Middlesex County Retirement System

Hello and welcome to the website of the Middlesex County Retirement System.

 Financial Market Update

The Middlesex County Retirement Board continues to diligently follow the current turmoil in the financial markets.  On October 8, 2008, Board representatives attended the meeting of the Pension Reserve Investment Management Board (PRIM), which manages the System´s investment assets.

While the news is certainly not good, PRIM´s overall message remained positive.  As of September 30th, the PRIT Core Fund market value is down -15.3%, from $53.7 Billion in January of 2008 to $45.7 Billion, the same level it was at the end of 2006.  The market itself is down -19% through September.  PRIM has a long term funding horizon, however, and successfully rebounded from the 1987 stock market collapse and from the downturn of the markets in 2000 - 2002.

Importantly, State Treasurer Tim Cahill, Chairman of PRIM, stated that retirees would not feel the impact of the recent investment loss, and that PRIM will continue to meet all of its pension obligations.

PRIM´s long term performance continues to exceed its benchmark, averaging almost 11 percent annual returns since 1985.  PRIM will continue to focus on its long term goals.

The Middlesex County Retirement Board will continue to keep the members of the System updated during this extraordinarily turbulent period.

NOTICE OF CHANGE OF BUSINESS NAME

Pursuant to the provisions of G.L. c. 34B, s. 19(a), please be advised that effective July 1, 2008, all business of the regional retirement system established for the former county of Middlesex shall be transacted under the following names as designated by the retirement board:

Middlesex County Retirement System
and
Middlesex County Retirement Board

2008 Benefit Payment Schedule

The Supreme Judicial Court has ruled that the value of the personal use of an employer-supplied motor vehicle is not Regular Compensation.  In PELONZI v. RETIREMENT BOARD OF BEVERLY, SJC No. 10098 - May 21, 2007, the Court said that, "Although the definition of ´regular compensation´ may be broad, there is nothing in the entire statutory scheme that would indicate a legislative intent to include an employer-supplied automobile that is required by the fundamental nature of an employee´s job."  The Court´s rationale applies to all "noncash job related accessories and benefits, (e.g., cell phones, personal computers, fax machine, parking spaces)."

Please visit the Regular Compensation page to further review Regular Compensation Guidelines.

NOTICE OF 2008 COLA ADOPTION

The Middlesex Retirement Board is pleased to announce that on January 17, 2008, the Board unanimously adopted the maximum Cost of Living Increase (COLA) allowed by law for qualifying retirees, which is 3% of the first $12,000.00 of a retiree´s pension.  The COLA is effective as of July 1, 2008.  This marks the 11th consecutive year since the COLA law was enacted where the Board has adopted the maximum COLA increase for retirees of the Middlesex Retirement System.

            2007 Fall/Winter Newsletter

 The System serves the multi-employer defined benefit retirement plan for the members/employees, retirees and beneficiaries of 31 municipalities and 40 other governmental subdivisions within Middlesex County. The Middlesex Retirement Board oversees the management of the retirement system, invests the assets of the system, adopts actuarial assumptions necessary to properly fund the System, counsels members and administers retirement, disability and death benefits. The System was established on December 2, 1911 by Chapter 634 of the Acts of 1911, and is governed by Massachusetts General Laws, Chapter 32.

This site was developed to provide the System´s members with information about their retirement plan and benefits. Pelase visit as often as you would like. The Board is excited about the opportunities this site will provide to its membership. Feel free to estimate your retirement allowance. If you encounter any problems with the website, please click on "web support" to report the problem.

This site continues to be a work in progress. At a later date, the Board intends to provide information on Member´s and Retiree´s accounts which will be updated routinely at the end of every month. Your response to this new site would be appreciated.