome to the Summer 2008 edition of the                               STATE BOARD
                                                                                                    OF RETIREMENT
                            Active Member Newsletter
                               As residents of the Commonwealth we are fortu-               MEMBERS OF THE BOARD
                             nate to enjoy a wide variety of natural resources and                    Chairman
                                                                                               Treasurer Timothy P. Cahill
                             diverse public events during these warm months.
                             Massachusetts in the summertime is one of the best                   Elected Members
                                                                                                      Ralph White
                             places to be.                                                      Theresa McGoldrick, Esq.
                               As state employees, we are also fortunate to be                     Appointed Member
                             members of a retirement system that takes into ac-                    Peter Koutoujian, Sr.
     Timothy P. Cahill       count the years of service that we give to the state.                   Chosen Member
                               This newsletter’s goal is to provide you with a                        Chris S. Condon
                             greater understanding of those retirement benefits.                   Executive Director
      Whether you plan to retire in 20 years or 2 years - the time to think about                  Nicola Favorito, Esq.
      retirement is now.
                                                                                                   MAIN OFFICE
         In this issue we provide an explanation of Option C, one of the survivor                      Address:
      options available to you at retirement. You will also get some guidance                One Ashburton Place, Room 1219
      on handling your annuity account if you leave state service, as well as an                Boston, MA 02108-1607
      update on the Pension Fund.                                                                    Office Hours:
                                                                                                8:00 a.m.– 5:00 p.m. M–F
        Should you have any questions, suggestions or contributions for future                   Phone: (617) 367-7770
      newsletters, please do not hesitate to contact the State Board of Retirement.               Fax: (617) 723-1438
        On behalf of the State Board of Retirement, thank you for your service to              REGIONAL OFFICE
      the Commonwealth. Have a great summer.                                                             Address:
                                                                                             436 Dwight Street, Room 109A
                                                                                                 Springfield, MA 01103
                                                                                                     Office Hours:
                                                                                                8:00 a.m.– 5:00 p.m. M–F
                                                                                                 Phone: (413) 730-6135
      Timothy P. Cahill                                                                            Fax: (413) 730-6139
      Treasurer and Receiver General
                                                                                               PHONE TOLL-FREE
      The Commonwealth of Massachusetts                                                       1-800-392-6014 (Mass. only)
                                                                                              Automated Phone Options
                                                                                              Retirement Counselor . . . . 1
In This Issue                                                                                 Disability . . . . . . . . . . . . . 2
                                                                                              Survivor Benefits . . . . . . . 5
1.    Treasurer’s Message                      3.   PRIM Board Update                         Buyback . . . . . . . . . . . . . 6
                                                                                              Withdrawal/Refund . . . . . 7
                                                    Springfield Office                        Direct Deposit . . . . . . . . . 8
2.    Our Website Has a New Look               4.   Understanding your Benefits -
      Reminders                                     Option C
      Meet Our Staff                                Don’t Let Your Money Go Unclaimed
                                                                                                        WEB SITE

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The Commonwealth of Massachusetts State Board of Retirement

Our Website has a New Look
                                            Retirement recently updated its              Another new feature is separate
                                            web site under the Mass.Gov                sections for employees, retirees,
                                            portal so that our members can             and employers. Links to related
                                            access information more easily.            web sites are also provided for your
                                                                                       convenience. The information you
                                              Our website now has more                 are looking for could now be no
                                            information on retirement,                 more than just a few clicks away.
                                            while still offering you the most
                                            demanded pages from before such
                                            as the retirement forms and the
                                            pension calculator.                        SUGGESTIONS WELCOME!
                                                                                          The website can be found at
                                              One of the newest features      Take
                                            includes an RSS feed that you can          a look around and let us know
                                            subscribe to. With an RSS feed             what you think. Suggestions are
State Treasury gets an                      (which stands for “Really Simple           always welcome. Please send your
Update                                      Syndication”) you can sign up to           comments and suggestions to
                                            receive an email whenever the    
The Massachusetts State Treasury            news and information section of
along with the State Board of               the website is updated.

  Reminders                                                                         Meet our Staff
     Please notify your Human Resources coordinator                                 Senior retirement counselor Kevin
                                                                                  Caira was recently honored with
                 of any change of address.                                        the Cavaliere Award by the Italian
         Important Dates to Remember:
                                   July                                              Kevin is immediate past state president
                    Thursday, July 31 | Board Meeting                             of the Massachusetts Sons of Italy. He
                                                                                  received the honor for his contributions
                                 August                                           promoting Italian culture outside of Italy.
                   Thursday, August 28 | Board Meeting
                                                                                     Kevin is the senior retirement
                               September                                          counselor for the State Board of
                                                                                  Retirement. He has been with the
             Monday, September 1 | Labor Day, offices closed                      Board since 1992
                 Thursday, September 25 | Board Meeting                           and has helped
                                                                                  members retire
                                                                                  from state
                    Look for this icon on our website to calculate                service.
                       an estimate of your pension benefits
                            Have a Safe Summer!                                   Bravo Kevin!

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                                                                                                   Summer 2008 Volume 3, Issue 3

PRIM Board Update: May 2008
The Pension Reserves Investment Trust                                                                     PRIT Core Fund as of 5/31/08
                                                                                                    15                                                  14.4%

(PRIT) Fund is a pooled investment                      *Pension Reserves Investment

                                                        *Pension Reserves Investment                12
fund established to invest the assets of                Trust (PRIT) FUND ASSETS:
                                                        Trust (PRIT) FUND ASSETS:
the Massachusetts State Teachers’ and                           $52,256,058,000
                                                                $50,229,015,000                      9                                                                  8.8%


Employees’ Retirement Systems, and the                  *State Employees’ Retirement
                                                        *State Employees’ Retirement                                      3.2%

assets of county, authority, district, and              System (SERS) ASSETS:
                                                        System (SERS) ASSETS:                        3

municipal retirement systems that choose                        $22,092,952,843
                                                                $21,583,814,975                      0


to invest in the Fund. The PRIT Fund was                                                             -3
                                                                                                             ytd            1 yr          3 yr            5 yr           10 yr
created by the Legislature in December                  To get more detailed information
                                                        To get more detailed information                                  Prit Core (gross)                Benchmark
                                                        on the Pension Reserves Investment
                                                        on the Pension Reserves Investment
1983. The nine-member PRIM Board is                     Management (PRIM) Board you can             The TUCS Rankings for the 1st Quarter
                                                        Management (PRIM) Board you can             2008 (ended 3/31/08) show the PRIT
responsible for the management of the                   always go to the PRIM website to view
                                                        always go to the PRIM website to view
                                                        their complete quarterly updates at         Core Fund ranked in the Top 1% of Public
PRIT Fund. The Treasurer and Receiver                   their complete quarterly updates at         Funds Nationwide (over $1 billion in size)
General of the Commonwealth is a                                                                    with an 8.34% annualized return over 10
                                                        Due to limited space, we can only           years. For the recent year PRIM placed
member ex officio and serves as the chair.              Due to limited space, we can only           in the 16th percentile with a return of
                                                        provide a condensed version of their
                                                        provide a condensed version of their
The State Employees’ Retirement System                  fund updates. (The TUCS ranking and         3.57%. For the 3-year period PRIM placed
                                                        fund updates. (The TUCS ranking and         in the 5th percentile (12.01%) & 5-years in
also has two representatives on the Board:              the PRIT Core Fund graph represent
                                                        the PRIT Core Fund graph represent
                                                        two different time frames.)                 1st percentile (15.67%).
the members of that Retirement System                   two different time frames)
                                                                                                    For more information about the PRIM
elect one and one is an Elected Member of                                       *As of 5/31/2008
                                                                                *As of 8/31/2007    Board, please visit their website at
the State Employees’ Retirement Board.                                                    

                                               Springfield Regional Office
                                                   Celebrates 2nd Anniversary

                                                                             a.m. to 5:00 p.m. with a SMART Plan office open
                                                                             on Mondays, Wednesdays, and Fridays.

                                                                               The Springfield office was opened as a result of
                                                                             Treasurer Cahill and the Board’s commitment to offer
                                                                             the best possible and most accessible service to
                                                                             members of the State Employees’ Retirement System.

Springfield Staff : (l-r) Michael Southerland, Regional Office Manager       Springfield Office Contact Information
& Declan Hobbs, Retirement Counselor                                         436 Dwight Street, Room 109A
                                                                             Springfield, MA
    The Springfield Regional Office is celebrating                           Telephone: 413-730-6135
 its second anniversary this month. Located                                  Board Staff :
 in the State Office Building in Springfield, the                            Michael Southerland, extension 257
 office opened July 2006 to serve members in the                             Declan Hobbs extension 258.
 western and central parts of the state.

   As of June 2008 the office has fielded over                                 As always, walk-in appointments are also
 11,350 calls and welcomed over 1720 walk-ins.                               available at our Boston office from 8:00-5:00,
 Business hours are Monday through Friday, 8:00                              Monday through Friday.

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 The Commonwealth of Massachusetts State Board of Retirement

Understanding Your Benefits: Option C
   When you retire from service                     points to keep in mind. First, if your
under Chapter 32, you are given a                   beneficiary passes away before
                                                                                                         Don’t Let Your
choice of three retirement options                  you do, please contact the Board                     Money Go
- A, B, or C .                                      to let us know to update your                        Unclaimed
                                                    pension. Your pension benefit will
  Option A gives you the highest                    “pop up” to option A and you will                      If you leave state service and
pension amount, based on your                       begin receiving the higher pension                   leave your annuity on account
service, age and salary average.                    amount based on your individual                      with us, it’s important to keep your
Your beneficiary receives a prorated                retirement calculation.                              information up to date.
amount of your last month’s check
up to your date of death.                              If both you and your spouse                         We have a long list of members
                                                    are state employees you can both                     who left their money on account
   Option B is slightly lower than                  choose to retire under Option C and                  with us when they left state
Option A, offering any remaining                    name each other as beneficiaries.                    service and have since passed
balance of your annuity account                     If one of you passes away let our                    away. Unfortunately, we have been
to your beneficiary(ies) plus the                   Survivor Benefits Department know                    unable to locate their beneficiaries
prorated balance of one month’s                     about both retirement cases so that                  because the information we have
check.                                              we can adjust each one accurately.                   on file is either outdated or not
                                                                                                         completely filled out.
  Option C is the lowest monthly                      Also, while it is important to
benefit for you but it also offers                  inform other agencies, such as the                     Tell your loved ones about your
a monthly benefit for your                          Group Insurance Commission, of                       account and what to do if you
eligible beneficiary when you                       a death, the Board must also be                      should pass away. In the event of
pass away. An eligible beneficiary                  informed. We cannot adjust your                      your death your loved ones should:
under Option C is a current spouse,                 account until we receive the death                   1. Call the Board to let us know
unmarried former spouse, child,                     certificate.                                         2. Send a copy of the Death
sibling, or parent. Upon your death,                                                                         Certificate to the Board.
your beneficiary will be eligible for a                We understand that dealing with
pension for life.                                   the death of a loved one can be                        For a list of members whose
                                                    difficult. Knowing what to do ahead                  beneficiaries we are searching for,
  If you select Option C as your                    of time can help ease some of the                    log on to our website at
retirement option, there are a few                  stress.                                    

Options at a Glance
                                                         When You Pass Away,                                                 Health Insurance
 Option                   For You                                                               Eligible Beneficiaries
                                                       Your Beneficiaries Receive                                            For Beneficiaries*
    A       Highest monthly benefit                Balance of one month’s check
                                                                                                                              For Spouses only
                                                   prorated to date of death
    B       Slightly lower monthly benefit Remaining balance of your annuity                                                   Eligible for life
                                           account (if any), plus                                                           regardless of option
                                           balance of one month’s check
    C       Lowest monthly benefit                 Monthly pension for life                                                Dependent children are
                                                                                               Only one person can be       eligible until age 19
                                                   (2/3 of your full pension)
                                                                                                named, either parent,      (contact GIC for informa-
    D       This option is                         Full option C pension for life calcu-         child, sister, brother,     tion on exceptions for
            activated only if you pass             lated as if you retired on the date             spouse or unmar-          full time students and
            away while still employed              of your death & attained age 55                ried former spouse           other dependents)

*Contact the Group Insurance Commission for more information on Health Insurance after retirement

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