PERAC 2020 Annual Report

JULY 2021

Contents Commission Members...... ii Mission Statement ...... iii In Memoriam...... iv Dedication...... 1 Letter from the Chairman...... 2 Letter from the Executive Director...... 4 PERAC Year in Review ...... 6 Massachusetts Contributory Retirement Board Profiles...... 12 Composite Investment Profile...... 13 Board Profiles...... 14 Disability Retirement Statistics ...... 120 Investment Vendors...... 123 PERAC Staff ...... 134

| 2020 Annual Report | i PERAC Commissioners

Commissioner Chair Philip Y . Brown, Esq. Principal/Founder, Brown Counsel

Commissioner Vice Chair The Honorable Suzanne M. Bump Auditor of the Commonwealth

ii | 2020ii Annual | 2020 ReportAnnual Report| | Mission Statement PERAC’s mission is to provide regulatory oversight and guidance for the effective, equitable, and ethical operation of the Commonwealth of Massachusetts’ public pension systems.

Kathleen M. Fallon Kate Fitzpatrick Practice Area Director, Town Manager, Public Consulting Group Town of Needham

James M. Machado Richard MacKinnon, Jr. Jennifer F. Sullivan Sargeant, Fall River President, Professional Governor’s Appointee, Police Department Firefighters of Massachusetts Investment Professional

| 2020 Annual Report | iii In Memoriam Remembering Kate Hogan, PERAC Disability Manager of Medical Services

“Kate was universally respected and appreciated throughout the MA retirement community.”

t is with great sadness that we must report that Prior to joining PERAC, she worked for many years at the Iour longtime Disability Unit Manager, Kate Hogan, Massachusetts Hospital School providing direct care to passed away after a short illness. In addition to being children with physical disabilities. a great employee who truly enjoyed her work and her In addition to her work at PERAC, Kate was also a visual colleagues, Kate was a good friend to many of us here at artist and attended Massachusetts College of Art, majoring PERAC and it has been difficult news to accept, made even in Sculpture and Art Education. more difficult by the suddenness of it. “Kate’s sudden passing left a huge professional and personal void here Kate’s professionalism, warm personality, and friendship will at PERAC and throughout the retirement and medical be sorely missed by her colleagues at PERAC and throughout community,” said Executive Director John Parsons. “Kate the retirement community. Please keep Kate and her family was universally respected and appreciated throughout the in your thoughts and prayers. ■ MA retirement community.”

In her tenure at PERAC, Kate assisted retirement boards, employers, applicants, and physicians throughout the Disability Retirement Application Process.

Among the many heartfelt comments received by PERAC were the words of one long-time retirement board director: “Kate was truly the most wonderful person I had the honor of associating with over my 38-year Ch. 32 career, on both a professional and personal level. The epitome of what every public servant and human being should be — kind, patient, funny, empathetic. I could go on and on...”.

iv | 2020 Annual Report | Dedication Robert McCarthy Retires After Decades of Service on PERAC Commission

“Bob’s entire professional career has been dedicated to serving his community, the Commonwealth, and his country.”

uring PERAC’s October Commission meeting, long- At PERAC, Bob has played an integral role in the shaping of Dtime Commissioner Robert McCarthy announced that pension policy, committed to the integrity and full funding of our retirement systems, and protection of the pension he was retiring from the Commission upon appointment of benefits earned by the public employees of Massachusetts. his successor. “Bob” has served as a PERAC Commissioner The PERAC Commission and PERAC staff will miss the off and on since its inception in 1996, serving as the passion and camaraderie that Bob has brought to this designee of the President of the AFL‑CIO, as appointed by agency. As importantly, the public employees of the State Auditor. Massachusetts are losing a true champion who always looked out for their best interests. Bob’s entire professional career has been dedicated to On behalf of the Commission, PERAC Staff, and serving his community, the Commonwealth, and his country. public employees everywhere, we wish Commissioner Bob has served in the U.S. Navy, as a career firefighter, as McCarthy good fortune and health in his retirement from Chairman of the Watertown Retirement Board, and on the public service. ■ Boards of Trustees at the University of Massachusetts, Fitchburg State College, and Blue Cross Blue Shield. From 1987-2011 he served as the President of the Professional Firefighters of Massachusetts.

Throughout his over 50 years of public service, the common element of Bob’s service has been an incomparable commitment to helping his fellow public employees. Bob’s passion for improving the working conditions of his brethren is legendary, and his skills as an advocate for public employees have left an indelible mark on the quality of life of those he has lobbied for. Anyone that worked in State Government from the 1980’s to the present has witnessed and benefited from Bob’s efforts.

| 2020 Annual Report | 1 Letter from the Chair Philip Y. Brown

“In every single case, with ingenuity, patience, help and cooperation from all, you found a way. There was a positive resolution and outcome for every challenge that was faced.”

t was a year the likes of which we have never seen, and Ihopefully, we will never see again. While the pandemic Will I receive my pension check? affected all of us, it certainly affected some of us more than How do we ensure retirement checks go out? others whether it was through loss of a loved one, personal How do we work if the office is closed? illness or of those close to you, or financial burdens. As How do I interact with my board if it is closed? we persevered, we found comfort in each other, whether it was visiting loved ones through a nursing home window or How do we protect investments? helping with a food drive, and in the little things, like taking a How do we process disabilities? walk or cooking nightly dinners. How do we process new retirement applications? I am very proud that no matter what personal challenges we How do we counsel our members? all faced, the Massachusetts public retirement community How do we obtain signatures? pulled through, pulled together and pulled it off. In a non- pandemic year, for one to look back at the innovations, the How do we file forms? adaptations and the performance of this past year, it was an How do we conduct training and undertake extremely successful one by any measure. The fact that all education? of this happened in the midst of once-in-a-lifetime global How does our board conduct an open, public turmoil is remarkable and, for that, all of the retirement meeting when nothing public can be open? community is to be commended and applauded. And, as you know all too well, that’s far from an exhaustive As the financial floor dropped, impending doom predicted, list of questions. and offices shuttered, retirees, board members, board staff, board counsel, investment officers, PERAC staff and local and state officials all had to figure out — how do we make this work?

2 | 2020 Annual Report | In every single case, with ingenuity, patience, help and With that, I am pleased to welcome Rich MacKinnon, cooperation from all, you found a way. There was a positive the current President of the Professional Firefighters of resolution and outcome for every challenge that was faced. Massachusetts, as a PERAC Commissioner. We will benefit from his knowledge, experience and leadership and he Regulations and procedures were developed to use already is an important voice on the Commission. estimated calculations. Telehealth medical panels were established. Laptops were purchased. Video conferences We all came up with solutions and work arounds this past and the mute button became a way of life. Remote work year that came to feel like standard operating procedure. ensured business was conducted, allowing for staggered As we transition out of pandemic operations, we’ve actually schedules and distanced staff grown accustomed to some to come to the office for those Out of something bad of the new ways of doing tasks needed to be completed “ things and will look to there. Board meetings were held has come many things retain them going forward. virtually. Education courses that are good. More convenience. More were conducted. PROSPER ” effective. More efficient. enhancements were rolled out. Drive through form drops and More transparent. More accessible. Out of something bad counseling were created. Prudently and skillfully designed has come many things that are good. investment portfolios proved both resilient and extremely Thank you to all retirement board members, retirement successful. And most importantly, pension checks were paid board staff, PERAC staff, Commissioners, and all members in full and on time, every single month of the year. of the Massachusetts public retirement community for your While this was a total team effort, I would be remiss if I continued dedication and diligence to operate, and advance, did not mention the contributions of two key people. First, a well-run system. ■ our dear friend Kate Hogan, PERAC’s Manager of Medical Sincerely, Services, who sadly left us too young. Kate was universally liked personally with her kind and cheerful nature, but also professionally as she was thorough, dedicated, and always helpful to all. Philip Y. Brown A Navy veteran, career firefighter, and past president of the Chair Professional Firefighters of Massachusetts, Bobby McCarthy retired as a PERAC Commissioner after providing years of leadership and guidance going back to the agency’s first days. I know that I am better off from their wisdom and friendship, as I am sure so many of you are as well. They are missed and they are appreciated.

| 2020 Annual Report | 3 Letter from the Executive Director John W. Parsons

“My optimistic view and wish is that 2021 will be a better year than 2020. Part of that is because we all went through 2020 and we went through it together. We scrambled, we rallied, we collaborated, we cooperated and we persevered. ”

he Commission and staff are the performance of all those who make establishing this system, all while Tpleased to release this Annual our pension system work rose to the battling an illness that ultimately took Report on the Massachusetts Public occasion in 2020, and remarkably we her much too soon. Telehealth becom- Retirement Systems for 2020, a year were able to not only meet the demands ing a permanent element of the disability that needs no introduction. on our agencies, but to move forward in process is a small remembrance of several significant ways. Kate’s many contributions during her As we look back at this unique year, 20 years of service to PERAC and the it’s difficult to view this unparalleled Apart from meeting the daily demands pension community at large. period with any objectivity or critical of counseling, buybacks, retirement eye. As individuals, we battled through and disability applications, payroll, etc., In 2020, the next initiative in the the significant personal challenges MA pension systems moved forward development of the PROSPER system, that presented themselves; at home, in important, permanent ways. From electronic filing of retirement calcula- work, amongst family and friends, and the beginning of the pandemic, the tions, was rolled out. Following a trial in the community. As employers, we disability process was upended, and application and staff training, boards struggled to address the competing we were forced to adapt to the world are now able to file all types of retire- challenges of protecting the health of telehealth to keep this process ment calculations electronically, sav- of our colleagues and meeting the working. With PERAC, boards, employ- ing time and eliminating paper records. demands placed on our agencies on ers, members and the medical It is our hope and goal to significantly behalf of the members who rely on us. community working together, we reduce the turnaround time in the Collectively, we watched with great were able to overcome the many processing of these applications. sadness the pandemic’s effect on logistical and statutory complica- Thank you to PERAC’s development families and businesses, while at the tions at play and establish a telehealth vendor CGI, our IT and Actuarial staff, same time constantly adjusting to the review process that allowed members’ volunteer retirement staff, and all board new normal at work and throughout applications to be processed. I credit staff for the successful implementation our society. At the risk of sounding PERAC’s former Disability Director, Kate of this important new improvement. self-serving, I sincerely believe that Hogan, for the primary role she played in

4 | 2020 Annual Report | Another important addition to PROSPER, developed in the Despite these advances, the pandemic did take away our fall of 2020 and rolled out in early 2021, is the electronic filing ability to gather and truly mark milestones. One such mile- of board members’ Statements of Financial Interest (“SFIs”). stone was the retirement of longtime PERAC Commissioner Moving from an all-paper process to an electronic filing will Bob McCarthy. I don’t want to repeat the tribute to Bob in this save board members significant time going forward and report, but I do want to congratulate, commend, and thank improve recordkeeping. Thank you to everyone involved in him for his lifetime of public service as a Navy veteran, a the successful rollout of this new PROSPER feature. career firefighter who became President of the Professional Firefighters of Massachusetts (PFFM), and as a Commission- The pandemic fundamentally affected our ability to provide er since the beginning of PERAC. Personally, I appreciated his in-person training and continuing education. However, advice, his passion and, most of all, his friendship. through innovation and a commitment to the benefits of virtual presentations, PERAC and MACRS combined to That said, we are pleased that Richard MacKinnon, Jr., provide 36 courses and 2,046 course completions. Thank the current president of the PFFM, was appointed by State you to all the presenters and staff that worked to make these Auditor Suzanne Bump to fill Bob’s seat as the AFL-CIO presentations successful and enlightening, and to attendees representative. I have known Rich over the years to be for their continued commitment to becoming better informed knowledgeable, fair and dedicated. It has been a pleasure to board members and improving our pension systems. begin working with him in his new role.

All of these changes reflected a need to do things differently. My optimistic view and wish is that 2021 will be a better year Weaved through all of them was communication, which also than 2020. Part of that is because we all went through 2020 required its own unique solutions. Without seeing people and we went through it together. We scrambled, we rallied, face to face, without people in offices to call, we needed we collaborated, we cooperated, and we persevered. Our to find a way to maintain lines of communication with collective experiences, and our collective success, in 2020 members, with colleagues, and between boards and PERAC. make all of us better and should make all of us proud. The Commonwealth’s State of Emergency due to the the Thank you for your dedication to the Massachusetts pandemic started in March, 2020, and by the end of April public retirement system and I truly look forward to PERAC had issued six memos relating to COVID-19. Not since continue working with you – in person! – this coming year 2012 has PERAC issued more memos than the 39 that were and beyond. issued in 2020. ■ Sincerely, Obviously, the biggest change was in electronic communication, particularly video. It allowed PERAC and all boards to continue public meetings in accordance with the Governor’s executive order, staff meetings, and meetings with members. Prior to 2020, Zoom was a children’s television show to many John W. Parsons, Esq. of us and mute, lighting and backgrounds were things that Executive Director never crossed our minds. While it was a challenge for many of us, and also not a replacement for in-person interaction, it did provide a level of convenience for people to reduce travel time in order to participate and, likewise, increased participation levels and transparency in the important work that we do.

| 2020 Annual Report | 5 PERAC Year in Review

Commission/Staff Update Long-time serving Commissioner and former President Sadly in 2020, we lost a colleague and good friend, Kate of the Professional Firefighters of Massachusetts (PFFM), Hogan who served as PERAC’s Disability Manager of Robert McCarthy, announced his retirement in December Medical Services to a sudden illness in November. Kate 2020. Bob has served as a PERAC Commissioner on and began her career at PERAC in 1990, where she assisted off since its inception in 1996 serving as the designee of retirement boards, employers, applicants, medical vendors, the President of the AFL-CIO, as appointed by the State and physicians throughout the Disability Retirement pro- Auditor. State Auditor Suzanne Bump appointed Richard cess. Kate’s professionalism and friendship will be greatly D. MacKinnon, Jr. to a five-year term to fill that seat on the missed. Commission. MacKinnon has served for over 20 years as a 2020 certainly had its challenges and staffing changes firefighter/paramedic in the Town of Whitman. MacKinnon were no different. With the loss of long-term employees, served on the Executive Board of PFFM and as chair and co- concentration to fill the void was made through chair of a number of PFFM committees. He was elected in re-organization, promotions, and new hires. In 2020, October 2016 to serve as the PFFM’s President. On behalf of Stephen Forcucci joined the IT Unit as a .NET Developer to all PERAC staff we look forward to working with Richard in assist with the PROSPER enhancements and additional tasks the years ahead. that retirement boards use to submit, track, and retain data Deputy Executive Director, Joseph I. Martin announced his of their membership. The Legal Unit hired Felicia McGinnis retirement on June 30, 2020 after a 38-year career in public as PERAC’s Associate General Counsel. She will be reviewing service in particular, investments and pension law. Joe also disability cases, writing opinion letters, reviewing PERAC served as PERAC’s designee to the Contributory Retirement retirement guides, and other legal matters. The Actuarial Appeal Board (CRAB) where he served for the past 33 years. Unit employed Kathleen Smolak who will be reviewing With Joe Martin’s retirement, the Commission unanimously retirement calculations, performing valuation reports, and appointed Senior Associate General Counsel, Patrick reviewing funding schedules. Just recently, the Disability Charles, to serve on the board. Unit hired two nurses, Eileen Tobin and Mariyam Gadatia to review disability retirees’ medical information Clinical Case Manager, Jane Carritte announced her as it relates to the restoration to service process and retirement of October 30, 2020 after 11 years of employment. comprehensive medical examinations. We welcome the new employees to our PERAC Team. ■

6 | 2020 Annual Report | Actuarial Unit The Massachusetts Investment Return As always, actuarial information details the fiscal Assumptions from 2003 to present: condition of the systems, which can play a direct role in state and local budgets. The funded ratio indicates the Investment Return Assumptions—Massachusetts extent to which assets cover system liabilities. When the system will pay off its unfunded liability and what 3 15 type of funding technique is being used are also noted. 24 30 PERAC has consistently urged boards to conduct actuarial valuations in order to provide an up-to-date assessment of 52 the fiscal condition of the system. 20 66

In the actuarial area, PERAC approved 69 revised funding schedules and completed 18 actuarial valuations in 2003 2012 2020. The valuations complemented the 55 valuations performed by private actuaries. Due to the COVID-19 6 8 pandemic, the Actuarial Unit did not complete the annual actuarial valuation of the Commonwealth’s 16 25 pension liability. Throughout the year, PERAC responded to 79 legislative and gubernatorial requests for analysis of 74 legislation and made several presentations. ■

Actuarial Valuations and Funding Schedules (By Year) 2017 4/2021

PERAC PRIVATE YEAR VALUATIONS VALUATIONS FUNDING KEY: SCHEDULES < 7.5% 7.5% - 7.9% 8% 8.1% - 8.25% 8.5% 2020 18 55 69 2019 17 22 36 2018 19 44 63 Audits 2017 22 24 46 Despite restrictions and limitations to visiting retirement 2016 21 50 62 boards in person, as well as retirement board staff working 2015 24 24 40 remotely, the audit unit adapted quickly to electronic and remote work as much as possible. PERAC issued 18 audits 2014 27 49 78 and 2 follow-ups in 2020. Appreciation is extended to all retirement boards that underwent audits in 2020 for their cooperation, courtesy and accommodations.

Total PERAC Audits Conducted (By Year) A planned transition to a new audit software platform, Engagement, was ready to launch just 2020 2019 2018 2017 2016 2015 2014 as the pandemic hit. This strategic planning was both timely and instrumental in allowing 18 29 20 23 24 22 27 audit staff to work remotely. PERAC AUDITS In an unstable year, we had stability in our auditing staff which has allowed for much 2 17 14 14 20 6 12 development and continuity. Staff attended AUDIT FOLLOW-UPS virtual trainings and monthly staff meetings also managed to continue on remotely. ■

| 2020 Annual Report | 7 Emerging Issues Forum We did not host our annual in-person Emerging Issues Forum in 2020, however, we did have a webinar for the Forum with keynote speaker, J. Robert Brown, who served at the time on the Public Company Accounting Oversight Board.

Mr. Brown provided attendees with an overview of the PCAOB’s role and how the organization’s mission overlaps with the mission of public retirement systems.

His presentation was complemented by a PERAC presentation on Post Retirement Employment and a video montage of past Forums. ■

Emerging Issues keynote speaker J. Robert Brown gave a webinar on the role of the Public Company Accounting Oversight Board.

Education Despite the challenges of the pandemic, PERAC continued As the state continues to reopen, we will reconsider its comprehensive education program for retirement board in-person courses again in the future, while keeping the members in 2020. This was the ninth year of the program safety of participants in mind, but will also continue to offer and included courses on “Accidental Disability: Remands the webinar option. ■ and Medical Panels,” “Buybacks Under Chapter 32,” “Recent Changes in Massachusetts Public Pension Law,” and closed Number of Education Courses Completed (By Year) out the year with the ever popular “Cases of Interest.” 2012 1,853 We expanded our webinar capabilities in 2020 and offered all of our educational courses 100% online. Most of the 2013 1,743 courses we offered were also recorded and posted to the website at a later date as an additional option for members. 2014 1,796

In addition, we expanded the number of non-PERAC 2015 1,412 webinars offered for credit, including webinars from the Massachusetts Inspector General, the State Ethics 2016 1,348 Commission, and national organizations such as the National Council on Teacher Retirement and the National 2017 1,874 Conference on Public Employee Retirement Systems. While there were no in-person conferences offered by the 2018 1,633 Massachusetts Association of Contributory Retirement Systems (MACRS), we partnered with them on their 2019 1,278 September Legal Panel Webinar and offered credit for their Cybersecurity webinar. 2020 1,273

8 | 2020 Annual Report | Legislation The FY 21 budget was ultimately passed in November after The bills are as follows: legislative leaders ascertained a better picture of the state’s 1. House 10 - An Act Relative to Pension Forfeiture: fiscal position. Despite the fiscal uncertainty at the time, Amends the pension forfeiture provisions of Chapter 32 the Governor and Legislature maintained their commit- in light of the Supreme Judicial Court decision in the ment to the new three-year Commonwealth pension funding Bettencourt case which determined that the existing schedule, making the full contribution of $3.1 billion. statute may violate the 8th Amendment of the U.S. Additionally, the Governor and Legislature included funding Constitution in some cases. for a Cost of Living Adjustment for state and teachers’ system retirees. 2. House 11 - An Act Relative to the Veterans’ Buyback: Extends the time period in which veterans may purchase Among the numerous bills, statutes and gubernatorial orders up to four years of creditable service as a result of dealing with the coronavirus in 2020, a few stood out. Chapter their military service. If adopted, the buyback may be 53 of the Acts of 2020 suspended the Chapter 32, Section 91 initiated within one year following vesting rather than hours and earnings limits for superannuation retirees within 180 days from hiring. The bill would create a working in the public sector. That statute waived those one-time, one-year window for such purchases for those members who may have missed their initial requirements through the first of two events, the end of the opportunity. governor’s state of emergency or calendar year 2020. As the pandemic continued and the calendar year came to a 3. House 12 - An Act Relative to the Recovery of close, Chapter 277 of the Acts of 2020 extended the waiver on Overearnings: Clarifies the amount that may be the same terms, the end of the governor’s state of emergency recovered in an instance where a retired member or calendar year 2021, whichever occurred first. has exceeded earning limits.

While not legislation per se, the Governor’s first COVID 4. House 13 - An Act Relative to Wages: Includes sick executive order temporarily waived provisions of the Open and vacation leave taken in conjunction with workers’ Meeting Law, allowing for fully remote meetings without a compensation as part of regular compensation for physically-present quorum and without the Chair physically retirement purposes. present, so long as adequate alternative access for the public 5. House 14 - An Act Relative to Modification of Retire- was provided. ment Allowances: Streamlines the process for modification of retirement allowances in an instance where a In November, PERAC filed eight pieces of legislation, six disabled retiree has exceeded earnings limits. refiles, House 10-15, and two new bills, House 16 and 17, for the 2021-2022 session of the Legislature. 6. House 15 - An Act Relative to Accidental Disability and Group 1 Emotional Distress: Allows a Group 1 member to cite employer incident reports to satisfy PERAC regularly reviewed legislation by “ the injury report requirement when filing for disability legislative request for matters of equity, based on an emotional injury.

consistency and technicality. Additionally, 7. House 16 - An Act to Protect Gender Pay Equity: PERAC regularly responded to legislative This would add an exemption from the anti-spiking provisions for salary actions related to the requests regarding retirement-related Massachusetts Equal Pay Act, which prohibits an employer from paying someone less than an employee issues for constituents. ” of a different gender who does comparable work.

8. House 17 - An Act Providing for Statement of Financial Interests Flexibility: Similar to what exists for board member education compliance, this bill would allow for a hardship waiver petition related to timely filing of the SFI.■

| 2020 Annual Report | 9 Legal Unit PERAC’s Legal Unit represented the Commission (remotely) this past Total Legal Opinions and Disabilities Reviewed (By Year) year at the Division of Administrative Law Appeals. Cases also progressed 2020 2019 2018 2017 2016 through the Contributory Retirement Appeal Board, and the Superior Court. 115 131 169 202 198 The Legal Unit produced 115 Opinion LEGAL OPINIONS Letters in 2020, and conducted the statutory disability retirement review of all accidental disability, accidental 537 628 629 506 616 death and ordinary disability applica- DISABILITIES REVIEWED tions approved by the 104 retirement boards. The amount of these applications for 2020 was 537. Members of the Legal Unit also participated in, The Legal Unit produced 115 Opinion Letters produced and presented numerous “ educational webinars. ■ in 2020, and conducted the statutory disability retirement review of all accidental disability, accidental death and ordinary disability applications approved by the 104 retirement boards.”

Information Technology As is true in business operations, the Information Technology The IT Unit then completed significant additions to Unit’s impact and narrative is weaved throughout different PROSPER, allowing for the electronic filings of both cash sections of this report. IT not only enabled PERAC to books and statements of financial interest. Work on other maintain its functionality in 2020, it expanded functionality PROSPER enhancements continued as did work triaging for both PERAC and Boards. PROSPER issues with board members and vendors.

As the pandemic made things come to a halt, the IT Unit was Meanwhile, IT was also working on developing training, busy prepping and supplying laptops and tablets to staff to enhancing security and increasing data usage. ■ enable remote work. With that, came the need for additional VPN licenses and the new world of remote meeting platforms Go to Meeting and Go to Webinar.

10 | 2020 Annual Report | Medical Panels Post-Retirement Earnings As always, PERAC has been busy assisting the boards in other PERAC is responsible for the post-retirement monitoring areas. In 2020, 470 medical panel request were initiated of disabled retirees. One aspect of that task is enforc- and processed. A total of 494 disability applications and ing the earnings limits set forth in Chapter 32. In 2020, 9 accidental death claims were approved in 2020. For PERAC analyzed 12,783 earnings reports, 3,563 retirees Post-Retirement medical reviews, PERAC Nurse Case reported earnings and 87 earned in excess of the statutory Managers conducted 1,110 comprehensive medical limits. An additional 161 retirees failed to comply with the evaluations. Occupational Health Physicians conducted reporting requirement. This resulted in the identification comprehensive medical evaluations on 20 retireees, and of $1,459,319.84 in excess earnings and $4,100,425.90 for examined 1 retiree for restoration to service. ■ non-compliance. In addition, 22 retirees waived their allowance, saving $263,238.61. ■

Medical Panels (By Year) Post-Retirement Earnings (By Year)

EARNINGS NUMBER OF REPORTS REPORTED EXCESS NON- MEDICAL PANEL IN-HOUSE DISABILITY DEATH YEAR REQUESTS CME REVIEWS APPROVALS APPROVALS YEAR ANALYZED EARNINGS EARNERS COMPLIANT WAIVED 2020 470 1,110 494 9 2020 12,783 3,563 87 161 22 2019 768 1,424 628 23 2019 12,859 3,473 87 92 23 2018 12,773 3,557 62 73 21 2018 641 1,312 616 9 2017 15,576 3,720 59 135 21 2017 523 1,315 456 53 2016 15,895 3,849 54 101 37 2016 659 1,356 499 76 2015 15,887 3,845 146 84 36 2015 648 1,398 543 66 2014 15,699 3,792 125 91 38 2014 669 1,302 573 24

EXCESS NON-COMPLIANCE WAIVED YEAR EARNINGS AMOUNT AMOUNT AMOUNT “In 2020, PERAC analyzed 12,783 2020 $1,459,319 $4,100,425 $263,238 earnings reports, 3,563 retirees reported 2019 $1,222,947 $2,401,351 $356,167 2018 $933,422 $1,572,729 $352,691 earnings and 87 earned in excess 2017 $858,781 $4,418,867 $400,867 of the statutory limits. An additional 2016 $839,993 $2,606,471 $502,028 161 retirees failed to comply 2015 $1,459,550 $2,176,174 $556,935 with the reporting requirement.” 2014 $1,167,922 $1,334,305 $512,247

| 2020 Annual Report | 11 Profiles Massachusetts Contributory Retirement Boards

Introduction he Board Profile section of the PERAC Annual Report The key used for the Asset Allocation graphs: Tprovides a detailed assessment of some of the important indicators relative to the financial health of ASSET ALLOCATION KEY the retirement systems. The information provided in this report can enable board members to provide factual GLOBAL EQUITY comment and advice to policymakers as various proposals CORE FIXED INCOME relative to the retirement law are assessed. Through this and VALUE ADDED FIXED INCOME other studies, the Commission seeks to provide objective, comprehensive, and accurate data for use by all interested parties.

PRIVATE EQUITY A Word on Portfolio Valuations REAL ESTATE TIMBERLAND In assessing investment performance, PERAC relies PORTFOLIO COMPLETION STRATEGIES on the retirement boards to submit accurate and complete information about investment activity. PERAC numbers might differ from those provided to a board by its consultant because PERAC measures all assets, including DISCLAIMER: In publishing this information PERAC makes no comment regarding any retirement board’s asset allocation, investment strategy, monies not committed to investment management. or manager/fund commitments. Asset allocation is presented in graph form. The way a board allocates its assets among the various investment classes available to it has long been recognized as the prime determining factor in the generation of returns. Allocation information reported by the investment consultants advising the retirement boards, or PRIM, forms the basis of these graphs. PERAC has not independently confirmed the accuracy of this data.

12 | 2020 Annual Report | COMPOSITE

COMPOSITE INVESTMENT $104.1 B 12.80% 8.93% 9.31% PROFILE Market Value 2020 Returns 2011-2020 1985-2020 (Annualized) (Annualized) • Commonwealth of Massachusetts Investment Returns • Public Employee (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Retirement Systems

20%

15%

10%

-5% 16 17 18 19 20 16-20 85-20

| 2020 Annual Report | 13 Adams

CONTACT INFORMATION $38.9 M 8.00% 6.46% 7.77% Adams Visitor Center Market Value 2020 Returns 2011-2020 1985-2020 3 Hoosac Street, 2nd Floor (Annualized) (Annualized) Adams, MA 01220 Phone 413-743-5575 Fax 413-743-2815 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Crystal Wojcik 20% 6.75% Patricia Wol* 15% George Haddad Assumed Rate 10% Holli Havens-Jayko of Return Beth Matson 5% *indicates Chairperson 0%

BOARD ADMINISTRATOR -5%

Cheryl DeMarsico -10% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 197 Total Payroll...... $7.0 M Funded Ratio History (1987-2020) Average Salary...... $35,400 100% Average Age...... 47 67.4% Average Service...... 10.9 80% Funded Ratio

Retired Members...... 158 60% 2037 Benefits Paid...... $3.0 M Fully Funded 40% Average Benefit.....$18,700 7.0% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 6 Reported Earnings...... 3 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 GLOBAL EQUITY 43.3% CORE FIXED INCOME 16.3% $17.6 M PRIVATE EQUITY 12.6% Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $1.8 M (FY2021) Total Pension Appropriation

8.8% PORT. COMP. STRATEGIES 8.3% REAL ESTATE

Click/Scan for website 7.4% VA FIXED INCOME 3.3% TIMBERLAND

14 | 2020 Annual Report | Amesbury

CONTACT INFORMATION $66.8 M 12.39% 8.89% 8.25% City Hall Market Value 2020 Returns 2011-2020 1985-2020 62 Friend Street (Annualized) (Annualized) Amesbury, MA 01913-2825 Phone 978-388-8131 Fax 978-388-6727 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Angel Wills 20% 7.75% Craig Bailey 15% Bonnijo Kitchin Assumed Rate Donna Cornoni* 10% of Return David Van Dam 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Kevin Caira -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 276 Total Payroll...... $14.9 M Funded Ratio History (1987-2020) Average Salary...... $53,800 100% Average Age...... NA 57.2% Average Service...... NA 80% Funded Ratio

Retired Members...... 255 60% 2035 Benefits Paid...... $6.7 M Fully Funded Average Benefit.....$26,400 40% 4.0% Increasing Average Age...... 73 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 12 Reported Earnings...... 6 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $45.0 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Sherman $4.3 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 15 Andover

CONTACT INFORMATION $183.5 M 12.42% 8.99% 8.58% Town Offices Market Value 2020 Returns 2011-2020 1985-2020 36 Bartlet Street (Annualized) (Annualized) Andover, MA 01810 Phone 978-623-8540 Fax 978-623-8594 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Hayley Green* 20% 6.25% Thomas Hartwell 15% Elena Kothman Assumed Rate Eric J. Teichert 10% of Return Blackwell Taylor 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Elena Kothman -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 755 Total Payroll...... $42.3 M Funded Ratio History (1987-2020) Average Salary...... $56,100 100% Average Age...... 49 47.3% Average Service...... 12.2 80% Funded Ratio

Retired Members...... 497 60% 2037 Benefits Paid...... $15.4 M Fully Funded 40% Average Benefit.....$31,100 8.35% Total Average Age...... NA 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 36 Reported Earnings...... 9 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 2 CORE FIED INCOME 1 $172.2 M Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $12.0 M (FY2021) Total Pension Appropriation

11 REAL ESTATE 2 PRIVATE EITY VA FIED INCOME Click/Scan for website 1 PORT COMP STRATEIES 1 TIMBERLAND

16 | 2020 Annual Report | Arlington

CONTACT INFORMATION $191.3 M 11.94% 8.72% 8.54% 27 Maple Street Market Value 2020 Returns 2011-2020 1985-2020 Suite G-11 (Annualized) (Annualized) Arlington, MA 02476 Phone 781-316-3370 Fax 781-316-3379 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Ida Cody 20% 7.00% Richard Keshian 15% Robert Jefferson Assumed Rate Kenneth Hughes* 10% of Return Alfred Fantini 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Richard Greco -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 812 Total Payroll...... $41.8 M Funded Ratio History (1987-2020) Average Salary...... $51,500 100% Average Age...... 46 54.6% Average Service...... 9.6 80% Funded Ratio

Retired Members...... 608 60% 2034 Benefits Paid...... $19.3 M Fully Funded 40% Average Benefit.....$31,700 6.0% Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 77 Reported Earnings...... 22 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $2,155 LOBAL EITY CORE FIED INCOME 1 $139.8 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $13.8 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 17 Attleboro

CONTACT INFORMATION $190.1 M 16.51% 9.78% 9.25% 77 Park Street Market Value 2020 Returns 2011-2020 1985-2020 Attleboro, MA 02703 (Annualized) (Annualized) Phone 508-223-2222 Ext 3201 Fax 508-223-2063 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Deborah Gould Barry Lacasse 25% 7.25% Scott Charette 20% Bruce Tondreau* Assumed Rate 15% Richard Boucher of Return *indicates Chairperson 10% 5% BOARD ADMINISTRATOR Kenneth Badertscher 0% -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 685 Total Payroll...... $38.0 M Average Salary...... $55,500 Funded Ratio History (1987-2020) Average Age...... 47 100% Average Service...... 11.8 62.2% 80% Funded Ratio Retired Members...... 455 Benefits Paid...... $13.8 M 60% 2037 Average Benefit.....$30,400 Fully Funded 40% Average Age...... 72 5.86% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 41 Reported Earnings...... 10 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20]

LOBAL EITY $95.8 M Last Valuation: 1/1/20 Unfunded Liability Actuary: Stone $8.4 M (FY2021) Total Pension Appropriation

10 REAL ESTATE 101 CORE FIED INCOME PRIVATE EITY Click/Scan for website 20 TIMBERLAND

18 | 2020 Annual Report | Barnstable County

CONTACT INFORMATION $1.4 B 12.71% 9.08% 7.83% 750 Attucks Lane Market Value 2020 Returns 2011-2020 1985-2020 Hyannis, MA 02601 (Annualized) (Annualized) Phone 508-775-1110 Fax 508-775-1344 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Robert Lawton, Jr.* Ronald Bergstrom 20% 7.15% Robert Rolanti 15% Harold Brunelle Assumed Rate TK Menesale 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Christine Tetreault -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 4,799 Total Payroll...... $293.7 M Average Salary...... $61,200 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 11.4 60.8% 80% Funded Ratio Retired Members...... 3,326 Benefits Paid...... $99.1 M 60% 2037 Average Benefit.....$29,800 Fully Funded 40% Average Age...... 71 5.80% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 332 Reported Earnings...... 122 Excess Earners...... 3 Refund Due...... $83,832 Asset Allocation [12/31/20] LOBAL EITY $782.8 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: Segal $70.4 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 19 Belmont

CONTACT INFORMATION $137.9 M 11.30% 8.75% 9.38% 90 Concord Avenue Market Value 2020 Returns 2011-2020 1985-2020 3rd Floor, Suite 3 (Annualized) (Annualized) Belmont, MA 02478-0900 Phone 617-993-2792 Fax 617-993-2793 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Glen Castro 20% 7.15% Floyd Carman 15% Walter Wellman Assumed Rate Ross Vona 10% of Return Thomas Gibson* 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Robert Soohoo -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 498 Total Payroll...... $29.7 M Funded Ratio History (1987-2020) Average Salary...... $59,600 100% Average Age...... 47 60.4% Average Service...... 10.7 80% Funded Ratio

Retired Members...... 351 60% 2031 Benefits Paid...... $11.6 M Fully Funded 40% Average Benefit.....$32,900 4.45% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 34 Reported Earnings...... 10 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY $79.5 M PORT COMP STRATEIES 19 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $10.8 M (FY2021) Total Pension Appropriation

11 CORE FIED INCOME 109 REAL ESTATE 10 VA FIED INCOME Click/Scan for website PRIVATE EITY

20 | 2020 Annual Report | Berkshire County

CONTACT INFORMATION $301.5 M 12.39% 8.92% 9.14% 29 Dunham Mall Market Value 2020 Returns 2011-2020 1985-2020 Pittsfield, MA 01201 (Annualized) (Annualized) Phone 413-499-1981 Fax 413-445-7990 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Paul Lisi, Jr. Michael Ovitt* 20% 7.00% Mark Bashara 15% Karen Williams Assumed Rate Beth Matson 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Sheila LaBarbera -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 1,151 Total Payroll...... $47.2 M Average Salary...... $41,000 Funded Ratio History (1987-2020) Average Age...... 50 100% Average Service...... 11 83.8% 80% Funded Ratio Retired Members...... 816 Benefits Paid...... $14.8 M 60% 2028 Average Benefit.....$18,200 Fully Funded 40% Average Age...... 74 7.01% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 23 Reported Earnings...... 4 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $47.3 M Last Valuation: 1/1/19 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $10.9 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 21 Beverly

CONTACT INFORMATION $158.4 M 12.60% 9.06% 8.77% City Hall Market Value 2020 Returns 2011-2020 1985-2020 191 Cabot Street (Annualized) (Annualized) Beverly, MA 01915 Phone 978-605-2370 Fax 978-921-8582 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Carol Augulewicz 20% 7.15% Bryant Ayles 15% Richard Pierce* Assumed Rate Kevin Smith 10% of Return Charles Kostro 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Barbara Wells -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 626 Total Payroll...... $31.8 M Funded Ratio History (1987-2020) Average Salary...... $50,800 100% Average Age...... 48 61.0% Average Service...... 10.9 80% Funded Ratio

Retired Members...... 469 60% 2033 Benefits Paid...... $13.8 M Fully Funded 40% Average Benefit.....$29,500 4.5% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 44 Reported Earnings...... 14 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $89.6 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $12.0 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

22 | 2020 Annual Report | Blue Hills Regional Vocational School

CONTACT INFORMATION $13.5 M 12.26% 8.90% 8.84% Employees’ Retirement Board Market Value 2020 Returns 2011-2020 1985-2020 800 Randolph Street (Annualized) (Annualized) Canton, MA 02021 Phone 781-828-5800 Fax 781-828-0794 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Charles Gisondi* 20% 7.25% Steven Moore 15% Patricia Brooks Assumed Rate Kathleen Manning 10% of Return Lisa Maloney 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

David Sullivan -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 50 Total Payroll...... $2.6 M Funded Ratio History (1987-2020) Average Salary...... $51,200 Average Age...... 52 120% 73.8% Average Service...... 11 100% Funded Ratio 80% Retired Members...... 47 2032 Benefits Paid...... $989 K 60% Fully Funded Average Benefit.....$21,000 40% 7.1% Total Average Age...... 79 Increasing 20% Funding Schedule 0% 2019 EARNED INCOME 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 0 Reported Earnings...... 0 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $4.2 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $598 K (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 23 Boston (City)

CONTACT INFORMATION $6.3 B 12.36% 8.00% 8.93% City Hall, Room 816 Market Value 2020 Returns 2011-2020 1985-2020 Boston, MA 02201 (Annualized) (Annualized) Phone 617-635-4305 Fax 617-635-4318 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Maureen Joyce Daniel Greene* 20% 7.05% Michael O’Reilly 15% Michael McLaughlin Assumed Rate 10% Thomas Jackson of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Timothy Smyth -5% -10% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 14,709 Total Payroll...... $1.1 B Average Salary...... $72,300 Funded Ratio History (2008-2020) Average Age...... 46 100% Average Service...... 12.9 75.6% 80% Funded Ratio Retired Members...... 9,779 Benefits Paid...... $376.6 M 60% 2027 Average Benefit.....$38,500 Fully Funded 40% Average Age...... 74 8.85% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 08 10 12 14 16 18 20 Disability Retirees...... 1,477 Reported Earnings...... 256 Excess Earners...... 11 Refund Due...... $253,733 Asset Allocation [12/31/20]

LOBAL EITY 0 $1.8 B Last Valuation: 1/1/20 CORE FIED INCOME 1 Unfunded Liability Actuary: Segal

See notes on Boston (City) and $335.5 M Boston (Teachers) on page 25. (FY2021) Total Pension Appropriation

90 VA FIED INCOME REAL ESTATE 0 PRIVATE EITY Click/Scan for website PORT COMP STRATEIES

24 | 2020 Annual Report | Boston (Teachers)

CONTACT INFORMATION $2.0 B 12.23% 8.89% NA See Boston (City) Market Value 2020 Returns 2011-2020 1985-2020 (Annualized) (Annualized) SYSTEM MEMBERS Active Members...... 6,358 Investment Returns Total Payroll...... $565.0 M (2016-2020 & 5-Year Averages, as of 12/31/20) Average Salary...... $88,900 Average Age...... 42 20% Average Service...... 10.5 7.25% 15% Retired Members...... 4,790 Assumed Rate of Return Benefits Paid...... $254.4 M 10%

Average Benefit.....$53,100 5% Average Age...... 73 0%

Last Valuation: 1/1/19 -5% Actuary: PERAC 16 17 18 19 20 16-20

NOTES ON BOSTON (CITY) & BOSTON (TEACHERS): Funded Ratio History (1990-2020) The results for Boston Teachers and non-teachers (City) are separated in this 100% report. 41.1% The liability for Boston Teachers has 80% always been the responsibility of the Funded Ratio Commonwealth. In 2010, legislation was enacted that 60% 2036 allocated assets to Boston Teachers and Fully Funded separate accounts have been main- 40% tained since that date. The actuarial 9.63% Total information for the City now solely 20% Increasing reflects liability that is the responsibility Funding Schedule of the City. 0% The Funded Ratio chart for the City 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 reflects information available since that allocation. Please note the following when reviewing the charts on these pages: • Boston Teachers’ assets prior to Asset Allocation [12/31/20] 2010 were estimated as approx- imately 30% of Boston (System) LOBAL EITY total assets. CORE FIED INCOME 1 $2.4 B • The information with respect to Disability Retirees on the City PRIVATE EITY 12 Unfunded Liability Board Profile page reflects the entire system, including Boston $163.0 M Teachers. (FY2021) • The information with respect to Investment Return History for the Total Pension City reflects actual returns for Bos- Appropriation ton (City) for 2016-2020 and total returns for the Boston System prior to 2011. PORT COMP STRATEIES REAL ESTATE VA FIED INCOME TIMBERLAND

| 2020 Annual Report | 25 Braintree

CONTACT INFORMATION $252.6 M 13.91% 8.29% 8.80% 74 Pond Street Market Value 2020 Returns 2011-2020 1985-2020 2nd Floor (Annualized) (Annualized) Braintree, MA 02184 Phone 781-794-8211 Fax 781-794-8407 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Edward Spellman, Jr. 20% 7.65% Joseph Driscoll 15% Gerald Kenny, Jr.* Assumed Rate Frederick Viola 10% of Return David DelGallo 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Dennis Gallagher -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 817 Total Payroll...... $50.1 M Funded Ratio History (1987-2020) Average Salary...... $61,300 100% Average Age...... 50 67.7% Average Service...... 12.5 80% Funded Ratio

Retired Members...... 523 60% 2033 Benefits Paid...... $17.6 M Fully Funded 40% Average Benefit.....$33,700 Varies Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 57 Reported Earnings...... 15 Excess Earners...... 1 Asset Allocation [12/31/20] Refund Due...... $50 LOBAL EITY CORE FIED INCOME 1 $104.7 M Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $12.5 M (FY2021) Total Pension Appropriation

11 REAL ESTATE 9 PRIVATE EITY VA FIED INCOME Click/Scan for website PORT COMP STRATEIES

26 | 2020 Annual Report | Bristol County

CONTACT INFORMATION $818.2 M 12.21% 8.68% 8.99% County Crossing Market Value 2020 Returns 2011-2020 1985-2020 645 County Street (Annualized) (Annualized) Taunton, MA 02780 Phone 508-824-4029 Fax 508-880-8749 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Christopher Saunders* 20% 7.50% John Saunders 15% William Downey Assumed Rate Stephen Rivard 10% of Return Christine DeFontes 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Roxanne Donovan -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 3,319 Total Payroll...... $173.7 M Funded Ratio History (1987-2020) Average Salary...... $52,300 100% Average Age...... 48 60.1% Average Service...... 11.5 80% Funded Ratio

Retired Members...... 2,646 60% 2034 Benefits Paid...... $69.8 M Fully Funded 40% Average Benefit.....$26,400 Varies Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 228 Reported Earnings...... 69 Excess Earners...... 3 Asset Allocation [12/31/20] Refund Due...... $10,980 LOBAL EITY 92 CORE FIED INCOME 1 $482.1 M REAL ESTATE 1 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $45.7 M (FY2021) Total Pension Appropriation

90 VA FIED INCOME 1 PRIVATE EITY Click/Scan for website PORT COMP STRATEIES 2 TIMBERLAND

| 2020 Annual Report | 27 Brockton

CONTACT INFORMATION $470.6 M 9.87% 7.32% 8.65% 1322 Belmont Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 101 (Annualized) (Annualized) Brockton, MA 02301 Phone 508-580-7847 Fax 508-559-0559 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS AnnMarie Raymond 20% 7.75% John Condon 15% Scott Albanese Assumed Rate 10% Archie Gormley of Return William Farmer* 5% *indicates Chairperson 0%

BOARD ADMINISTRATOR -5%

Jeanne Martineau -10% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,779 Total Payroll...... $105.0 M Funded Ratio History (1987-2020) Average Salary...... $59,000 100% Average Age...... 47 60.6% Average Service...... 11.3 80% Funded Ratio

Retired Members...... 1,293 60% 2032 Benefits Paid...... $44.5 M Fully Funded 40% Average Benefit.....$34,400 Varies Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% OF DISABILITY RETIREES: 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 151 Reported Earnings...... 40 Excess Earners...... 3 Asset Allocation [12/31/20] Refund Due...... $62,782 LOBAL EITY 2 $282.9 M CORE FIED INCOME 109 Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $30.4 M (FY2021) Total Pension Appropriation

VA FIED INCOME REAL ESTATE PRIVATE EITY Click/Scan for website PORT COMP STRATEIES

28 | 2020 Annual Report | Brookline

CONTACT INFORMATION $386.7 M 12.81% 7.93% 8.77% Public Health Building Market Value 2020 Returns 2011-2020 1985-2020 Ground Floor (Annualized) (Annualized) 11 Pierce Street Brookline, MA 02445 Phone 617-730-2028 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Fax 617-730-2298 BOARD MEMBERS 20% 7.20% Michael DiPietro 15% Jeana Franconi Assumed Rate Robert Ward 10% of Return John Canney 5% Gary Altman* *indicates Chairperson 0%

BOARD ADMINISTRATOR -5% Frank Zecha 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 1,395 Funded Ratio History (1987-2020) Total Payroll...... $78.8 M 100% Average Salary...... $56,500 59.6% Average Age...... 43 80% Funded Ratio Average Service...... 9.7 60% 2030 Retired Members...... 905 Fully Funded 40% Benefits Paid...... $32.0 M 7.85% Total Average Benefit.....$35,400 20% Increasing Average Age...... 74 Funding Schedule 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 2019 EARNED INCOME OF DISABILITY RETIREES: Disability Retirees...... 153 Reported Earnings...... 34 Asset Allocation [12/31/20]

Excess Earners...... 0 LOBAL EITY Refund Due...... $0 CORE FIED INCOME 1 $227.9 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 $27.4 M Actuary: Segal (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 29 Cambridge

CONTACT INFORMATION $1.6 B 12.08% 9.05% 9.35% 125 CambridgePark Drive Market Value 2020 Returns 2011-2020 1985-2020 Suite 104 (Annualized) (Annualized) Cambridge, MA 02140-2369 Phone 617-868-3401 Fax 617-868-3477 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS James Monagle 20% 7.25% Michael Gardner 15% John Shinkwin Assumed Rate Francis Murphy* 10% of Return Nadia Chamblin-Foster 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Ellen Philbin -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 3,040 Total Payroll...... $235.7 M Funded Ratio History (1987-2020) Average Salary...... $77,500 100% Average Age...... 47 85.8% Average Service...... 13.8 80% Funded Ratio

Retired Members...... 2,247 60% 2026 Benefits Paid...... $87.0 M Fully Funded 40% Average Benefit.....$38,700 12.1% Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% OF DISABILITY RETIREES: 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 232 Reported Earnings...... 54 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY0 REAL ESTATE 10 $239.9 M Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $48.0 M (FY2021) Total Pension Appropriation

11 CORE FIED INCOME 99 PRIVATE EITY 0 VA FIED INCOME Click/Scan for website 0 PORT COMP STRATEIES 0 TIMBERLAND

30 | 2020 Annual Report | Chelsea

CONTACT INFORMATION $226.1 M 12.53% 8.97% 8.22% City Hall, Room 214 Market Value 2020 Returns 2011-2020 1985-2020 500 Broadway (Annualized) (Annualized) Chelsea, MA 02150 Phone 617-466-4230 Fax 617-466-4234 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Edward Dunn 20% 7.25% Cheryl Watson Fisher 15% Richard Carroccino Assumed Rate Joseph Siewko* 10% of Return Carolyn Russo 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Barbara O’Brien -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 715 Total Payroll...... $39.7 M Funded Ratio History (1987-2020) Average Salary...... $55,600 100% Average Age...... 45 69.6% Average Service...... 12.1 80% Funded Ratio

Retired Members...... 395 60% 2029 Benefits Paid...... $11.6 M Fully Funded 40% Average Benefit.....$29,400 5.7% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 61 Reported Earnings...... 26 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $2,053 LOBAL EITY CORE FIED INCOME 1 $74.5 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $13.7 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 31 Chicopee

CONTACT INFORMATION $403.7 M 12.91% 9.19% 8.81% 274 Front Street Market Value 2020 Returns 2011-2020 1985-2020 City Hall, Market Square (Annualized) (Annualized) Chicopee, MA 01013-2685 Phone 413-594-1542 Fax 413-594-1544 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Sharyn Riley 20% 7.25% Debra Boronski 15% Timothy O’Shea* Assumed Rate Paul Mailhott 10% of Return David Ference 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Anna Maria Hamblin -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,179 Total Payroll...... $53.2 M Funded Ratio History (1987-2020) Average Salary...... $45,200 100% Average Age...... 47 79.9% Average Service...... 13.3 80% Funded Ratio

Retired Members...... 845 60% 2027 Benefits Paid...... $22.1 M Fully Funded 40% Average Benefit.....$26,100 3.0% Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 93 Reported Earnings...... 29 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY $82.9 M CORE FIED INCOME 11 Unfunded Liability Last Valuation: 1/1/19 REAL ESTATE 11 Actuary: Stone $19.4 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES PRIVATE EITY Click/Scan for website VA FIED INCOME

32 | 2020 Annual Report | Clinton

CONTACT INFORMATION $63.9 M 12.80% 8.90% 8.01% 242 Church Street Market Value 2020 Returns 2011-2020 1985-2020 Clinton, MA 01510 (Annualized) (Annualized) Phone 978-365-4118 Fax 978-612-0215 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Diane Magliozzi David Baird 20% 7.25% Joseph Casasanto 15% James McNamara Assumed Rate Paul Cherubini* 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Patricia Hazel -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 248 Total Payroll...... $11.6 M Average Salary...... $46,600 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 12.2 67.7% 80% Funded Ratio Retired Members...... 132 Benefits Paid...... $3.6 M 60% 2035 Average Benefit.....$27,000 Fully Funded 40% Average Age...... 73 5.58% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 11 Reported Earnings...... 3 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $24.1 M Last Valuation: 1/1/19 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $3.2 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 33 Concord

CONTACT INFORMATION $201.7 M 10.23% 8.68% 8.65% 55 Church Street Market Value 2020 Returns 2011-2020 1985-2020 West Concord, MA 01742 (Annualized) (Annualized) Phone 978-318-3068 Fax 978-318-3160 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Mary Barrett Kerry Lafleur 20% 6.75% Peter Fulton* 15% Brian Whitney Assumed Rate Arnold Roth 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Linda Boucher -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 544 Total Payroll...... $35.3 M Average Salary...... $64,800 Funded Ratio History (1987-2020) Average Age...... 49 100% Average Service...... 11.3 88.6% 80% Funded Ratio Retired Members...... 315 Benefits Paid...... $9.4 M 60% 2029 Average Benefit.....$30,000 Fully Funded Average Age...... 74 40% Level Dollar 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 19 Reported Earnings...... 6 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY 11 CORE FIED INCOME 212 $23.2 M Last Valuation: 1/1/20 REAL ESTATE 9 Unfunded Liability Actuary: Stone $6.4 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES VA FIED INCOME Click/Scan for website 2 PRIVATE EITY 20 TIMBERLAND

34 | 2020 Annual Report | Danvers

CONTACT INFORMATION $140.0 M 12.16% 7.52% 8.15% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 1 Sylvan Street (Annualized) (Annualized) Danvers, MA 01923 Phone 978-777-0001 Ext 3044 Fax 978-406-4196 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Heather Varney 20% 7.50% Wayne Marquis* 15% Joseph Collins Assumed Rate 10% Dana Hagan of Return Stephen Swanson 5% *indicates Chairperson 0%

BOARD ADMINISTRATOR -5%

Susan Little -10% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 491 Total Payroll...... $30.4 M Funded Ratio History (1987-2020) Average Salary...... $61,900 100% Average Age...... 47 60.3% Average Service...... 12.1 80% Funded Ratio

Retired Members...... 413 60% 2035 Benefits Paid...... $12.6 M Fully Funded 40% Average Benefit.....$30,600 4.0% Increasing Average Age...... 75 20% Phase-In Funding Schedule 2019 EARNED INCOME 0% OF DISABILITY RETIREES: 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 26 Reported Earnings...... 7 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 2 $82.5 M Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $7.9 M (FY2021) Total Pension Appropriation

1 CORE FIED INCOME PORT COMP STRATEIES 1 REAL ESTATE VA FIED INCOME Click/Scan for website 0 PRIVATE EITY

| 2020 Annual Report | 35 Dedham

CONTACT INFORMATION $171.8 M 12.71% 9.05% 9.62% 202 Bussey St. Market Value 2020 Returns 2011-2020 1985-2020 Suite 101 (Annualized) (Annualized) Dedham, MA 02026 Phone 781-326-7693 Fax 781-329-4123 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Shannon MacKenzie 20% 7.25% Michael Butler 15% Stephen MacDougall Assumed Rate John Maloney 10% of Return Thomas Rorrie* 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Barbara Isberg -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 460 Total Payroll...... $26.2 M Funded Ratio History (1987-2020) Average Salary...... $57,100 100% Average Age...... 47 83.1% Average Service...... 10.8 80% Funded Ratio

Retired Members...... 333 60% 2030 Benefits Paid...... $10.0 M Fully Funded 40% Average Benefit.....$30,200 4.97% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% OF DISABILITY RETIREES: 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 48 Reported Earnings...... 9 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $30.8 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $4.3 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

36 | 2020 Annual Report | Dukes County

CONTACT INFORMATION $209.5 M 12.77% 10.24% 8.29% 9 Airport Road Market Value 2020 Returns 2011-2020 1985-2020 Suite 1 (Annualized) (Annualized) Vineyard Haven, MA 02568 Phone 508-696-3846 Fax 508-696-3847 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Ann Metcalf* 25% 7.50% Roger Wey 20% Jo Ann Murphy Assumed Rate 15% David Rossi of Return Melanie Becker 10% *indicates Chairperson 5%

BOARD ADMINISTRATOR 0%

Kelly McCracken -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 666 Total Payroll...... $44.4 M Funded Ratio History (1987-2020) Average Salary...... $66,700 100% Average Age...... 49 78.2% Average Service...... 10.3 80% Funded Ratio

Retired Members...... 369 60% 2031 Benefits Paid...... $10.4 M Fully Funded 40% Average Benefit.....$28,200 Varies Total Average Age...... 71 20% Increasing Funding Schedule 2019 EARNED INCOME 0% OF DISABILITY RETIREES: 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 28 Reported Earnings...... 11 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 0 $48.3 M CORE FIED INCOME 19 Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $7.6 M (FY2021) Total Pension Appropriation

11 REAL ESTATE VA FIED INCOME PRIVATE EITY Click/Scan for website 0 PORT COMP STRATEIES

| 2020 Annual Report | 37 Easthampton

CONTACT INFORMATION $66.3 M 12.47% 8.96% 8.49% 199 Northampton Street Market Value 2020 Returns 2011-2020 1985-2020 Easthampton, MA 01027 (Annualized) (Annualized) Phone 413-203-1307 Fax 413-203-1308 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Hetal Patel Jennifer Gallant 20% 7.00% James Dunham* 15% Donald Emerson Assumed Rate Cornelius Sullivan 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Kymme Wood -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 248 Total Payroll...... $11.1 M Average Salary...... $44,600 Funded Ratio History (1987-2020) Average Age...... 45 100% Average Service...... 10.3 74.9% 80% Funded Ratio Retired Members...... 178 Benefits Paid...... $4.4 M 60% 2032 Average Benefit.....$24,800 Fully Funded 40% Average Age...... 71 5.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 19 Reported Earnings...... 8 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $20.0 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $3.4 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

38 | 2020 Annual Report | Essex Regional

CONTACT INFORMATION $586.1 M 12.17% 9.01% 8.90% Building 200, Suite 202 Market Value 2020 Returns 2011-2020 1985-2020 491 Maple Street (Annualized) (Annualized) Danvers, MA 01923 Phone 978-739-9151 Fax 978-750-0745 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Andrew Sheehan 20% 7.30% Kevin Merz 15% Susan Yaskell Assumed Rate H. Joseph Maney* 10% of Return Vincent Malgeri 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Charles Kostro -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 2,850 Total Payroll...... $144.7 M Funded Ratio History (1987-2020) Average Salary...... $50,800 100% Average Age...... 49 53.8% Average Service...... 10.8 80% Funded Ratio

Retired Members...... 1,900 60% 2035 Benefits Paid...... $48.4 M Fully Funded 40% Average Benefit.....$25,500 Varies Increasing Average Age...... 73 20% Phase-In Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 118 Reported Earnings...... 38 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $27,067 LOBAL EITY CORE FIED INCOME 1 $437.1 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $38.6 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 39 Everett

CONTACT INFORMATION $215.8 M 12.68% 9.07% 8.67% City Hall Market Value 2020 Returns 2011-2020 1985-2020 484 Broadway, Room 30 (Annualized) (Annualized) Everett, MA 02149 Phone 617-394-2310 Fax 617-381-7016 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Eric Demas 20% 7.38% Keith Slattery 15% William Pierce* Assumed Rate Michael Matarazzo 10% of Return Peter Cocciardi 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Robert Shaw -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 731 Total Payroll...... $47.7 M Funded Ratio History (1987-2020) Average Salary...... $65,300 100% Average Age...... 47 62.9% Average Service...... 11.7 80% Funded Ratio

Retired Members...... 504 60% 2030 Benefits Paid...... $14.2 M Fully Funded 40% Average Benefit.....$28,100 5.01% Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 67 Reported Earnings...... 16 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $22,720 LOBAL EITY CORE FIED INCOME 1 $105.0 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $17.3 M (FY2021) Total Pension Appropriation

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40 | 2020 Annual Report | Fairhaven

CONTACT INFORMATION $78.6 M 12.54% 8.98% 9.41% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 40 Centre Street (Annualized) (Annualized) Fairhaven, MA 02719 Phone 508-979-4023, Ext. 121 Fax 508-993-9486 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Anne Carreiro* 20% 7.15% Mark Rees 15% Wally Therrien Assumed Rate Joyce Shepard 10% of Return Alfred Robichaud 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Mary Sturgeon -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 250 Total Payroll...... $13.0 M Funded Ratio History (1987-2020) Average Salary...... $52,100 100% Average Age...... 48 74.5% Average Service...... 12.7 80% Funded Ratio

Retired Members...... 197 60% 2034 Benefits Paid...... $4.7 M Fully Funded 40% Average Benefit.....$24,000 5.0% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 22 Reported Earnings...... 11 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $23.1 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $3.5 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 41 Fall River

CONTACT INFORMATION $324.8 M 12.61% 8.82% 8.55% 21 Father DeValles Boulevard Market Value 2020 Returns 2011-2020 1985-2020 Suite GR101, Box 14 (Annualized) (Annualized) Fall River, MA 02723 Phone 508-646-9120 Fax 508-646-9123 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Jennifer Argo 20% 7.25% Mark Nassiff 15% Robert Camara Assumed Rate David Machado 10% of Return Arthur Viana* 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Michael Pasternak -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,544 Total Payroll...... $77.6 M Funded Ratio History (1987-2020) Average Salary...... $50,200 100% Average Age...... 46 41.8% Average Service...... 12.9 80% Funded Ratio

Retired Members...... 1,539 60% 2035 Benefits Paid...... $40.3 M Fully Funded 40% Average Benefit.....$26,200 7.5% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 202 Reported Earnings...... 55 Excess Earners...... 2 Asset Allocation [12/31/20]

Refund Due...... $96,051 LOBAL EITY CORE FIED INCOME 1 $388.8 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $35.1 M (FY2021) Total Pension Appropriation

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42 | 2020 Annual Report | Falmouth

CONTACT INFORMATION $171.1 M 10.36% 8.73% 8.99% 80 Davis Straits Market Value 2020 Returns 2011-2020 1985-2020 Suite 102 (Annualized) (Annualized) Falmouth, MA 02540 Phone 508-457-0578 Fax 508-540-9962 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Jennifer Mullen 20% 7.25% Paul Slivinski 15% Russell Ferreira* Assumed Rate 10% Craig O’Malley of Return Ellen Philbin 5% *indicates Chairperson 0%

BOARD ADMINISTRATOR -5%

Francis St. Germaine -10% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 581 Total Payroll...... $32.2 M Funded Ratio History (1987-2020) Average Salary...... $55,400 100% Average Age...... 49 67.1% Average Service...... 12.6 80% Funded Ratio

Retired Members...... 409 60% 2033 Benefits Paid...... $12.1 M Fully Funded 40% Average Benefit.....$29,500 6.31% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 37 Reported Earnings...... 14 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 0 $74.6 M CORE FIED INCOME 190 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $9.2 M (FY2021) Total Pension Appropriation

109 REAL ESTATE 91 PORT COMP STRATEIES Click/Scan for website 0 PRIVATE EITY

| 2020 Annual Report | 43 Fitchburg

CONTACT INFORMATION $149.4 M 12.27% 8.83% 7.92% 718 Main Street Market Value 2020 Returns 2011-2020 1985-2020 Fitchburg, MA 01420 (Annualized) (Annualized) Phone 978-829-1843 Fax 978 829-1973 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Calvin Brooks* Mary Cringan 20% 7.00% Thomas Dateo, Jr. 15% John Curran Assumed Rate Norman LeBlanc 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Tina Schneider -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 682 Total Payroll...... $34.7 M Average Salary...... $50,900 Funded Ratio History (1987-2020) Average Age...... 46 100% Average Service...... 11.3 47.6% 80% Funded Ratio Retired Members...... 588 Benefits Paid...... $16.5 M 60% 2033 Average Benefit.....$28,100 Fully Funded 40% Average Age...... 73 6.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 53 Reported Earnings...... 12 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $144.6 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: Stone $14.4 M (FY2021) Total Pension Appropriation

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44 | 2020 Annual Report | Framingham

CONTACT INFORMATION $375.0 M 12.39% 8.94% 9.38% Memorial Bldg, Room B-31 Market Value 2020 Returns 2011-2020 1985-2020 150 Concord Street (Annualized) (Annualized) Framingham, MA 01702 Phone 508-532-5465 Fax 508-532-5757 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Richard Howarth, Jr.* 20% 7.25% Mary Ellen Kelley 15% Peter Rovinelli Assumed Rate Joseph Fonseca 10% of Return John White, Jr. 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Laurie Lizak -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,237 Total Payroll...... $71.6 M Funded Ratio History (1987-2020) Average Salary...... $57,900 100% Average Age...... 46 72.8% Average Service...... 11.1 80% Funded Ratio

Retired Members...... 877 60% 2030 Benefits Paid...... $26.4 M Fully Funded 40% Average Benefit.....$30,100 6.95% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 63 Reported Earnings...... 14 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $126.5 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $18.5 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 45 Franklin Regional

CONTACT INFORMATION $175.7 M 12.65% 9.31% 8.59% 278 Main Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 311 (Annualized) (Annualized) Greenfield, MA 01301 Phone 413-774-4837 Fax 413-774-5677 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Sandra Hanks* 20% 7.75% Angel Bragdon 15% Mary Stokarski Assumed Rate Gabriele Voelker 10% of Return Paul Mokrzecki 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Dale Kowacki -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,044 Total Payroll...... $39.7 M Funded Ratio History (1987-2020) Average Salary...... $38,000 100% Average Age...... 48 74.4% Average Service...... 9.2 80% Funded Ratio

Retired Members...... 656 60% 2034 Benefits Paid...... $11.5 M Fully Funded 40% Average Benefit.....$17,600 5.75% Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 24 Reported Earnings...... 5 Excess Earners...... 1 Asset Allocation [12/31/20] Refund Due...... $8,147 LOBAL EITY $52.8 M CORE FIED INCOME 1 Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $7.4 M (FY2021) Total Pension Appropriation

1 REAL ESTATE VA FIED INCOME PRIVATE EITY Click/Scan for website 2 PORT COMP STRATEIES

46 | 2020 Annual Report | Gardner

CONTACT INFORMATION $66.8 M 12.37% 8.95% 9.49% City Hall, Room 17 Market Value 2020 Returns 2011-2020 1985-2020 95 Pleasant Street (Annualized) (Annualized) Gardner, MA 01440 Phone 978-630-4006 Fax 978-630-4012 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS John Richard 20% 7.25% Kevin McInerney 15% Robert Newton Assumed Rate Denise Merriam* 10% of Return Neil Janssens 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Cheryl Bosse -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 308 Total Payroll...... $14.4 M Funded Ratio History (1987-2020) Average Salary...... $46,600 100% Average Age...... 45 59.7% Average Service...... 10.3 80% Funded Ratio

Retired Members...... 259 60% 2031 Benefits Paid...... $6.5 M Fully Funded 40% Average Benefit.....$24,900 8.44% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 19 Reported Earnings...... 4 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $40.8 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $4.6 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 47 Gloucester

CONTACT INFORMATION $134.6 M 12.69% 9.02% 9.03% 127 Eastern Avenue Market Value 2020 Returns 2011-2020 1985-2020 P.O. Box 114 (Annualized) (Annualized) Gloucester, MA 01931 Phone 978-281-9744 Fax 978-281-9817 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Kenny Costa 20% 7.25% Donna Leete 15% James Hannon, Jr. Assumed Rate Douglas MacArthur* 10% of Return Juanita Escobar 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Patricia Ivas -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 557 Total Payroll...... $32.1 M Funded Ratio History (1987-2020) Average Salary...... $57,700 100% Average Age...... 49 49.1% Average Service...... 11.9 80% Funded Ratio

Retired Members...... 486 60% 2034 Benefits Paid...... $13.5 M Fully Funded 40% Average Benefit.....$27,900 6.8% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 36 Reported Earnings...... 12 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $120.9 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $10.9 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

48 | 2020 Annual Report | Greater Lawrence Sanitary District

CONTACT INFORMATION $24.2 M 18.28% 10.32% 8.27% 240 Charles Street Market Value 2020 Returns 2011-2020 1985-2020 P.O. Box 187 (Annualized) (Annualized) North Andover, MA 01845 Phone 978-689-9464 Fax 978-685-7790 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20*) BOARD MEMBERS Joseph Quartarone 25% 6.75% Laurie Elliott* 20% Assumed Rate Sandra Grenier 15% Michael Gagnon of Return Ronald Pollone 10% *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Heather Thibeault -5% 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 40 Total Payroll...... $2.9 M Funded Ratio History (1987-2020) Average Salary...... $72,000 180% Average Age...... 52 160% 87.6% Average Service...... 17.9 140% Funded Ratio 120% Retired Members...... 27 100% 2034 Benefits Paid...... $838 K 80% Fully Funded Average Benefit.....$31,000 60% 9.73% Total Average Age...... 71 40% Increasing 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 1 Reported Earnings...... 1 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY $2.6 M Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $392 K (FY2021) Total Pension Appropriation

2 CORE FIED INCOME

Click/Scan for website * 2019, 5-year, 10-year, and 36-year returns have been revised due to an adjustment in the 2019 return.

| 2020 Annual Report | 49 Greenfield

CONTACT INFORMATION $85.1 M 12.88% 9.13% 8.71% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 14 Court Square (Annualized) (Annualized) Greenfield, MA 01301 Phone 413-772-1503 Fax 413-772-1582 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Angelica Desroches 20% 7.00% Marianne Fiske 15% William Devino* Assumed Rate Kyle Phelps 10% of Return Frances Stotz 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Shari Hildreth -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 451 Total Payroll...... $20.0 M Funded Ratio History (1987-2020) Average Salary...... $44,300 100% Average Age...... 46 59.9% Average Service...... 9 80% Funded Ratio

Retired Members...... 308 60% 2035 Benefits Paid...... $7.8 M Fully Funded 40% Average Benefit.....$25,400 7.1% Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 19 Reported Earnings...... 7 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $54.3 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/21 Actuary: PERAC $5.6 M (FY2021) Total Pension Appropriation

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50 | 2020 Annual Report | Hampden County

CONTACT INFORMATION $455.4 M 12.24% 8.85% 8.76% Agawam Corporate Center Market Value 2020 Returns 2011-2020 1985-2020 67 Hunt Street, Suite 116 (Annualized) (Annualized) Agawam, MA 01001 Phone 413-737-1344 Fax 413-732-7999 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Richard Theroux* 20% 7.15% Thomas Sullivan 15% Patricia Donovan Assumed Rate Karl Schmaelzle 10% of Return Patrick O’Neil 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Julianne Bartley -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 2,784 Total Payroll...... $120.1 M Funded Ratio History (1987-2020) Average Salary...... $43,100 100% Average Age...... 48 48.7% Average Service...... 10.7 80% Funded Ratio

Retired Members...... 1,794 60% 2036 Benefits Paid...... $42.0 M Fully Funded 40% Average Benefit.....$23,400 Varies Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 99 Reported Earnings...... 29 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $1,417 LOBAL EITY CORE FIED INCOME 1 $418.9 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $33.9 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 51 Hampshire County

CONTACT INFORMATION $400.9 M 12.19% 8.29% 8.45% 99 Industrial Drive Market Value 2020 Returns 2011-2020 1985-2020 Suite 2 (Annualized) (Annualized) Northampton, MA 01060 Phone 413-584-9100 Fax 413-587-9396 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Patrick Brock* 20% 7.15% Jane Wolfe 15% Joseph Wilhelm Assumed Rate Harry Chadwick 10% of Return Joyce Karpinski 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Mary Baronas -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,968 Total Payroll...... $89.4 M Funded Ratio History (1987-2020) Average Salary...... $45,400 100% Average Age...... 47 62.4% Average Service...... 10.6 80% Funded Ratio

Retired Members...... 1,357 60% 2033 Benefits Paid...... $30.4 M Fully Funded 40% Average Benefit.....$22,400 4.0% Increasing Average Age...... 72 20% Phase-In Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 76 Reported Earnings...... 34 Excess Earners...... 1 Asset Allocation [12/31/20] Refund Due...... $19,407 LOBAL EITY $210.3 M CORE FIED INCOME 220 Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $26.6 M (FY2021) Total Pension Appropriation

1 VA FIED INCOME 102 PRIVATE EITY Click/Scan for website 9 REAL ESTATE

52 | 2020 Annual Report | Haverhill

CONTACT INFORMATION $244.5 M 14.45% 8.70% 9.97% 4 Summer Street, Room 303 Market Value 2020 Returns 2011-2020 1985-2020 Haverhill, MA 01830-5843 (Annualized) (Annualized) Phone 978-374-2358 Fax 978-374-2353 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Charles Benevento Richard MacDonald 20% 7.00% William Klueber* 15% Lewis Poore Assumed Rate James Cleary 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% David Van Dam -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 989 Total Payroll...... $47.5 M Average Salary...... $48,000 Funded Ratio History (1987-2020) Average Age...... 47 100% Average Service...... 10.6 53.0% 80% Funded Ratio Retired Members...... 1,075 Benefits Paid...... $26.8 M 60% 2032 Average Benefit.....$24,900 Fully Funded 40% Average Age...... 73 6.06% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 64 Reported Earnings...... 15 Excess Earners...... 1 Refund Due...... $1,826 Asset Allocation [12/31/20] $188.5 M Last Valuation: 1/1/20 LOBAL EITY CORE FIED INCOME 209 Unfunded Liability Actuary: KMS $21.2 M (FY2021) Total Pension Appropriation

122 PRIVATE EITY 0 TIMBERLAND 2 REAL ESTATE Click/Scan for website

| 2020 Annual Report | 53 Hingham

CONTACT INFORMATION $146.9 M 12.59% 8.44% 9.23% 210 Central Street Market Value 2020 Returns 2011-2020 1985-2020 Hingham, MA 02043-2758 (Annualized) (Annualized) Phone 781-804-2478 Fax 781-804-2444 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Susan Nickerson* Eileen McCracken 20% 7.40% Jean Montgomery 15% David Jones Assumed Rate Charles Cristello 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Aksana Holmes -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 601 Total Payroll...... $33.1 M Average Salary...... $55,100 Funded Ratio History (1987-2020) Average Age...... 49 100% Average Service...... 10.3 70.4% 80% Funded Ratio Retired Members...... 337 Benefits Paid...... $9.5 M 60% 2035 Average Benefit.....$28,200 Fully Funded 40% Average Age...... 74 7.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 10 Reported Earnings...... 1 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $53.5 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: KMS $5.7 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

54 | 2020 Annual Report | Holyoke

CONTACT INFORMATION $361.3 M 16.42% 10.23% 9.63% 20 Korean Veterans Plaza Market Value 2020 Returns 2011-2020 1985-2020 Room 207 (Annualized) (Annualized) Holyoke, MA 01040-5044 Phone 413-322-5590 Fax 413-322-5591 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Tanya Wdowiak 25% 7.25% Brian Smith 20% John McCarthy* Assumed Rate 15% Anthony Dulude of Return Michele Aubrey 10% *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Cheryl Dugre -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,122 Total Payroll...... $58.4 M Funded Ratio History (1987-2020) Average Salary...... $52,000 100% Average Age...... 45 69.0% Average Service...... 11.7 80% Funded Ratio

Retired Members...... 966 60% 2035 Benefits Paid...... $27.3 M Fully Funded 40% Average Benefit.....$28,200 3.07% Total Average Age...... 72 20% Increasing Funding Schedule 0% 2019 EARNED INCOME 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 74 Reported Earnings...... 16 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 2 $142.3 M PRIVATE EITY 10 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $17.3 M (FY2021) Total Pension Appropriation

1 CORE FIED INCOME 12 REAL ESTATE 1 PORT COMP STRATEIES Click/Scan for website VA FIED INCOME

| 2020 Annual Report | 55 Hull

CONTACT INFORMATION $62.2 M 12.43% 8.97% 8.18% 253 Atlantic Avenue Market Value 2020 Returns 2011-2020 1985-2020 2nd Floor (Annualized) (Annualized) Hull, MA 02045 Phone 781-925-2282 Fax 781-925-8509 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS J. Michael Buckley* 20% 7.40% Eileen White 15% Jason Harris Assumed Rate Bartley Kelly 10% of Return Gregory Galvin 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Lauren Durham -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 163 Total Payroll...... $10.5 M Funded Ratio History (1987-2020) Average Salary...... $64,200 100% Average Age...... 52 69.6% Average Service...... 13 80% Funded Ratio

Retired Members...... 142 60% 2031 Benefits Paid...... $4.6 M Fully Funded 40% Average Benefit.....$32,600 4.0% Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 15 Reported Earnings...... 4 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $24.2 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $4.1 M (FY2021) Total Pension Appropriation

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56 | 2020 Annual Report | Lawrence

CONTACT INFORMATION $287.9 M 12.45% 8.95% 8.07% 354 Merrimack Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 302, Entry C (Annualized) (Annualized) Lawrence, MA 01843 Phone 978-620-3570 Fax 978-722-9490 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Ramona Ceballos 20% 7.25% Thomas Cuddy 15% Kevin Loughlin Assumed Rate Gina Rizzo 10% of Return Vacant* 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Diane Cockroft -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,633 Total Payroll...... $75.9 M Funded Ratio History (1987-2020) Average Salary...... $46,400 100% Average Age...... 44 55.4% Average Service...... 10 80% Funded Ratio

Retired Members...... 924 60% 2037 Benefits Paid...... $26.4 M Fully Funded Average Benefit.....$28,600 40% 3.65% Increasing Average Age...... 73 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 104 Reported Earnings...... 22 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $1,176 LOBAL EITY CORE FIED INCOME 1 $205.9 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $22.1 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 57 Leominster

CONTACT INFORMATION $256.8 M 12.63% 9.31% 8.76% City Hall, Room 15 Market Value 2020 Returns 2011-2020 1985-2020 25 West Street (Annualized) (Annualized) Leominster, MA 01453 Phone 978-962-3539 Fax 978-534-7508 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Jennifer Reddington 20% 5.50% David Laplante 15% Shayne Newton Assumed Rate Jonathan Campagna 10% of Return Douglas Farwell 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Erin Kelley -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 665 Total Payroll...... $31.7 M Funded Ratio History (1987-2020) Average Salary...... $47,700 120% Average Age...... 44 100.9% 100% Average Service...... 9.6 Funded Ratio 80% Retired Members...... 431 2021 Benefits Paid...... $11.2 M 60% Fully Funded Average Benefit.....$25,900 40% Fully Funded/ Average Age...... 73 Normal Cost 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 36 Reported Earnings...... 16 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 - $1.9 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $9.1 M (FY2021) Total Pension Appropriation

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58 | 2020 Annual Report | Lexington

CONTACT INFORMATION $205.6 M 13.86% 8.30% 9.00% 1625 Massachusetts Avenue Market Value 2020 Returns 2011-2020 1985-2020 Lexington, MA 02420 (Annualized) (Annualized) Phone 781-861-2720 Fax 781-861-2794 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Carolyn Kosnoff Frederick Weiss 20% 7.50% Robert Cunha* 15% Joseph Foley Assumed Rate Alan Fields 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Marguerite Oliva -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 756 Total Payroll...... $43.9 M Average Salary...... $58,000 Funded Ratio History (1987-2020) Average Age...... NA 120% Average Service...... NA 80.4% 100% Funded Ratio Retired Members...... 464 80% Benefits Paid...... $13.8 M 2028 Average Benefit.....$29,700 60% Fully Funded Average Age...... 73 40% Varies Total Increasing 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 23 Reported Earnings...... 12 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] $43.4 M Last Valuation: 1/1/20 LOBAL EITY 0 Unfunded Liability Actuary: Sherman $6.8 M (FY2021) Total Pension Appropriation

120 CORE FIED INCOME 0 PORT COMP STRATEIES 0 VA FIED INCOME Click/Scan for website

| 2020 Annual Report | 59 Lowell

CONTACT INFORMATION $463.8 M 12.13% 8.74% 9.18% City Hall, Room 3 Market Value 2020 Returns 2011-2020 1985-2020 375 Merrimack Street (Annualized) (Annualized) Lowell, MA 01852-5998 Phone 978-674-4094 Fax 978-446-7019 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Sheryl Wright 20% 7.65% David Keene 15% William Desrosiers* Assumed Rate Robert Littlefield 10% of Return Michael Brennan 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Shannon Dowd -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,746 Total Payroll...... $98.5 M Funded Ratio History (1987-2020) Average Salary...... $56,400 100% Average Age...... 46 58.2% Average Service...... 12.6 80% Funded Ratio

Retired Members...... 1,255 60% 2036 Benefits Paid...... $39.0 M Fully Funded 40% Average Benefit.....$31,100 4.0% Increasing Average Age...... 72 20% Phase-In Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 163 Reported Earnings...... 48 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $3,581 LOBAL EITY CORE FIED INCOME 1 $277.4 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: KMS $30.3 M (FY2021) Total Pension Appropriation

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60 | 2020 Annual Report | Lynn

CONTACT INFORMATION $451.7 M 12.11% 9.01% 8.24% 3 City Hall Square Market Value 2020 Returns 2011-2020 1985-2020 City Hall, Room 106 (Annualized) (Annualized) Lynn, MA 01901 Phone 781-586-6897 Fax 781-595-9101 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Stephen Spencer 20% 7.25% Frank Valeri 15% Richard Biagiotti Assumed Rate Gordon Barton 10% of Return Michael Marks* 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Gary Brenner -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,317 Total Payroll...... $77.1 M Funded Ratio History (1987-2020) Average Salary...... $58,500 100% Average Age...... 49 52.7% Average Service...... 14.5 80% Funded Ratio

Retired Members...... 1,190 60% 2034 Benefits Paid...... $39.5 M Fully Funded 40% Average Benefit.....$33,200 Varies Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 149 Reported Earnings...... 32 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $326.1 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $36.0 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 61 Malden

CONTACT INFORMATION $326.0 M 18.02% 9.43% 9.82% 215 Pleasant Street Market Value 2020 Returns 2011-2020 1985-2020 5th Floor (Annualized) (Annualized) Malden, MA 02148 Phone 781-397-7086 Fax 781-397-7358 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Charles Ranaghan 25% 7.15% Domenic Fermano 20% Warren Atkinson* Assumed Rate 15% Donald Boyce of Return Scott Lucey 10% *indicates Chairperson 5%

BOARD ADMINISTRATOR 0%

James Ryan -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 804 Total Payroll...... $45.2 M Funded Ratio History (1987-2020) Average Salary...... $56,300 100% Average Age...... 48 72.9% Average Service...... 12.7 80% Funded Ratio

Retired Members...... 672 60% 2030 Benefits Paid...... $21.1 M Fully Funded 40% Average Benefit.....$31,400 8.6% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 84 Reported Earnings...... 22 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 $100.2 M Unfunded Liability Last Valuation: 1/1/20 LOBAL EITY Actuary: PERAC $14.0 M (FY2021) Total Pension Appropriation

CORE FIED INCOME

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62 | 2020 Annual Report | Marblehead

CONTACT INFORMATION $114.6 M 12.43% 8.98% 9.34% Mary Alley Building Market Value 2020 Returns 2011-2020 1985-2020 7 Widger Road (Annualized) (Annualized) Marblehead, MA 01945 Phone 781-639-3418 Fax 781-631-2617 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Stephen Poulos 20% 7.15% Charles Gessner 15% Paul Jalbert Assumed Rate Jason Gilliland 10% of Return Robert Peck* 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Linda Gifford -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 396 Total Payroll...... $21.6 M Funded Ratio History (1987-2020) Average Salary...... $54,700 100% Average Age...... 49 62.3% Average Service...... 11.2 80% Funded Ratio

Retired Members...... 357 60% 2039 Benefits Paid...... $9.8 M Fully Funded 40% Average Benefit.....$27,400 8.6% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 20 Reported Earnings...... 8 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $61.0 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $4.4 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 63 Marlborough

CONTACT INFORMATION $212.1 M 14.98% 8.11% 8.51% 289 Elm Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 111 (Annualized) (Annualized) Marlborough, MA 01752 Phone 508-460-3760 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Diane Smith Daniel Stanhope 20% 7.50% William Taylor 15% Gregory Brewster* Assumed Rate Robert Gustafson 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Margaret Shea -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 644 Total Payroll...... $36.0 M Average Salary...... $55,800 Funded Ratio History (1987-2020) Average Age...... NA 100% Average Service...... NA 75.0% 80% Funded Ratio Retired Members...... 434 Benefits Paid...... $13.3 M 60% 2028 Average Benefit.....$30,700 Fully Funded Average Age...... 72 40% 4.0% Increasing 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 29 Reported Earnings...... 9 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20]

LOBAL EITY 90 $58.4 M Last Valuation: 1/1/19 CORE FIED INCOME 20 Unfunded Liability Actuary: Sherman $9.2 M (FY2021) Total Pension Appropriation

12 VA FIED INCOME 2 PRIVATE EITY Click/Scan for website REAL ESTATE

64 | 2020 Annual Report | MHFA (Mass. Housing Finance Agency)

CONTACT INFORMATION $207.9 M 14.02% 8.12% 7.76% One Beacon Street Market Value 2020 Returns 2011-2020 1985-2020 Boston, MA 02108 (Annualized) (Annualized) Phone 617-854-1871 Fax 617-854-1027 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Lisa Serafin* Ping Yin Chai 20% 7.00% Michael Fitzmaurice 15% Antonio Torres Assumed Rate Paul Hynes 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Joseph Petty -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 312 Total Payroll...... $34.0 M Average Salary....$108,900 Funded Ratio History (1987-2020) Average Age...... 50 160% Average Service...... 15.2 140% 94.8% Funded Ratio Retired Members...... 194 120% Benefits Paid...... $9.4 M 100% 2021 Average Benefit.....$48,600 80% Fully Funded Average Age...... 72 60% Fully Funded/ 40% Normal Cost 2019 EARNED INCOME 20% Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 1 Reported Earnings...... 0 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] $11.5 M Last Valuation: 1/1/21 LOBAL EITY CORE FIED INCOME 19 Unfunded Liability Actuary: Stone $12.2 M (FY2021) Total Pension Appropriation

10 REAL ESTATE 1 PRIVATE EITY

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| 2020 Annual Report | 65 Massport

CONTACT INFORMATION $811.2 M 16.78% 9.08% 9.24% One Harborside Drive Market Value 2020 Returns 2011-2020 1985-2020 Suite 200S (Annualized) (Annualized) East Boston, MA 02128 Phone 617-568-3951 Fax 617-568-3957 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS John Pranckevicius 25% 7.00% Michael Grieco 20% Michael O’Brien Assumed Rate 15% Betsy Taylor of Return James Hoyte* 10% *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Irene Moran -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,348 Total Payroll...... $123.2 M Funded Ratio History (1987-2020) Average Salary...... $91,400 140% Average Age...... 47 90.2% 120% Average Service...... 13 Funded Ratio 100%

Retired Members...... 872 80% NA Benefits Paid...... $36.0 M 60% Fully Funded Average Benefit.....$41,300 40% Average Age...... 70 Frozen Entry Age 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 46 Reported Earnings...... 12 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY $73.9 M CORE FIED INCOME 202 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $14.6 M (FY2021) Total Pension Appropriation

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66 | 2020 Annual Report | MTRS (Mass. Teachers’ Retirement System)

CONTACT INFORMATION $33.5 B 12.78% 9.04% 9.56% 500 Rutherford Avenue Market Value 2020 Returns 2011-2020 1985-2020 Suite 210 (Annualized) (Annualized) Charlestown, MA 02129 Phone 617-679-6877 Fax 617-679-1661 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Ventura Rodriguez* 20% State Treasurer, 7.25% Deborah Goldberg 15% Assumed Rate (Nicola Favorito, designee) of Return State Auditor Suzanne Bump 10% (Alicia Fay Daniel, Designee) 5% Anne Wass Jacqueline Gorrie 0% Dennis Naughton Richard Liston -5% *indicates Chairperson 16 17 18 19 20 16-20 85-20 BOARD ADMINISTRATOR Erika Glaster Funded Ratio History (1987-2020)

SYSTEM MEMBERS 100% Active Members...... 94,103 51.7% Total Payroll...... $7.1 B 80% Funded Ratio Average Salary...... $75,200 Average Age...... 44 60% 2036 Average Service...... 13.2 Fully Funded 40% 9.63% Total Retired Members.....67,110 20% Increasing Benefits Paid...... $3.0 B Funding Schedule Average Benefit.....$45,100 0% Average Age...... 73 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20

2019 EARNED INCOME OF DISABILITY RETIREES: Asset Allocation [12/31/20] Disability Retirees...... 543 Reported Earnings...... 108 LOBAL EITY Excess Earners...... 0 CORE FIED INCOME 1 $26.0 B Refund Due...... $0 PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 $1.7 B Actuary: PERAC (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 67 MWRA (Mass. Water Resources Authority)

CONTACT INFORMATION $648.7 M 13.42% 8.48% 8.33% Two Griffin Way Market Value 2020 Returns 2011-2020 1986-20201985-2020 Chelsea, MA 02150 (Annualized) (Annualized) Phone 617-305-5595 Fax 617-371-1616 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 35-Year Averages, as of 12/31/20) Andrew Pappastergion Thomas Durkin 20% 6.90% Kevin McKenna 15% James Fleming* Assumed Rate Frank Zecha 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Carolyn Russo -5% 16 17 18 19 20 16-20 86-20 SYSTEM MEMBERS Active Members...... 1,103 Total Payroll...... $102.1 M Average Salary...... $92,600 Funded Ratio History (1987-2020) Average Age...... 51 120% Average Service...... 17.5 88.2% 100% Funded Ratio Retired Members...... 702 80% Benefits Paid...... $28.5 M 2030 Average Benefit.....$40,500 60% Fully Funded Average Age...... 71 40% 12.05% Total Increasing 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 70 Reported Earnings...... 15 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY 01 $83.9 M Last Valuation: 1/1/21 CORE FIED INCOME 192 Unfunded Liability Actuary: Segal $10.0 M (FY2021) Total Pension Appropriation

PRIVATE EITY 2 VA FIED INCOME REAL ESTATE Click/Scan for website 9 PORT COMP STRATEIES

68 | 2020 Annual Report | Maynard

CONTACT INFORMATION $56.0 M 13.87% 8.89% 8.12% 195 Main Street Market Value 2020 Returns 2011-2020 1985-2020 Maynard, MA 01754 (Annualized) (Annualized) Phone 978-897-1820 Fax 978-897-1013 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Lauri Plourde Kevin Petersen 20% 6.75% Patrick Hakey 15% Clifford Wilson Assumed Rate 10% Christopher Connolly* of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Kenneth DeMars -5% -10% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 212 Total Payroll...... $10.0 M Average Salary...... $47,400 Funded Ratio History (1987-2020) Average Age...... 46 100% Average Service...... 10.1 72.2% 80% Funded Ratio Retired Members...... 117 Benefits Paid...... $3.1 M 60% 2035 Average Benefit.....$26,600 Fully Funded 40% Average Age...... 73 6.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 6 Reported Earnings...... 4 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] $17.4 M Last Valuation: 1/1/19 LOBAL EITY 0 Unfunded Liability Actuary: PERAC $2.6 M (FY2021) Total Pension Appropriation

212 CORE FIED INCOME REAL ESTATE 9 PORT COMP STRATEIES Click/Scan for website

| 2020 Annual Report | 69 Medford

CONTACT INFORMATION $225.3 M 12.18% 7.40% 8.77% City Hall, Room 215 Market Value 2020 Returns 2011-2020 1985-2020 85 George P. Hassett Drive (Annualized) (Annualized) Medford, MA 02155 Phone 781-393-2517 Fax 781-393-2522 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Robert Maiocco 20% 7.25% Rick Jordan* 15% Patrick Ripley Assumed Rate James Vieira 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Mark Minervini -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 776 Total Payroll...... $46.0 M Average Salary...... $59,300 Funded Ratio History (1987-2020) Average Age...... NA 100% Average Service...... NA 61.3% 80% Funded Ratio Retired Members...... 607 Benefits Paid...... $20.8 M 60% 2033 Average Benefit.....$34,200 Fully Funded 40% Average Age...... 75 8.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 96 Reported Earnings...... 21 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY 90 $129.5 M Last Valuation: 1/1/20 VA FIED INCOME 1 Unfunded Liability Actuary: Sherman $13.0 M (FY2021) Total Pension Appropriation

11 CORE FIED INCOME 91 PRIVATE EITY REAL ESTATE Click/Scan for website PORT COMP STRATEIES

70 | 2020 Annual Report | Melrose

CONTACT INFORMATION $103.6 M 11.82% 8.54% 8.53% City Hall Market Value 2020 Returns 2011-2020 1985-2020 562 Main Street (Annualized) (Annualized) Melrose, MA 02176 Phone 781-979-4151 Fax 781-979-4206 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Patrick Dello Russo* 20% 7.50% Kelly Cogavin 15% Scott Colborne Assumed Rate Michael Lyle 10% of Return John McLaughlin 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Adam Travinski -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 426 Total Payroll...... $21.6 M Funded Ratio History (1987-2020) Average Salary...... $50,600 100% Average Age...... 46 58.3% Average Service...... 10 80% Funded Ratio Retired Members...... 398 60% 2037 Benefits Paid...... $9.5 M 40% Fully Funded Average Benefit.....$24,000 4.0% Increasing Average Age...... 74 20% Funding Schedule 0% 2019 EARNED INCOME 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 27 Reported Earnings...... 3 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $63.4 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: Stone $6.5 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 71 Methuen

CONTACT INFORMATION $198.7 M 12.60% 9.38% 8.27% 41 Pleasant Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 303 (Annualized) (Annualized) Methuen, MA 01844 Phone 978-983-8620 Fax 978-983-8972 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Louise Moss 20% 7.15% John Sheehy 15% Michael Hennessy* Assumed Rate Albert Trott 10% of Return Robert Sheehan 5% *indicates Chairperson 0% BOARD ADMINISTRATOR Kaitlyn Doucette -5% 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 625 Total Payroll...... $37.3 M Funded Ratio History (1987-2020) Average Salary...... $59,700 100% Average Age...... 47 56.2% Average Service...... 13.6 80% Funded Ratio

Retired Members...... 464 60% 2036 Benefits Paid...... $15.3 M Fully Funded 40% Average Benefit.....$32,900 Varies Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 51 Reported Earnings...... 16 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $130.6 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $13.8 M (FY2021) Total Pension Appropriation

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72 | 2020 Annual Report | Middlesex County

CONTACT INFORMATION $1.8 B 12.26% 8.72% 8.56% 25 Linnell Circle Market Value 2020 Returns 2011-2020 1985-2020 P.O. Box 160 (Annualized) (Annualized) Billerica, MA 01865 Phone 978-439-3000 Phone 800-258-3805 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Fax 978-439-3050 BOARD MEMBERS 20% 7.30% Thomas Gibson* 15% Brian Curtin Assumed Rate Joseph Kearns 10% of Return John Brown 5% Robert Healy *indicates Chairperson 0%

BOARD ADMINISTRATOR -5% Lisa Maloney 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 9,282 Funded Ratio History (1987-2020) Total Payroll...... $492.1 M 100% Average Salary...... $53,000 48.1% Average Age...... 48 80% Funded Ratio Average Service...... 11.2 60% 2037 Retired Members...... 5,862 Fully Funded 40% Benefits Paid...... $161.2 M 4.0% Increasing Average Benefit.....$27,500 20% Phase-In Average Age...... 73 Funding Schedule 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 2019 EARNED INCOME OF DISABILITY RETIREES: Disability Retirees...... 363 Reported Earnings...... 123 Asset Allocation [12/31/20]

Excess Earners...... 3 LOBAL EITY Refund Due...... $67,348 CORE FIED INCOME 1 $1.6 B PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 $137.8 M Actuary: Segal (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 73 Milford

CONTACT INFORMATION $117.4 M 12.20% 8.85% 8.43% Town Hall, Room 17 Market Value 2020 Returns 2011-2020 1985-2020 52 Main Street (Annualized) (Annualized) Milford, MA 01757 Phone 508-634-2321 Fax 508-634-0902 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Zachary Taylor* 20% 7.25% Christopher Pilla 15% Richard Villani Assumed Rate Gerald Moody 10% of Return Martha White 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Alberta Farley -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 489 Total Payroll...... $22.6 M Funded Ratio History (1987-2020) Average Salary...... $46,300 100% Average Age...... 49 61.3% Average Service...... 12 80% Funded Ratio

Retired Members...... 304 60% 2036 Benefits Paid...... $8.2 M Fully Funded 40% Average Benefit.....$26,900 7.0% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 30 Reported Earnings...... 11 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $60.2 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $6.0 M (FY2021) Total Pension Appropriation

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74 | 2020 Annual Report | Milton

CONTACT INFORMATION $169.8 M 12.46% 8.97% 9.47% 40 Willard Street Market Value 2020 Returns 2011-2020 1985-2020 Suite G102 (Annualized) (Annualized) Quincy, MA 02169 Phone 617-770-5970 Fax 617-770-5971 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Karen Preval 20% 7.25% Paige Eppolito* 15% William Murphy Assumed Rate Thomas Cicerone 10% of Return Robert O’Melia 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Jeanne Darcy -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 404 Total Payroll...... $23.8 M Funded Ratio History (1987-2020) Average Salary...... $58,900 100% Average Age...... 46 82.6% Average Service...... 11.8 80% Funded Ratio

Retired Members...... 274 60% 2027 Benefits Paid...... $8.8 M Fully Funded 40% Average Benefit.....$32,200 6.0% Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 27 Reported Earnings...... 10 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $28.6 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $7.1 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 75 Minuteman Regional School District

CONTACT INFORMATION $15.7 M 12.33% 8.71% 9.52% 758 Marrett Road Market Value 2020 Returns 2011-2020 1985-2020 Lexington, MA 02421 (Annualized) (Annualized) Phone 781-861-6500 Fax 781-863-1747 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Laurie Elliott Kevin Mahoney* 20% 7.25% Maria Oliveira 15% Cheryl Mixon Assumed Rate Norman Cohen 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Sandor Zapolin -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 49 Total Payroll...... $2.3 M Average Salary...... $46,200 Funded Ratio History (1987-2020) Average Age...... 48 140% Average Service...... 8.2 86.0% 120% Funded Ratio Retired Members...... 40 100%

Benefits Paid...... $1.1 M 80% 2035 Average Benefit.....$27,900 60% Fully Funded Average Age...... 74 10.0% Total 40% Increasing 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 1 Reported Earnings...... 0 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $2.2 M Last Valuation: 1/1/19 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $297 K (FY2021) Total Pension Appropriation

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76 | 2020 Annual Report | Montague

CONTACT INFORMATION $52.4 M 12.49% 8.95% 9.25% One Avenue A Market Value 2020 Returns 2011-2020 1985-2020 Turners Falls, MA 01376 (Annualized) (Annualized) Phone 413-863-3200 Fax 413-863-3224 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Carolyn Olsen* Steven Ellis 20% 7.00% David Dion 15% Cheryl Clark Assumed Rate Marianne Fiske 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Debra Underhill -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 194 Total Payroll...... $7.5 M Average Salary...... $38,900 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 10.3 78.1% 80% Funded Ratio Retired Members...... 145 Benefits Paid...... $3.1 M 60% 2033 Average Benefit.....$21,700 Fully Funded 40% Average Age...... 73 5.2% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 12 Reported Earnings...... 3 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $12.6 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $2.1 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 77 Natick

CONTACT INFORMATION $186.8 M 14.74% 9.54% 8.41% 13 East Central Street Market Value 2020 Returns 2011-2020 1985-2020 Natick, MA 01760 (Annualized) (Annualized) Phone 508-647-6440 Fax 508-647-6443 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Arti Mehta Eliot Lurier 20% 7.25% Nicholas Mabardy 15% Michael Melchiorri* Assumed Rate B. Michael Reardon 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Kathleen Bacon -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 651 Total Payroll...... $37.3 M Average Salary...... $57,300 Funded Ratio History (1987-2020) Average Age...... 46 100% Average Service...... 11.2 63.9% 80% Funded Ratio Retired Members...... 419 Benefits Paid...... $12.4 M 60% 2030 Average Benefit.....$29,700 Fully Funded 40% Average Age...... 74 8.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 14 Reported Earnings...... 6 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20]

LOBAL EITY $85.4 M Last Valuation: 1/1/19 CORE FIED INCOME 1 Unfunded Liability Actuary: Segal $11.4 M (FY2021) Total Pension Appropriation

10 PRIVATE EITY REAL ESTATE VA FIED INCOME Click/Scan for website 0 PORT COMP STRATEIES

78 | 2020 Annual Report | Needham

CONTACT INFORMATION $203.6 M 12.48% 8.88% 9.70% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 1471 Highland Ave. (Annualized) (Annualized) Needham, MA 02492 Phone 781-455-7500 Ext. 231 Fax 781-449-4569 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Evelyn Poness* 20% 6.50% Sandra Cincotta 15% Robert Papetti Assumed Rate John Krawiecki 10% of Return Robert Mearls 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Jacob Cole -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 742 Total Payroll...... $41.7 M Funded Ratio History (1987-2020) Average Salary...... $56,200 100% Average Age...... 47 65.6% Average Service...... 10.6 80% Funded Ratio

Retired Members...... 459 60% 2033 Benefits Paid...... $13.0 M Fully Funded 40% Average Benefit.....$28,400 Varies Total Average Age...... 76 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 28 Reported Earnings...... 6 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $92.2 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $9.5 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 79 New Bedford

CONTACT INFORMATION $407.9 M 14.40% 9.08% 8.40% 651 Orchard Street Market Value 2020 Returns 2011-2020 1985-2020 #203A (Annualized) (Annualized) New Bedford, MA 02744 Phone 508-979-1538 Fax 508-979-1799 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Brennan Morsette 20% 7.50% Angela Natho 15% Leonard Baillargeon Assumed Rate James Allen* 10% of Return Susan Thompson 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Eric Cohen -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 2,140 Total Payroll...... $101.2 M Funded Ratio History (1987-2020) Average Salary...... $47,300 100% Average Age...... 45 46.9% Average Service...... 11.2 80% Funded Ratio

Retired Members...... 1,854 60% 2035 Benefits Paid...... $48.7 M Fully Funded 40% Average Benefit.....$26,200 Varies Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 263 Reported Earnings...... 62 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $299 LOBAL EITY 9 VA FIED INCOME 1 $394.7 M Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $36.8 M (FY2021) Total Pension Appropriation

92 REAL ESTATE PORT COMP STRATEIES 1 PRIVATE EITY 2 TIMBERLAND Click/Scan for website 0 CORE FIED INCOME

80 | 2020 Annual Report | Newburyport

CONTACT INFORMATION $104.2 M 12.71% 8.86% 8.43% 16 Unicorn Street Market Value 2020 Returns 2011-2020 1985-2020 Newburyport, MA 01950 (Annualized) (Annualized) Phone 978-465-6619 Fax 978-462-4042 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Ethan Manning John Moak 20% 7.25% Joseph Spaulding* 15% Jeffrey Cutter Assumed Rate Larry Giunta 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Laurie Burton -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 370 Total Payroll...... $20.2 M Average Salary...... $54,700 Funded Ratio History (1987-2020) Average Age...... 50 100% Average Service...... 12.3 64.9% 80% Funded Ratio Retired Members...... 244 Benefits Paid...... $7.3 M 60% 2038 Average Benefit.....$30,000 Fully Funded 40% Average Age...... 73 5.0% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 23 Reported Earnings...... 8 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $48.2 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $5.4 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 81 Newton

CONTACT INFORMATION $439.3 M 11.98% 8.89% 8.78% City Hall Market Value 2020 Returns 2011-2020 1985-2020 1000 Commonwealth Avenue (Annualized) (Annualized) Newton Centre, MA 02459 Phone 617-796-1095 Fax 617-796-1098 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Susan Dzikowski 20% 7.25% Anthony Logalbo 15% Thomas Lopez* Assumed Rate Paul Bianchi 10% of Return Lisa Maloney 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Kelly Byrne -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,611 Total Payroll...... $102.9 M Funded Ratio History (1987-2020) Average Salary...... $63,900 100% Average Age...... 46 54.9% Average Service...... 11.8 80% Funded Ratio

Retired Members...... 1,339 60% 2031 Benefits Paid...... $40.6 M Fully Funded 40% Average Benefit.....$30,300 Varies Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 128 Reported Earnings...... 28 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $317.0 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $32.5 M (FY2021) Total Pension Appropriation

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82 | 2020 Annual Report | Norfolk County

CONTACT INFORMATION $1.2 B 11.23% 8.34% 8.67% 480 Neponset Street Market Value 2020 Returns 2011-2020 1985-2020 Bldg. 15 (Annualized) (Annualized) Canton, MA 02021 Phone 781-821-0664 Fax 781-821-0981 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Michael Bellotti* 20% 7.75% Paul Connors 15% Josephine Shea Assumed Rate Edwin Little 10% of Return Lisa Sinkus 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Kathleen Kiely-Becchetti -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 5,576 Total Payroll...... $312.9 M Funded Ratio History (1987-2020) Average Salary...... $56,100 100% Average Age...... NA 63.5% Average Service...... NA 80% Funded Ratio

Retired Members...... 3,506 60% 2029 Benefits Paid...... $99.4 M Fully Funded 40% Average Benefit.....$28,400 Varies Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 286 Reported Earnings...... 88 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 0 $605.3 M CORE FIED INCOME 222 Unfunded Liability Last Valuation: 1/1/20 Actuary: Sherman $81.6 M (FY2021) Total Pension Appropriation

100 PORT COMP STRATEIES 9 PRIVATE EITY Click/Scan for website 9 REAL ESTATE

| 2020 Annual Report | 83 North Adams

CONTACT INFORMATION $83.5 M 18.62% 9.95% 9.80% 61 Main Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 247 (Annualized) (Annualized) North Adams, MA 01247 Phone 413-663-5185 Fax 413-664-9412 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Beverly Cooper 25% 7.00% Kathleen Wall 20% Matthew LaBonte Assumed Rate Lawrence O’Brien* 15% of Return Fred Thompson 10% *indicates Chairperson BOARD ADMINISTRATOR 5% Beth Matson 0% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 312 Total Payroll...... $11.8 M Funded Ratio History (1987-2020) Average Salary...... $37,800 100% Average Age...... 46 83.3% Average Service...... 10.7 80% Funded Ratio

Retired Members...... 241 60% 2029 Benefits Paid...... $5.3 M Fully Funded 40% Average Benefit.....$22,200 4.9% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 33 Reported Earnings...... 15 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 $15.1 M LOBAL EITY 90 Unfunded Liability Last Valuation: 1/1/21 Actuary: PERAC $3.5 M (FY2021) Total Pension Appropriation

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84 | 2020 Annual Report | North Attleboro

CONTACT INFORMATION $149.3 M 14.82% 9.86% 8.93% 500 East Washington Street Market Value 2020 Returns 2011-2020 1985-2020 2nd Floor (Annualized) (Annualized) North Attleboro, MA 02760 Phone 508-699-0119 Fax 508-699-0127 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Linda Catanzariti 25% 7.25% Craig Chapman* 20% Brian Brousseau Assumed Rate 15% Lynn Carley of Return *indicates Chairperson 10% 5% BOARD ADMINISTRATOR Sharon Sullivan 0% -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 525 Total Payroll...... $26.1 M Average Salary...... $49,700 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 11.8 73.2% 80% Funded Ratio Retired Members...... 301 Benefits Paid...... $8.2 M 60% 2034 Average Benefit.....$27,100 Fully Funded 40% Average Age...... 71 5.6% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 25 Reported Earnings...... 14 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] $46.0 M Last Valuation: 1/1/20 LOBAL EITY 90 Unfunded Liability Actuary: Segal $4.2 M (FY2021) Total Pension Appropriation

21 CORE FIED INCOME 92 REAL ESTATE Click/Scan for website

| 2020 Annual Report | 85 Northampton

CONTACT INFORMATION $164.2 M 18.39% 9.84% 9.63% 240 Main Street Market Value 2020 Returns 2011-2020 1985-2020 First Floor (Annualized) (Annualized) Northampton, MA 01060 Phone 413-587-1211 Fax 413-587-1278 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Joyce Karpinski* 25% 7.13% Charlene Nardi 20% Tammy Suprenant Assumed Rate 15% Michael Lyons of Return Thomas Sullivan 10% *indicates Chairperson 5% BOARD ADMINISTRATOR 0% David Shipka -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 645 Total Payroll...... $30.9 M Funded Ratio History (1987-2020) Average Salary...... $47,800 100% Average Age...... 47 69.2% Average Service...... 10.4 80% Funded Ratio

Retired Members...... 451 60% 2037 Benefits Paid...... $11.2 M Fully Funded Average Benefit.....$24,800 40% 4.0% Increasing Average Age...... 71 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 30 Reported Earnings...... 13 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 $60.8 M LOBAL EITY 9 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $6.9 M (FY2021) Total Pension Appropriation

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86 | 2020 Annual Report | Northbridge

CONTACT INFORMATION $45.3 M 12.75% 9.06% 9.46% 7 Main Street Market Value 2020 Returns 2011-2020 1985-2020 Town Hall (Annualized) (Annualized) Whitinsville, MA 01588 Phone 508-234-0820 Fax 508-234-5834 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Neil Vaidya 20% 7.25% Sharon Susienka 15% John Meagher* Assumed Rate George Murray 10% of Return Thomas Frieswyk 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Scott McGrath -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 210 Total Payroll...... $9.3 M Funded Ratio History (1987-2020) Average Salary...... $44,300 100% Average Age...... 47 71.9% Average Service...... 10.5 80% Funded Ratio

Retired Members...... 113 60% 2035 Benefits Paid...... $2.7 M Fully Funded Average Benefit.....$23,700 40% 4.0% Increasing Average Age...... 74 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 10 Reported Earnings...... 3 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $15.3 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $2.0 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 87 Norwood

CONTACT INFORMATION $199.6 M 15.29% 9.27% 9.36% 566 Washington Street Market Value 2020 Returns 2011-2020 1985-2020 Norwood, MA 02062 (Annualized) (Annualized) Phone 781-762-1240 Ext. 157 Fax 781-278-3024 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Thomas McQuaid Edmund Mulvehill* 25% 7.60% Thomas O’Toole 20% Eileen Hickey Assumed Rate 15% Thomas Rorrie of Return *indicates Chairperson 10% 5% BOARD ADMINISTRATOR Debra Wilkes 0% -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 613 Total Payroll...... $36.8 M Average Salary...... $60,100 Funded Ratio History (1987-2020) Average Age...... NA 120% Average Service...... NA 78.4% 100% Funded Ratio Retired Members...... 402 80% Benefits Paid...... $13.0 M 2032 Average Benefit.....$32,200 60% Fully Funded Average Age...... 73 40% 4.0% Increasing 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 36 Reported Earnings...... 14 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20]

LOBAL EITY $46.9 M Last Valuation: 1/1/20 REAL ESTATE 1 Unfunded Liability Actuary: Sherman $5.5 M (FY2021) Total Pension Appropriation

12 CORE FIED INCOME 122 PRIVATE EITY Click/Scan for website VA FIED INCOME

88 | 2020 Annual Report | Peabody

CONTACT INFORMATION $178.9 M 12.56% 9.00% 8.81% City Hall Market Value 2020 Returns 2011-2020 1985-2020 24 Lowell Street (Annualized) (Annualized) Peabody, MA 01960 Phone 978-538-5911 Fax 978-538-5989 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Michael Gingras 20% 7.75% Edward Lomasney 15% Linda Cavallon Assumed Rate Joseph DiFranco 10% of Return Richard Yagjian* 5% *indicates Chairperson BOARD ADMINISTRATOR 0% James Freeman -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 846 Total Payroll...... $50.3 M Funded Ratio History (1987-2020) Average Salary...... $59,500 100% Average Age...... NA 49.3% Average Service...... NA 80% Funded Ratio

Retired Members...... 772 60% 2036 Benefits Paid...... $20.5 M Fully Funded Average Benefit.....$26,600 40% 4.0% Increasing Average Age...... 75 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 44 Reported Earnings...... 8 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $169.3 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Sherman $13.2 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 89 Pittsfield

CONTACT INFORMATION $168.7 M 12.04% 8.86% 8.38% 114 Fenn Street Market Value 2020 Returns 2011-2020 1985-2020 Pittsfield, MA 01201 (Annualized) (Annualized) Phone 413-499-9468 Fax 413-499-9328 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Matthew Kerwood* Bonnie Galant 20% 7.25% Timothy Hannigan 15% Timothy Bartini Assumed Rate William Flynn 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Karen Lancto -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 917 Total Payroll...... $35.7 M Average Salary...... $38,900 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 11 49.3% 80% Funded Ratio Retired Members...... 797 Benefits Paid...... $18.4 M 60% 2037 Average Benefit.....$23,000 Fully Funded 40% Average Age...... 75 5.2% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 62 Reported Earnings...... 18 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $145.1 M Last Valuation: 1/1/19 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $14.7 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

90 | 2020 Annual Report | Plymouth

CONTACT INFORMATION $215.7 M 10.07% 9.19% 8.93% 212 South Meadow Road Market Value 2020 Returns 2011-2020 1985-2020 Unit #3 (Annualized) (Annualized) Plymouth, MA 02360 Phone 508-830-4170 Fax 508-830-4019 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Lynne Barrett 20% 7.00% Gerald Coughlin 15% Thomas Kelley* Assumed Rate Dale Webber 10% of Return Robert Ness 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Wendy Cherry -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 914 Total Payroll...... $51.2 M Funded Ratio History (1987-2020) Average Salary...... $56,000 100% Average Age...... 48 51.9% Average Service...... 11.8 80% Funded Ratio

Retired Members...... 763 60% 2035 Benefits Paid...... $19.8 M Fully Funded 40% Average Benefit.....$26,000 Varies Total Average Age...... 71 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 77 Reported Earnings...... 29 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 91 CORE FIED INCOME 229 $176.0 M Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $15.8 M (FY2021) Total Pension Appropriation

9 REAL ESTATE 92 PRIVATE EITY 9 PORT COMP STRATEIES 0 VA FIED INCOME Click/Scan for website 02 TIMBERLAND

| 2020 Annual Report | 91 Plymouth County

CONTACT INFORMATION $1.2 B 14.62% 8.42% 9.16% 10 Cordage Park Circle Market Value 2020 Returns 2011-2020 1985-2020 Suite 234 (Annualized) (Annualized) Plymouth, MA 02360 Phone 508-830-1803 Fax 508-830-1875 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Thomas O’Brien* 20% 7.88% James Harrington 15% Joseph McDonough Assumed Rate 10% John Sciara of Return Mary Beth Carter 5% *indicates Chairperson 0% BOARD ADMINISTRATOR -5% David Sullivan -10% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 5,708 Total Payroll...... $294.6 M Funded Ratio History (1987-2020) Average Salary...... $51,600 100% Average Age...... NA 61.0% Average Service...... NA 80% Funded Ratio

Retired Members...... 4,334 60% 2029 Benefits Paid...... $111.4 M Fully Funded 40% Average Benefit.....$25,700 8.0% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 316 Reported Earnings...... 119 Excess Earners...... 2 Asset Allocation [12/31/20] Refund Due...... $22,961 LOBAL EITY 1 REAL ESTATE 19 $693.3 M Unfunded Liability Last Valuation: 1/1/20 Actuary: Sherman $81.2 M (FY2021) Total Pension Appropriation

9 CORE FIED INCOME 92 VA FIED INCOME PRIVATE EITY Click/Scan for website PORT COMP STRATEIES

92 | 2020 Annual Report | Quincy

CONTACT INFORMATION $ 10.91% 7.79% 8.30% 1245 Hancock Street Market2020 investment Value 2020 return Returns data not available2011-2020 at time of publication.1985-2020 Suite 39 (Annualized) (Annualized) Quincy, MA 02169 Phone 617-376-1075 Fax 617-376-1149 Investment Returns (2016-2020,(2016-2019 Averages, 5-Year & 36-Year as of 12/31/20) Averages, as of 12/31/20) BOARD MEMBERS Susan O’Connor* 20% 7.25% Michael McFarland 15% Leo Coppens Assumed Rate Ernest Arienti 10% of Return Richard Fitzpatrick 5% *indicates Chairperson 0% BOARD ADMINISTRATOR Brigid Gaughan -5% 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 1,546 Total Payroll...... $101.7 M Funded Ratio History (1987-2020) Average Salary...... $65,800 100% Average Age...... 49 45.9% Average Service...... 12.4 80% Funded Ratio

Retired Members...... 1,521 60% 2036 Benefits Paid...... $47.6 M Fully Funded 40% Average Benefit.....$31,300 Varies Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 134 Reported Earnings...... 31 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 2 $426.3 M CORE FIED INCOME 10 Unfunded Liability Last Valuation: 1/1/20 Actuary: Stone $35.6 M (FY2021) Total Pension Appropriation

12 REAL ESTATE 101 PRIVATE EITY 90 VA FIED INCOME Click/Scan for website 10 PORT COMP STRATEIES

| 2020 Annual Report | 93 Reading

CONTACT INFORMATION $168.3 M 12.44% 8.95% 9.36% 2 Haven Street Market Value 2020 Returns 2011-2020 1985-2020 Unit 307 (Annualized) (Annualized) Reading, MA 01867 Phone 781-942-9007 Fax 781-623-3053 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Sharon Angstrom 20% 7.50% Carol Roberts 15% Joseph Coughlin Assumed Rate David Gentile* 10% of Return John Halsey 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Colleen Loughlin -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 355 Total Payroll...... $27.4 M Funded Ratio History (1987-2020) Average Salary...... $77,100 100% Average Age...... 47 75.0% Average Service...... 12.8 80% Funded Ratio

Retired Members...... 363 60% 2029 Benefits Paid...... $11.6 M Fully Funded 40% Average Benefit.....$31,900 Varies Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 27 Reported Earnings...... 9 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $47.4 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: KMS $7.6 M (FY2021) Total Pension Appropriation

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94 | 2020 Annual Report | Revere

CONTACT INFORMATION $206.1 M 12.36% 8.86% 8.57% 14 Yeamans St. Market Value 2020 Returns 2011-2020 1985-2020 Unit C2 (Annualized) (Annualized) Revere, MA 02151 Phone 781-286-8173 Fax 781-286-3316 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Richard Viscay* 20% 7.00% John Henry 15% Sean Manion Assumed Rate James Cullen 10% of Return Gennaro Cataldo 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Sandor Zapolin -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 622 Total Payroll...... $43.3 M Funded Ratio History (1987-2020) Average Salary...... $69,600 100% Average Age...... 47 63.5% Average Service...... 11.9 80% Funded Ratio

Retired Members...... 490 60% 2033 Benefits Paid...... $17.2 M Fully Funded 40% Average Benefit.....$35,000 6.32% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 91 Reported Earnings...... 32 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $111.2 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/21 Actuary: PERAC $14.3 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 95 Salem

CONTACT INFORMATION $231.3 M 12.41% 8.73% 8.34% 20 Central Street, Suite 110 Market Value 2020 Returns 2011-2020 1985-2020 Salem, MA 01970 (Annualized) (Annualized) Phone 978-745-8983 Fax 978-745-4216 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Anna Freedman Dominick Pangallo* 20% 7.15% Sarah Hayes 15% Marcia Pelletier Assumed Rate Matthew Veno 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Paul Findlen -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 922 Total Payroll...... $50.1 M Average Salary...... $54,400 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 11.3 59.2% 80% Funded Ratio Retired Members...... 610 Benefits Paid...... $17.5 M 60% 2032 Average Benefit.....$28,700 Fully Funded 40% Average Age...... 73 5.55% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 46 Reported Earnings...... 14 Excess Earners...... 1 Refund Due...... $29,580 Asset Allocation [12/31/20] LOBAL EITY $136.8 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: Segal $15.4 M (FY2021) Total Pension Appropriation

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96 | 2020 Annual Report | Saugus

CONTACT INFORMATION $130.3 M 12.89% 9.02% 9.34% 25R Main Street Market Value 2020 Returns 2011-2020 1985-2020 Town Hall Annex (Annualized) (Annualized) Saugus, MA 01906 Phone 781-558-2903 Fax 781-666-3218 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Donna Matarazzo 20% 7.25% Eugene Decareau 15% William Cross* Assumed Rate Mark Gannon 10% of Return Doreen DiBari 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Ann Quinlan -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 347 Total Payroll...... $18.3 M Funded Ratio History (1987-2020) Average Salary...... $52,900 100% Average Age...... 47 77.4% Average Service...... 12.3 80% Funded Ratio

Retired Members...... 293 60% 2026 Benefits Paid...... $8.0 M Fully Funded 40% Average Benefit.....$27,200 5.2% Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 27 Reported Earnings...... 8 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 12 CORE FIED INCOME 2 $31.2 M Unfunded Liability Last Valuation: 1/1/19 Actuary: PERAC $7.5 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 97 Shrewsbury

CONTACT INFORMATION $158.7 M 12.74% 9.59% 9.31% 100 Maple Avenue Market Value 2020 Returns 2011-2020 1985-2020 Shrewsbury, MA 01545 (Annualized) (Annualized) Phone 508-841-8510 Fax 508-842-0587 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Mary Thompson Thomas Kennedy* 20% 7.50% Ralph Iaccarino 15% David Hodgerney Assumed Rate Alice Ferro 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Gregory Gatsogiannis -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 453 Total Payroll...... $26.2 M Average Salary...... $57,700 Funded Ratio History (1987-2020) Average Age...... NA 100% Average Service...... NA 93.4% 80% Funded Ratio Retired Members...... 287 Benefits Paid...... $8.4 M 60% 2024 Average Benefit.....$29,100 Fully Funded Average Age...... 73 40% Level Dollar 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 22 Reported Earnings...... 10 Excess Earners...... 1 Refund Due...... $5,564 Asset Allocation [12/31/20]

LOBAL EITY 1 $9.7 M Last Valuation: 1/1/20 CORE FIED INCOME 211 Unfunded Liability Actuary: SAS $4.4 M (FY2021) Total Pension Appropriation

12 REAL ESTATE 9 PRIVATE EITY 0 PORT COMP STRATEIES Click/Scan for website 1 TIMBERLAND

98 | 2020 Annual Report | Somerville

CONTACT INFORMATION $384.0 M 27.59% 11.31% 9.60% 323 Broadway Market Value 2020 Returns 2011-2020 1985-2020 Somerville, MA 02145 (Annualized) (Annualized) Phone 617-764-3811 Fax 617-591-3211 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Edward Bean* Michael Mastrobuoni 30% 7.75% Thomas Ross 25% John Memory 20% Assumed Rate of Return David Castellarin 15% *indicates Chairperson 10% BOARD ADMINISTRATOR 5% Michael Pasquariello 0% -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 1,186 Total Payroll...... $75.5 M Average Salary...... $63,700 Funded Ratio History (1987-2020) Average Age...... NA 100% Average Service...... NA 62.7% 80% Funded Ratio Retired Members...... 927 Benefits Paid...... $27.9 M 60% 2033 Average Benefit.....$30,100 Fully Funded 40% Average Age...... 74 Varies Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 99 Reported Earnings...... 34 Excess Earners...... 2 Refund Due...... $13,917 Asset Allocation [12/31/20] $167.4 M Last Valuation: 1/1/19 LOBAL EITY Unfunded Liability Actuary: Sherman $15.8 M (FY2021) Total Pension Appropriation

19 VA FIED INCOME REAL ESTATE 1 CORE FIED INCOME

Click/Scan for website 0 PRIVATE EITY

| 2020 Annual Report | 99 Southbridge

CONTACT INFORMATION $69.2 M 12.46% 8.83% 8.28% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 41 Elm Street (Annualized) (Annualized) Southbridge, MA 01550 Phone 508-765-4903 Fax 508-765-0902 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Karen Harnois* 20% 7.15% Wilfrid Cournoyer 15% Julie Pena Assumed Rate James Philbrook 10% of Return Pamela Leduc 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Vacant -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 354 Total Payroll...... $17.5 M Funded Ratio History (1987-2020) Average Salary...... $49,400 100% Average Age...... 46 62.9% Average Service...... 9.9 80% Funded Ratio

Retired Members...... 186 60% 2035 Benefits Paid...... $4.8 M Fully Funded 40% Average Benefit.....$25,600 5.5% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 18 Reported Earnings...... 8 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $1,233 GLOBAL EQUITY 43.3% CORE FIXED INCOME 16.4% $34.5 M PRIVATE EQUITY 12.6% Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $4.5 M (FY2021) Total Pension Appropriation

8.8% PORT. COMP. STRATEGIES 8.3% REAL ESTATE 7.4% VA FIXED INCOME Click/Scan for website 3.3% TIMBERLAND

100 | 2020 Annual Report | Springfield

CONTACT INFORMATION $415.9 M 12.70% 9.16% 8.62% 70 Tapley Street Market Value 2020 Returns 2011-2020 1985-2020 Springfield, MA 01104 (Annualized) (Annualized) Phone 413-787-6090 Fax 413-787-6046 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Patrick Burns Haskell Kennedy 20% 7.25% Thomas Scanlon* 15% Robert Moynihan Assumed Rate Philip Mantoni 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Susana Baltazar -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 3,342 Total Payroll...... $171.7 M Average Salary...... $51,400 Funded Ratio History (1987-2020) Average Age...... 44 100% Average Service...... 11.4 28.9% 80% Funded Ratio Retired Members...... 2,817 Benefits Paid...... $80.5 M 60% 2033 Average Benefit.....$28,600 Fully Funded 40% Average Age...... 73 9.2% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 388 Reported Earnings...... 125 Excess Earners...... 4 Refund Due...... $68,173 Asset Allocation [12/31/20] LOBAL EITY $938.1 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $78.1 M (FY2021) Total Pension Appropriation

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| 2020 Annual Report | 101 State

CONTACT INFORMATION $32.4 B 12.69% 9.05% 9.55% One Winter Street Market Value 2020 Returns 2011-2020 1985-2020 8th Floor (Annualized) (Annualized) Boston, MA 02108 Phone 617-367-7770 Fax 617-723-1438 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS 20% State Treasurer, 7.25% Deborah Goldberg* 15% Patricia Deal Assumed Rate of Return Theresa McGoldrick 10% Frank Valeri 5% Archie Gormley *indicates Chairperson 0%

BOARD ADMINISTRATOR -5% Nicola Favorito 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 87,969 Funded Ratio History (1987-2020) Total Payroll...... $6.4 B 100% Average Salary...... $72,200 63.7% Average Age...... 47 80% Funded Ratio Average Service...... 12.5 60% 2036 Retired Members.....64,758 Fully Funded 40% Benefits Paid...... $2.3 B 9.63% Total Average Benefit.....$36,100 20% Increasing Average Age...... 72 Funding Schedule 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 2019 EARNED INCOME OF DISABILITY RETIREES: Disability Retirees...... 3,400 Reported Earnings...... 987 Asset Allocation [12/31/20]

Excess Earners...... 30 LOBAL EITY Refund Due...... $438,062 CORE FIED INCOME 1 $15.5 B PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 $1.2 B Actuary: PERAC (FY2021) Total Pension Appropriation

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102 | 2020 Annual Report | Stoneham

CONTACT INFORMATION $109.7 M 7.85% 8.46% 8.82% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 35 Central Street (Annualized) (Annualized) Stoneham, MA 02180 Phone 781-279-2635 Fax 781-438-6906 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Eric Duffy 20% 7.25% Kathleen Sullivan 15% John Scullin Assumed Rate Francis Gould 10% of Return Janice Houghton* 5% *indicates Chairperson 0% BOARD ADMINISTRATOR Karen DeAngelis -5% 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 313 Total Payroll...... $16.2 M Funded Ratio History (1987-2020) Average Salary...... $51,700 100% Average Age...... 48 78.1% Average Service...... 11 80% Funded Ratio

Retired Members...... 291 60% 2026 Benefits Paid...... $8.5 M Fully Funded 40% Average Benefit.....$29,400 Varies Total Average Age...... 75 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 17 Reported Earnings...... 5 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 $28.0 M LOBAL EITY 2 Unfunded Liability Last Valuation: 1/1/20 CORE FIED INCOME 12 Actuary: Stone $6.5 M (FY2021) Total Pension Appropriation

100 PORT COMP STRATEIES 92 REAL ESTATE VA FIED INCOME Click/Scan for website PRIVATE EITY 09 TIMBERLAND

| 2020 Annual Report | 103 Swampscott

CONTACT INFORMATION $74.9 M 12.68% 9.13% 9.20% 22 Monument Ave. Market Value 2020 Returns 2011-2020 1985-2020 Town Hall (Annualized) (Annualized) Swampscott, MA 01907 Phone 781-596-8827 Fax 781-596-8899 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Amy Sarro 20% 7.38% Thomas Driscoll* 15% Kevin Breen Assumed Rate John Behen 10% of Return Robert Powell 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Nancy Lord -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 252 Total Payroll...... $13.4 M Funded Ratio History (1987-2020) Average Salary...... $53,000 100% Average Age...... 49 59.6% Average Service...... 12.6 80% Funded Ratio

Retired Members...... 214 60% 2031 Benefits Paid...... $5.8 M Fully Funded Average Benefit.....$27,000 40% 3.0% Increasing Average Age...... 75 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 20 Reported Earnings...... 5 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY $40.5 M CORE FIED INCOME 20 Unfunded Liability Last Valuation: 1/1/19 Actuary: Segal $5.6 M (FY2021) Total Pension Appropriation

10 REAL ESTATE 0 PRIVATE EITY 0 PORT COMP STRATEIES Click/Scan for website 1 TIMBERLAND

104 | 2020 Annual Report | Taunton

CONTACT INFORMATION $385.6 M 11.60% 9.02% 9.66% 104 Dean Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 203 (Annualized) (Annualized) Taunton, MA 02780 Phone 508-821-1052 Fax 508-821-1063 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Ann Marie Hebert* 25% 7.75% Gill Enos 20% Thomas Bernier Assumed Rate 15% Dennis Smith of Return Barry Amaral 10% *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Paul Slivinski -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 1,061 Total Payroll...... $67.2 M Funded Ratio History (1987-2020) Average Salary...... $63,400 100% Average Age...... NA 74.5% Average Service...... NA 80% Funded Ratio

Retired Members...... 907 60% 2030 Benefits Paid...... $27.8 M Fully Funded Average Benefit.....$30,700 40% 4.5% Increasing Average Age...... 73 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 82 Reported Earnings...... 18 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 $118.6 M LOBAL EITY Unfunded Liability Last Valuation: 1/1/20 Actuary: Sherman $17.0 M (FY2021) Total Pension Appropriation

21 CORE FIED INCOME 12 REAL ESTATE 0 PRIVATE EITY Click/Scan for website

| 2020 Annual Report | 105 Wakefield

CONTACT INFORMATION $148.4 M 12.50% 9.03% 9.73% 1 Lafayette Street Market Value 2020 Returns 2011-2020 1985-2020 Wakefield, MA 01880 (Annualized) (Annualized) Phone 781-246-6352 Fax 339-219-4160 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Kevin Gill* Sherri Dalton 20% 7.40% Joseph Albert 15% Dennis Fazio Assumed Rate Daniel Sherman 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Cathy Cheek -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 451 Total Payroll...... $28.8 M Average Salary...... $63,800 Funded Ratio History (1987-2020) Average Age...... 49 100% Average Service...... 12.6 64.7% 80% Funded Ratio Retired Members...... 363 Benefits Paid...... $11.2 M 60% 2036 Average Benefit.....$30,900 Fully Funded 40% Average Age...... 75 Varies Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 28 Reported Earnings...... 4 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY $69.8 M Last Valuation: 1/1/20 CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability Actuary: PERAC $6.8 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

106 | 2020 Annual Report | Waltham

CONTACT INFORMATION $307.4 M 14.05% 9.26% 8.85% 21-25 Lexington Street Market Value 2020 Returns 2011-2020 1985-2020 2nd Floor (Annualized) (Annualized) Waltham, MA 02452 Phone 781-314-3230 Fax 781-314-3236 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Paul Centofanti 20% 7.75% Elizabeth Arnold 15% William MacDonald* Assumed Rate Scott Hovsepian 10% of Return Mary Rosen 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Andrew Malis -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 937 Total Payroll...... $66.3 M Funded Ratio History (1987-2020) Average Salary...... $70,800 100% Average Age...... NA 56.8% Average Service...... NA 80% Funded Ratio

Retired Members...... 777 60% 2032 Benefits Paid...... $25.8 M Fully Funded 40% Average Benefit.....$33,200 Varies Total Average Age...... 74 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 69 Reported Earnings...... 17 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY 1 CORE FIED INCOME 21 $191.4 M Unfunded Liability Last Valuation: 1/1/19 Actuary: Sherman $19.0 M (FY2021) Total Pension Appropriation

REAL ESTATE PORT COMP STRATEIES 2 VA FIED INCOME Click/Scan for website 21 PRIVATE EITY 02 TIMBERLAND

| 2020 Annual Report | 107 Watertown

CONTACT INFORMATION $250.1 M 13.42% 8.76% 8.51% 149 Main Street Market Value 2020 Returns 2011-2020 1985-2020 P.O. Box 199 (Annualized) (Annualized) Watertown, MA 02471-0199 Phone 617-972-6456 Phone 888-972-6456 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Fax 617-923-3531 BOARD MEMBERS 20% 7.80% Thomas Tracy 15% John Loughran Assumed Rate Thomas Thibaut, Jr.* 10% of Return Domenic Arone 5% Kathleen Kiely-Becchetti *indicates Chairperson 0%

BOARD ADMINISTRATOR -5% Barbara Sheehan 16 17 18 19 20 16-20 85-20

SYSTEM MEMBERS Active Members...... 528 Funded Ratio History (1987-2020) Total Payroll...... $35.3 M 100% Average Salary...... $66,900 91.7% Average Age...... NA 80% Funded Ratio Average Service...... NA 60% 2023 Retired Members...... 426 Fully Funded 40% Benefits Paid...... $14.4 M Varies Total Average Benefit.....$33,800 20% Increasing Average Age...... 74 Funding Schedule 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 2019 EARNED INCOME OF DISABILITY RETIREES: Disability Retirees...... 46 Reported Earnings...... 15 Asset Allocation [12/31/20] Excess Earners...... 0 Refund Due...... $0 LOBAL EITY 9 $19.3 M CORE FIED INCOME 10 Unfunded Liability Last Valuation: 1/1/20 $14.7 M Actuary: Sherman (FY2021) Total Pension Appropriation

90 REAL ESTATE PORT COMP STRATEIES 2 VA FIED INCOME Click/Scan for website PRIVATE EITY

108 | 2020 Annual Report | Webster

CONTACT INFORMATION $49.8 M 9.61% 8.46% 8.23% 350 Main Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 5 (Annualized) (Annualized) Webster, MA 01570 Phone 508-949-3800 Ext 1022 Fax 508-949-3826 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Timothy Bell 20% 7.30% Eleanor Doros 15% Robert Craver* Assumed Rate James Hoover 10% of Return Brian Perry 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Kristin LaPlante -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 269 Total Payroll...... $12.3 M Funded Ratio History (1987-2020) Average Salary...... $45,900 100% Average Age...... 46 58.4% Average Service...... 9.8 80% Funded Ratio

Retired Members...... 150 60% 2033 Benefits Paid...... $4.0 M Fully Funded 40% Average Benefit.....$27,000 6.5% Total Average Age...... 73 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 7 Reported Earnings...... 1 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 LOBAL EITY $31.0 M CORE FIED INCOME 22 Unfunded Liability Last Valuation: 1/1/20 Actuary: PERAC $3.9 M (FY2021) Total Pension Appropriation

REAL ESTATE 1 PORT COMP STRATEIES Click/Scan for website 2 PRIVATE EITY

| 2020 Annual Report | 109 Wellesley

CONTACT INFORMATION $243.0 M 12.51% 9.01% 9.99% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 525 Washington Street (Annualized) (Annualized) Wellesley, MA 02482 Phone 781-431-1019 Ext. 2216 Fax 781-431-8643 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Sheryl Strother 20% 6.63% David Kornwitz* 15% Timothy Barros Assumed Rate Michael Leach 10% of Return Charles Cahill 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Lynn Whynot -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 703 Total Payroll...... $39.2 M Funded Ratio History (1987-2020) Average Salary...... $55,700 140% Average Age...... 46 77.7% 120% Average Service...... 10.6 Funded Ratio 100%

Retired Members...... 418 80% 2030 Benefits Paid...... $12.1 M 60% Fully Funded Average Benefit.....$28,900 40% Average Age...... 74 3.5% Increasing 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 29 Reported Earnings...... 10 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $1,976 LOBAL EITY CORE FIED INCOME 1 $55.5 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/19 Actuary: Segal $9.4 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

110 | 2020 Annual Report | West Springfield

CONTACT INFORMATION $152.8 M 18.19% 9.71% 8.53% 26 Central Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 26 (Annualized) (Annualized) West Springfield, MA 01089 Phone 413-495-1891 Ext 1019 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Sharon Wilcox* Thomas Cummings 25% 7.25% William Flaherty 20% Gwen Keough Assumed Rate 15% Daniel Marini of Return *indicates Chairperson 10% BOARD ADMINISTRATOR 5% James Lovotti 0% -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 601 Total Payroll...... $27.8 M Average Salary...... $46,200 Funded Ratio History (1987-2020) Average Age...... 46 100% Average Service...... 11.1 66.4% 80% Funded Ratio Retired Members...... 431 Benefits Paid...... $10.9 M 60% 2033 Average Benefit.....$25,300 Fully Funded 40% Average Age...... 72 4.2% Total 20% Increasing 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 33 Reported Earnings...... 15 Excess Earners...... 2 Refund Due...... $55,792 Asset Allocation [12/31/20] $65.5 M Last Valuation: 1/1/20 Unfunded Liability Actuary: Stone LOBAL EITY $7.6 M (FY2021) Total Pension Appropriation

CORE FIED INCOME

Click/Scan for website

| 2020 Annual Report | 111 Westfield

CONTACT INFORMATION $282.7 M 15.26% 9.96% 9.03% 59 Court Street Market Value 2020 Returns 2011-2020 1985-2020 P.O. Box 106 (Annualized) (Annualized) Westfield, MA 01086-0106 Phone 413-572-6239 Fax 413-642-9410 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Vicki Moro 20% 7.00% Edward Murphy 15% Mark Devine* Assumed Rate Christopher Kane 10% of Return Michael Powers 5% *indicates Chairperson BOARD ADMINISTRATOR 0% Liam Browne -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 831 Total Payroll...... $43.8 M Funded Ratio History (1987-2020) Average Salary...... $52,700 100% Average Age...... 47 73.5% Average Service...... 12 80% Funded Ratio

Retired Members...... 719 60% 2036 Benefits Paid...... $21.0 M Fully Funded 40% Average Benefit.....$29,200 4.96% Total Average Age...... 72 20% Increasing Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 51 Reported Earnings...... 14 Excess Earners...... 0 Asset Allocation [12/31/20] Refund Due...... $0 GLOBAL EQUITY 55.5% $94.7 M CORE FIXED INCOME 15.5% Unfunded Liability Last Valuation: 1/1/21 Actuary: PERAC $11.7 M (FY2021) Total Pension Appropriation

12.8% PRIVATE EQUITY 12.2% REAL ESTATE Click/Scan for website 4.0% PORT. COMP. STRATEGIES

112 | 2020 Annual Report | Weymouth

CONTACT INFORMATION $242.2 M 15.65% 8.89% 9.89% 807 Broad Street Market Value 2020 Returns 2011-2020 1985-2020 Weymouth, MA 02189 (Annualized) (Annualized) Phone 781-331-8721 Fax 781-331-3005 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Patrice Cook Greg Hargadon 20% 7.25% Richard Hayes 15% Joseph Davis* Assumed Rate Barbara Costa 10% of Return *indicates Chairperson 5% BOARD ADMINISTRATOR 0% Edward Masterson -5% SYSTEM MEMBERS 16 17 18 19 20 16-20 85-20 Active Members...... 911 Total Payroll...... $46.1 M Average Salary...... $50,600 Funded Ratio History (1987-2020) Average Age...... 48 100% Average Service...... 10.6 65.6% 80% Funded Ratio Retired Members...... 650 Benefits Paid...... $19.4 M 60% 2036 Average Benefit.....$29,900 Fully Funded Average Age...... 73 40% 2.88% Increasing 20% 2019 EARNED INCOME Funding Schedule OF DISABILITY RETIREES: 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Disability Retirees...... 76 Reported Earnings...... 21 Excess Earners...... 0 Refund Due...... $0 Asset Allocation [12/31/20] LOBAL EITY 0 $111.8 M Last Valuation: 1/1/20 CORE FIED INCOME 1 Unfunded Liability Actuary: Stone $12.1 M (FY2021) Total Pension Appropriation

100 REAL ESTATE 0 PORT COMP STRATEIES VA FIED INCOME Click/Scan for website 1 PRIVATE EITY

| 2020 Annual Report | 113 Winchester

CONTACT INFORMATION $148.8 M 12.60% 7.98% 9.06% 71 Mount Vernon Street Market Value 2020 Returns 2011-2020 1985-2020 Winchester, MA 01890 (Annualized) (Annualized) Phone 781-721-7127 Fax 781-721-7156 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Stacie Ward William Zink 20% 7.00% Robert Frary 15% George Morrissey* Assumed Rate *indicates Chairperson 10% of Return

BOARD ADMINISTRATOR 5% Karen Manchuso 0%

SYSTEM MEMBERS -5% Active Members...... 364 16 17 18 19 20 16-20 85-20 Total Payroll...... $20.9 M Average Salary...... $57,400 Average Age...... 49 Funded Ratio History (1987-2020) Average Service...... 13 100% 80.5% Retired Members...... 274 80% Funded Ratio Benefits Paid...... $7.9 M Average Benefit.....$28,800 60% 2029 Average Age...... 76 Fully Funded 40% 7.75% Total 2019 EARNED INCOME 20% Increasing OF DISABILITY RETIREES: Funding Schedule Disability Retirees...... 17 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Reported Earnings...... 4 Excess Earners...... 1 Refund Due...... $29,794 Asset Allocation [12/31/20] Last Valuation: 1/1/19 LOBAL EITY $30.1 M Actuary: PERAC CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability $5.6 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

114 | 2020 Annual Report | Winthrop

CONTACT INFORMATION $88.9 M 12.60% 8.83% 8.83% Town Hall Market Value 2020 Returns 2011-2020 1985-2020 1 Metcalf Square (Annualized) (Annualized) Winthrop, MA 02152 Phone 617-539-5750 Investment Returns BOARD MEMBERS (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) Francis Carberry* James Feeley 20% 7.00% Stacy Calla 15% Karin Chavis Assumed Rate *indicates Chairperson 10% of Return

BOARD ADMINISTRATOR 5% Michelle St. Jean 0%

SYSTEM MEMBERS -5% Active Members...... 260 16 17 18 19 20 16-20 85-20 Total Payroll...... $13.2 M Average Salary...... $50,800 Average Age...... 49 Funded Ratio History (1987-2020) Average Service...... 11.8 100% 83.2% Retired Members...... 196 80% Funded Ratio Benefits Paid...... $4.3 M Average Benefit.....$22,000 60% 2030 Average Age...... 75 Fully Funded 40% 4.0% Total 2019 EARNED INCOME 20% Increasing OF DISABILITY RETIREES: Funding Schedule Disability Retirees...... 11 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 Reported Earnings...... 3 Excess Earners...... 2 Refund Due...... $29,109 Asset Allocation [12/31/20] Last Valuation: 1/1/19 LOBAL EITY $14.3 M Actuary: PERAC CORE FIED INCOME 1 PRIVATE EITY 12 Unfunded Liability $3.8 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

| 2020 Annual Report | 115 Woburn

CONTACT INFORMATION $168.9 M 12.58% 9.08% 9.45% City Hall, 2nd Floor Market Value 2020 Returns 2011-2020 1985-2020 10 Common Street (Annualized) (Annualized) Woburn, MA 01801-4139 Phone 781-897-5820 Fax 781-935-0695 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Charles Doherty 25% 7.50% Gerald Surette 20% Denis Devine* 15% Assumed Rate of Return Marilou Lundin 10% Michael Gorman 5% *indicates Chairperson 0% BOARD ADMINISTRATOR -5% Anne Speicher -10% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 478 Total Payroll...... $29.4 M Funded Ratio History (1987-2020) Average Salary...... $61,500 100% Average Age...... 50 61.1% Average Service...... 13.6 80% Funded Ratio

Retired Members...... 495 60% 2035 Benefits Paid...... $15.3 M Fully Funded Average Benefit.....$30,900 40% 4.0% Increasing Average Age...... NA 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 29 Reported Earnings...... 6 Excess Earners...... 0 Asset Allocation [12/31/20]

Refund Due...... $0 LOBAL EITY CORE FIED INCOME 1 $98.2 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: Buck $9.1 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

116 | 2020 Annual Report | Worcester

CONTACT INFORMATION $1.1 B 11.87% 8.03% 8.89% City Hall, Room 103 Market Value 2020 Returns 2011-2020 1985-2020 455 Main Street (Annualized) (Annualized) Worcester, MA 01608 Phone 508-799-1062 Fax 508-799-1047 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Robert Stearns 20% 6.90% Stephen Wentzell* 15% Elizabeth Early Assumed Rate John Mahan 10% of Return Tamara Cullen 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Lisa Poske -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 3,506 Total Payroll...... $197.0 M Funded Ratio History (1987-2020) Average Salary...... $56,200 120% Average Age...... 46 63.9% 100% Average Service...... 12.2 Funded Ratio 80% Retired Members...... 2,738 2034 Benefits Paid...... $86.6 M 60% Fully Funded Average Benefit.....$31,600 40% 6.33% Total Average Age...... 74 Increasing 20% Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 323 Reported Earnings...... 68 Excess Earners...... 2 Asset Allocation [12/31/20] Refund Due...... $17,672 LOBAL EITY 0 $560.9 M CORE FIED INCOME 10 Unfunded Liability Last Valuation: 1/1/20 Actuary: Segal $55.5 M (FY2021) Total Pension Appropriation

10 PRIVATE EITY 10 REAL ESTATE 0 VA FIED INCOME Click/Scan for website 0 PORT COMP STRATEIES

| 2020 Annual Report | 117 Worcester Regional

CONTACT INFORMATION $904.8 M 12.53% 8.82% 8.39% Midstate Office Park Market Value 2020 Returns 2011-2020 1985-2020 23 Midstate Drive, Suite 106 (Annualized) (Annualized) Auburn, MA 01501 Phone 508-832-6314 Fax 508-832-6318 Investment Returns (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS Kevin Blanchette* 20% 7.65% Rebecca L. Tuttle 15% Michael Donoghue Assumed Rate Pauline Lajoie 10% of Return Eugene Durgin 5% *indicates Chairperson BOARD ADMINISTRATOR 0%

Colleen Canty -5% 16 17 18 19 20 16-20 85-20 SYSTEM MEMBERS Active Members...... 7,024 Total Payroll...... $331.2 M Funded Ratio History (1987-2020) Average Salary...... $47,200 100% Average Age...... 47 46.4% Average Service...... 9.9 80% Funded Ratio

Retired Members...... 3,802 60% 2036 Benefits Paid...... $86.8 M Fully Funded 40% Average Benefit.....$22,800 4.0% Increasing Average Age...... 73 20% Phase-In Funding Schedule 2019 EARNED INCOME 0% 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 OF DISABILITY RETIREES: Disability Retirees...... 242 Reported Earnings...... 92 Excess Earners...... 1 Asset Allocation [12/31/20]

Refund Due...... $829 LOBAL EITY CORE FIED INCOME 1 $898.6 M PRIVATE EITY 12 Unfunded Liability Last Valuation: 1/1/20 Actuary: KMS $68.4 M (FY2021) Total Pension Appropriation

PORT COMP STRATEIES REAL ESTATE VA FIED INCOME Click/Scan for website TIMBERLAND

118 | 2020 Annual Report | PRIM (Pension Reserves Investment Management Board)

CONTACT INFORMATION $86.9 B 12.61% 8.97% 9.62% 84 State Street Market Value 2020 Returns 2011-2020 1985-2020 Suite 250 (Annualized) (Annualized) Boston, MA 02109 Phone 617-946-8401 Investment Returns Fax 617-946-8475 (2016-2020, 5-Year & 36-Year Averages, as of 12/31/20) BOARD MEMBERS 20% State Treasurer Deborah Goldberg* 15% Robert Brousseau Ruth Ellen Fitch, Esq. 10% James B. G. Hearty (designee) 5% Theresa McGoldrick, Esq. Peter Monaco 0% Dennis Naughton Carly Rose -5% 16 17 18 19 20 16-20 85-20 Paul Shanley, Esq. *indicates Chairperson

EXECUTIVE DIRECTOR/CIO Asset Allocation [12/31/20] Michael G. Trotsky, CFA GLOBAL EQUITY 43.3% CORE FIXED INCOME 16.4% PRIVATE EQUITY 12.6%

8.8% PORT. COMP. STRATEGIES 8.3% REAL ESTATE 7.4% VA FIXED INCOME 3.3% TIMBERLAND

Click/Scan for website

| 2020 Annual Report | 119 DISABILITY RETIREMENT STATISTICS (As of 12/31/20)

MEDICAL PANEL DISABILITY RETIREMENT ACCIDENTAL CME CME RETIREMENT BOARDS WITH 40-399 ACTIVE MEMBERS REQUESTS APPROVALS DEATH APPROVALS REVIEWS RE-EXAMS Adams Retirement Board 2 0 0 1 0 Amesbury Retirement Board 0 1 0 3 0 Blue Hills Regional Vocational School Retirement Board 0 0 0 0 0 Clinton Retirement Board 1 1 0 0 0 Easthampton Retirement Board 0 0 0 0 0 Fairhaven Retirement Board 1 3 0 1 0 Gardner Retirement Board 2 0 0 0 0 Greater Lawrence Sanitary District Employees’ Retirement Board 0 0 0 0 0 Hull Retirement Board 2 1 0 1 0 Marblehead Retirement Board 0 0 0 4 0 Mass Housing Finance Agency Retirement Board 0 0 0 1 0 Maynard Retirement Board 0 0 0 1 0 Minuteman Regional School District Retirement Board 0 0 0 0 0 Montague Retirement Board 1 0 0 2 0 Newburyport Retirement Board 0 1 0 0 0 North Adams Retirement Board 0 0 0 2 0 Northbridge Retirement Board 0 0 0 1 0 Reading Retirement Board 1 0 0 4 0 Saugus Retirement Board 0 0 0 2 0 Southbridge Retirement Board 1 0 0 3 0 Stoneham Retirement Board 0 0 0 2 0 Swampscott Contributory Retirement Board 1 2 0 2 0 Webster Retirement Board 0 0 0 1 0 Winchester Retirement Board 0 1 0 2 0 Winthrop Retirement Board 0 0 0 2 0 RETIREMENT BOARDS WITH 400-599 ACTIVE MEMBERS Belmont Retirement Board 5 5 0 1 0 Concord Retirement Board 0 0 0 1 0 Danvers Retirement Board 1 2 0 3 0 Dedham Contributory Retirement Board 2 2 0 2 0 Falmouth Retirement Board 1 2 0 5 0 Gloucester Retirement Board 0 0 0 2 0 Greenfield Retirement Board 0 0 0 3 0 Melrose Retirement Board 2 1 0 2 0 Milford Retirement Board 0 0 0 1 0 Milton Retirement Board 2 1 0 0 0 North Attleboro Retirement Board 2 2 0 5 0 Shrewsbury Contributory Retirement Board 0 0 0 3 0 Wakefield Retirement Board 0 1 0 2 0 Watertown Retirement Board 1 1 0 4 0 Woburn Retirement Board 0 1 0 4 0

120 | 2020 Annual Report | DISABILITY RETIREMENT STATISTICS (As of 12/31/20)

MEDICAL PANEL DISABILITY RETIREMENT ACCIDENTAL CME CME RETIREMENT BOARDS WITH 600-899 ACTIVE MEMBERS REQUESTS APPROVALS DEATH APPROVALS REVIEWS RE-EXAMS Andover Retirement Board 3 4 0 5 0 Arlington Retirement Board 3 3 0 9 0 Attleboro Retirement Board 1 1 0 5 0 Beverly Retirement Board 0 1 0 3 0 Braintree Contributory Retirement Board 0 1 0 0 0 Chelsea Retirement Board 2 1 0 6 0 Dukes County Contributory Retirement Board 4 5 1 1 0 Everett Retirement Board 5 3 2 3 0 Fitchburg Retirement Board 1 4 0 4 0 Hingham Retirement Board 0 0 0 0 0 Leominster Retirement Board 1 0 0 6 0 Lexington Retirement Board 1 0 0 2 0 Malden Contributory Retirement Board 1 0 0 4 0 Marlborough Retirement Board 3 2 0 3 0 Medford Retirement Board 4 4 0 10 0 Methuen Contributory Retirement Board 2 2 0 6 0 Natick Retirement Board 0 1 0 1 0 Needham Contributory Retirement Board 3 0 0 0 0 Northampton Retirement Board 1 0 0 4 0 Norwood Contributory Retirement Board 4 2 0 3 0 Peabody Retirement Board 0 1 0 2 0 Revere Retirement Board 11 3 1 7 0 Wellesley Retirement Board 0 0 0 2 0 West Springfield Retirement Board 3 0 0 2 0 Westfield Retirement Board 3 2 0 7 0 RETIREMENT BOARDS WITH 900-2,399 ACTIVE MEMBERS Berkshire County Retirement Board 2 0 0 1 0 Brockton Retirement Board 10 9 0 20 0 Brookline Retirement Board 0 0 0 9 0 Chicopee Retirement Board 4 1 0 6 0 Fall River Retirement Board 7 4 0 18 0 Framingham Retirement Board 7 3 0 7 0 Franklin Regional Retirement Board 2 2 0 1 0 Hampshire County Regional Retirement Board 2 2 0 11 0 Haverhill Retirement Board 3 1 0 5 0 Holyoke Retirement Board 1 0 0 7 0 Lawrence Retirement Board 19 4 0 5 0 Lowell Retirement Board 0 2 0 17 0 Lynn Retirement Board 9 2 0 10 0

| 2020 Annual Report | 121 DISABILITY RETIREMENT STATISTICS (As of 12/31/20)

MEDICAL PANEL DISABILITY RETIREMENT ACCIDENTAL CME CME RETIREMENT BOARDS WITH 900-2,399 ACTIVE MEMBERS (Cont’d) REQUESTS APPROVALS DEATH APPROVALS REVIEWS RE-EXAMS Mass Port Authority Employees’ Retirement Board 0 0 0 5 0 Mass Water Resources Authority Retirement Board 3 3 0 5 0 New Bedford Retirement Board 13 14 0 21 0 Newton Retirement Board 1 5 0 6 0 Pittsfield Retirement Board 10 5 0 3 0 Plymouth Contributory Retirement Association 3 2 0 5 0 Quincy Retirement Board 6 7 0 10 0 Salem Contributory Retirement Board 1 2 0 8 0 Somerville Retirement Board 4 7 0 9 0 Taunton Retirement Board 2 5 0 7 0 Waltham Retirement Board 2 5 0 4 0 Weymouth Retirement Board 3 3 0 5 0 RETIREMENT BOARDS WITH 2,400-10,000 ACTIVE MEMBERS Barnstable County Retirement Board 14 17 1 29 0 Bristol County Retirement Board 1 3 0 29 0 Cambridge Retirement Board 9 8 0 26 0 Essex Regional Retirement Board 2 0 0 16 0 Hampden County Regional Retirement Board 3 6 0 16 0 Middlesex County Retirement Board 19 23 0 46 0 Norfolk County Retirement Board 34 22 1 20 0 Plymouth County Retirement Board 10 9 0 32 0 Springfield Retirement Board 23 15 0 47 0 Worcester Regional Retirement Board 18 10 0 30 0 Worcester Retirement Board 17 11 0 26 0 RETIREMENT BOARDS WITH 10,001-100,000 ACTIVE MEMBERS Boston Retirement Board 28 50 1 75 0 State Retirement Board 119 171 4 371 0 State Teachers 16 26 0 45 0

Total All Retirement Boards 511 527 11 1181 0

RESTORATION TO SERVICE STATISTICS (Provided for those boards where a disability retiree has returned to work.)

Everett Retirement Board 1 Norfolk County Retirement Board 1 Worcester Retirement Board 1 Boston Retirement Board 1 Springfield Retirement Board 1 State Retirement Board 5

122 | 2020 Annual Report | INVESTMENT VENDORS

The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards.

Retirement Investment Vendors Board Adams • PRIT

Amesbury • PRIT Andover • PRIT • RhumbLine Advisers Consultant: Dahab Associates Arlington • PRIT Custodian: People’s United Bank Attleboro • Amalgated Bank • Hancock Timber Resource Group, Inc. • PRIT Custodian: People’s United Bank • BTG Pactual Timberland Investment Group • Intercontinental Real Estate Corp. • RhumbLine Advisers Consultant: Dahab Associates Inc. • Copeland Capital Management • Invesco Core Real Estate USA, LP • State Street Global Advisors • Fidelity Institutional Asset Management • Invesco National Trust Company • Van Eck • Frontier Capital Management Co., LLC • Peregrine Capital Barnstable County • PRIT Belmont • AEW Capital Management, LP • HarbourVest Partners, LLC • PRIT Custodian: People’s United Bank • Atlanta Capital • Loomis, Sayles & Company • RhumbLine Advisers Consultant: NEPC, LLC • Carillion Tower Advisors • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Berkshire County • PRIT Beverly • PRIT

Blue Hills Regional • PRIT Boston (City) • 57 Stars, LLC • EnTrust Global Partners • Polunin Capital Partners • AEW Capital Management, LP • Goldentree Asset Management, LP • Prudential Capital Partners Custodian: State Street Bank & Trust • Alcentra NY, LLC • Grosvenor Capital Management, LP • Prudential Real Estate Investors Consultant: NEPC, LLC • Aberdeen Asset Management • Hamilton Lane • RhumbLine Advisers • Angelo, Gordon & Co., LP • HarbourVest Partners, LLC • Roark Capital Partners • Arclight Capital Partners, LLC • Hearthstone Inc. • Sanderling Ventures • Aristotle Capital Management, LLC • H.I.G. Capital • SCP Private Equity Partners • Arsenal Real Estate Funds, LLC • Incline Elevate • Segall Bryant & Hamill • Ascent Venture Partners • Income Research & Management • Siguler Guff Advisers, LLC • Audax Group • Insight Venture Management • SL Capital Partners • Aurora Management Partners • Intercontinental Real Estate Corp. • State Street Global Advisors • Bain Capital • Invesco Core Real Estate USA, LP • Sterling Fund Management • Bernzott Capital Advisors • J.F. Lehman & Company, Inc. • Summit Partners, LP • BlackRock Advisors, LLC • J.P. Morgan • TA Realty • Blackstone Alternative Asset Management Assoc. • Kayne Anderson Capital Advisors, LP • TH Lee Putnam Ventures • Blue Point Capital Partners, LLC • THL Credit Senior Loan Strategies, LLC • KPS Capital Partners, LP • Boston Millennia Partners • Thomas H. Lee Partners, LP • Lazard Asset Management, LLC • Brookfield Asset Management • Thoma Bravo, LLC • Lexington Partners, LP • CCMP Capital Advisors, LLC • Todd Asset Management • Lighthouse Investment Partners • Carlyle Realty Partners • Tristan Capital Partners • Loomis, Sayles & Company • Columbia Management Investment Advisors, LLC • Vontobel Asset Management, Inc. • Main Capital Partners B.V. • Crescent Capital Group, LP • W Capital Partners • Mesirow Advanced Strategies, Inc. • CVC Capital Partners • Wells Capital Management, Inc. • MPM Capital, LP • DDJ Capital Management • Western Technology • NGP Energy Capital Management, LLC • D.E. Shaw Investment Management, LLC • Westfield Capital Management Company, LP • Oaktree Capital Management, LP • DRC Capital, LLP • Westport Capital Partners, LLC • PanAgora Asset Management, Inc. • Dune Capital Management, LP • Z Capital Partners, LLC • Perella Weinberg Partners Capital Management, LP • Energy Spectrum Partners • Zevenbergen Capital Investments, LLC • Platinum Equity Advisors, LLC

| 2020 Annual Report | 123 INVESTMENT VENDORS

Retirement Investment Vendors Board Boston Teachers • PRIT Braintree • Lexington Partners, LP • PRIT • SEI Investments Management Corporation Custodian: SEI Private Trust Company Bristol County • Aberdeen Asset Management • Earnest Partners, LLC • Lyrical Asset Management, LP Custodian: People’s United Bank • Arrowstreet Capital, LP • Fiera Capital Inc. • Mesirow Financial Private Equity Advisors, Inc. Consultant: Segal Marco Advisors • Ashmore Investment Advisors, Ltd. • Fiduciary Trust International • Pacific Investment Management Company (PIMCO) • BlackRock Investment Management, LLC • Frontier Capital Management Co., LLC • Polaris Capital Management, LLC • Brookfield Timberlands Management, LP • GCM Customized Fund Investment Group • PRIT • BTG Pactual Timberland Investment Group • Goldentree Asset Management, LP • RBC Global Asset Management (U.S.), Inc. • Ceres Partners, LLC • Hancock Timber Resource Group, Inc. • RREEF Management, LLC • Clearbridge Investments • IFM Investors (US) Advisor • Stone Harbor Investment Partners • Columbia Management Investment Advisers, LLC • Intercontinental Real Estate Corp. • TerraCap Management, LLC • DN Partners • Lazard Asset Management, LLC • Timberland Investment Resources, LLC • Dupont Capital Management • LSV Asset Management • WL Ross & Co., LLC Brockton • Aberdeen Asset Management • Invesco Private Capital • Oppenheimer Alternative Investment Custodian: SEI Private Trust Company • Ascent Venture Partners • Landmark Partners, LLC Management Consultant: Fiducient Advisors, LLC • HealthPoint, LLC • Mesirow Financial Investment Management , Inc. • SEI Investments Management Corp. • Siguler Guff Advisers, LLC Brookline • Hancock Timber Resource Group, Inc. • Invesco Private Capital, Inc. • PRIT • HarbourVest Partners, LLC • Lexington Partners, LP • Sustainable Woodlands Partners, LLC Cambridge • Aberdeen Asset Management • IFM Investors (US) Advisor, LLC • Penn Square Global Real Estate Group, LLC Custodian: People’s United Bank • AEW Capital Management, LP • Income Research & Management • PineBridge Investments, LLC Consultant: Segal Marco Advisors • Ascent Venture Partners • Intercontinental Real Estate Corp. • Polaris Capital Management, LLC • BlackRock Investment Management, LLC • J.P. Morgan Investment Management • PRIT • Brandywine Global Investment Management, LLC • Landmark Partners, LLC • RBC Global Asset Management (U.S.), Inc. • Campbell Global LLC • Lazard Asset Management, LLC • RhumbLine Advisers • Fidelity Institutional Asset Management • Lexington Partners, LP • Rockwood Capital, LLC • Hamilton Lane • Loomis Sayles & Co. • UBS Realty Advisors, LLC • Hancock Natural Resource Group, Inc. • Mellon Investments Corporation • Wellington Management Company Chelsea • PRIT Chicopee • PRIT • SEI Investments Management Corp. Custodian: SEI Private Trust Company Clinton • PRIT Consultant: Trust Advisory Group, Ltd. Concord • Acadian Asset Management, LLC • Rhumbline Advisers • Wellington Management Custodian: People’s United Bank • PRIT • Russell Investment Group Consultant: Fiducient Advisors, LLC Danvers • Barings, LLC • Gerber-Taylor Management Company • TA Realty Custodian: People’s United Bank • BMO Asset Management Corporation • PRIT • Western Asset Management Co. Consultant: Graystone Consulting • Eagle Capital Management, LLC • RhumbLine Advisers

124 | 2020 Annual Report | INVESTMENT VENDORS

Retirement Investment Vendors Board Dedham • PRIT Dukes County • Aristotle Capital Management, LLC • Garcia Hamilton & Associates LP • PRIT Custodian: People’s United Bank • Atlanta Capital • Polen Capital Management, LLC Consultant: Dahab Associates, Inc. Easthampton • PRIT Essex County • Ascent Venture Partners • Boston Millennia Partners • PRIT • BlackRock Investment Management, LLC • Levine Leichtman Capital Partners, Inc..

Everett • PRIT Fairhaven • PRIT Fall River • PRIT Falmouth • Aristotle Capital Management, LLC • LMCG Investments, LLC • RhumbLine Advisers Custodian: People’s United Bank • Dimensional Fund Advisors, LP • Lord Abbett & Co., LLC • SEI Trust Company Consultant: Wainwright Investment • Hamilton Lane • Mesirow Financial Private Equity Advisors, Inc. • Siguler Guff Advisers, LLC Counsel, LLC • HGK Asset Management, Inc. • PRIT • State Street Global Advisors • Lexington Partners, LP • Principal Real Estate Investors, LLC • TerraCap Partners Fitchburg • PRIT Framingham • PRIT Franklin County • Aberdeen Asset Management • Fiera Capital Inc. • Polen Capital Management, LLC Custodian: Comerica Bank • Chartwell Investment Partners • Loomis, Sayles & Company • PRIT Consultant: Dahab Associates, Inc. • Copeland Capital Management • O’Shaughnessy Asset Management, LLC Gardner • PRIT Gloucester • PRIT Greater Lawrence • PRIO Weatlh, LLC Custodian: BNY Mellon Asset Servicing Greenfield • PRIT Hampden County • GCM Customized Fund Investment Group • PRIT Consultant: Segal Marco Advisors Hampshire County • Ascent Venture Partners • Massachusetts Financial Services Company • PRIT Consultant: NEPC, LLC • Barings LLC • Perella Weinberg Partners Capital Management, LP • RBC Global Asset Management (U.S.) Inc. • Colchester Global Investors • Polaris Capital Management, LLC • RhumbLine Advisers • Glouston Capital Partners, LLC • Portfolio Advisors, LLC • Shenkman Capital Management, Inc. • Lexington Partners, LP Haverhill • Fisher Investments • Income Research & Management • Putnam Advisory Company, LLC Custodian: People’s United Bank • Global Forest Partners, LP • Mesirow Financial Institutional Real Estate • Stafford Private Equity, Inc. Consultant: Wainwright Investment • Globespan Capital Management, Inc. • Molpus Woodlands Group, LLC • TerraCap Management Counsel, LLC • GrandBanks Capital • PRIT • The DSF Group

Hingham • PRIT Consultant: Meketa Investment Group

| 2020 Annual Report | 125 INVESTMENT VENDORS

Retirement Investment Vendors Board Holyoke • Aberdeen Asset Management • Loomis, Sayles & Company • RBC Global Asset Management (U.S.) Inc. Consultant: Segal Marco Advisors • Acadian Asset Management, LLC • Mellon Investments • Seizert Capital Partners, LLC • Aristotle Capital Management • Mesirow Financial Private Equity Advisors, Inc. • State Street Global Advisors • Constitution Capital Partners, LLC • Monroe Capital • TerraCap Management, LLC • Fidelity Institutional Asset Management • Oberweis Asset Management, Inc. • Wasatch Advisors, Inc. • Long Wharf Real Estate Partners, LLC • Polaris Capital Management, LLC • Wells Capital Management, Inc. • PRIT • Western Asset • Putnam Investment Management, LLC Hull • PRIT Lawrence • PRIT Leominster • PRIT Lexington • Acadian Asset Management, LLC • Golub Capital Partners • PRIT Custodian: People’s United Bank • Angelo, Gordan & Co., LP • Kayne Anderson Rudnick Investment Management • RhumbLine Advisers Consultant: Meketa Investment • Driehaus Capital Management, LLC • Matthews International Capital Management, LLC • Wellington Management Company, LLP Group, Inc. • Fidelity Investments • Monroe Capital • White Oak Global Advisors, LLC Lowell • Ascent Venture Partners • Boston Millennia Partners • PRIT Custodian: People’s United Bank Lynn • Ascent Venture Partners • BlackRock Realty Advisors, Inc. • PRIT • BlackRock Investment Management, LLC Malden • De Burlo Group, Inc. Custodian: State Street Bank & Trust Marblehead • PRIT Marlborough • Clarion Partners • Fiduciary Management, Inc. • Rockwood Capital Custodian: Comerica Bank • Colony Realty Partners • Frontier Capital Management Co., LLC • Shenkman Capital Management, Inc. Consultant: Meketa Investment • Constitution Capital Partners, LLC • HarbourVest Partners, LLC • SL Capital Partners, LLP Group, Inc. • Dimensional Fund Advisors LP • Payden & Rygel • State Street Global Advisors • Driehaus Capital Management, LLC • RhumbLine Advisers

MHFA • Aberdeen Asset Management • GQC Partners, LLC • Longfellow Investment Management Custodian: People’s United Bank • AEW Capital Management, LP • Goldman Sachs Asset Management, LP • Lord Abbett & Co., LLC Consultant: Meketa Investment • Ascent Venture Partners • HarbourVest Partners, LLC • MetLife Investment Management Group, Inc. • Constitution Capital Partners, LLC • IFM Investors Advisor • State Street Global Advisors • Dimensional Fund Advisors, LP • Intercontinental Real Estate Corporation • TA Realty

Massport • Baillie Gifford Overseas Limited • Pzena Investment Management, LLC • Wellington Management Company, LLP Custodian: People’s United Bank • PRIT • State Street Global Advisors Consultant: Wilshire Associates

MTRS (Mass Teachers’ • PRIT Retirement System)

126 | 2020 Annual Report | INVESTMENT VENDORS

Retirement Investment Vendors Board MWRA • Alcentra NY, LLC • Garcia Hamilton & Associates LP • Park Square Capital Custodian: People’s United Bank • Ascent Venture Partners • Hamilton Lane • Pinebridge Investments, LLC • Baillie Gifford • HarbourVest Partners, LLC • Polen Capital Management, LLC Consultant: NEPC, LLC • Baxter Street • Invesco Private Capital, Inc. • PRIT • Boston Company Asset Management, LLC • J.F. Lehman & Company • Private Advisors, LLC • Boston Partners • Kayne Anderson Capital Advisors, LP • RhumbLine Advisers • CarVal Investors • Landmark Partners, LLC • Schroders Investment Management North • Cerberus Capital Management, LP • Loomis, Sayles & Company America, Inc. • Coho Partners, Ltd. • Lord, Abbett & Co. LLC • SEI Trust Corporation • Constitution Capital Partners LLC • Mesirow • TA Realty • Corbin Capital Partners LP • Morgan Stanley • TerraCap Management, LLC • EnTrust Global Partners • Octagon Credit Investors, LLC • UBS Hedge Fund Solutions, LLC • Foundry Group, LLP Maynard • Boston Advisors, LLC • PRIT Custodian: People’s United Bank Medford • Ashmore Investment Advisor Limited • Lazard Asset Management, LLC • RhumbLine Advisers Custodian: People’s United Bank • City of London Investment Management • Loomis, Sayles & Company • Western Asset Management Company Consultant: NEPC, LLC • Garcia Hamilton & Associates LP • PRIT • William Blair & Company, LLC Melrose • Ascent Venture Partners • Invesco Private Capital, Inc. • PRIT Methuen • BlackRock Investment Management, LLC • PRIT Middlesex County • Ascent Venture Partners • Global Forest Partners, LP • PRIT Custodian: State Street Bank & Trust • Boston Millennia Partners • Globespan Capital Management, Inc.

Milford • PRIT Milton • PRIT Minuteman Regional • PRIT Montague • PRIT Natick • PRIT • SEI Investments Management Corp. Custodian: People’s United Bank Consultant: Fiducient Advisors, LLC

Needham • PRIT New Bedford • Aberdeen Asset Management, Inc. • Lexington Advisors, Inc. • Neuberger Berman Management Consultant: Segal Marco Advisors • Acadian Asset Management, LLC • Loomis, Sayles & Company • SEI Trust Company • Hamilton Lane • Mellon Investments • State Street Global Advisors Limited • Hancock Natural Resource Group, Inc. • Mesirow Private Equity Advisors, Inc. • UBS Realty Investors, LLC • Intercontinental Real Estate Corp. • Pacific Investment Management Company (PIMCO) • Westfield Capital Management Company, LP Newburyport • PRIT Newton • PRIT

| 2020 Annual Report | 127 INVESTMENT VENDORS

Retirement Investment Vendors Board Norfolk County • Amundi Pioneer Institutional Asset Mgmt., Inc. • Gamco Asset Management, Inc. • LMCG Investments Custodian: People’s United Bank • ArcLight Capital Partners, LLC • Gerding Edlen Investment Management, LLC • Loomis, Sayles & Company Consultant: Wainwright Investment • Aristotle Capital Management, LLC • Globespan Capital Management, Inc. • Mesirow Capital Partners IX, LP Counsel, LLP • Ascend Ventures Group, LLC • Goldentree Asset Management, LP • Mesirow Financial Institutional Real Estate • BNY Mellon Asset Management N.A. • Hamilton Lane • MFS International Advisors, Inc. • Boston Millennia Partners • HarbourVest Partners, LLC • PRIT • Constitution Capital Partners, LLC • Income Research & Management • RhumbLine Advisers • Corsair Capital LLC • Intercontinental Real Estate Corporation • Seizert Capital Partners, LLC • Dalton Greniere Asset Management, Inc. • Invesco Private Capital, Inc. • Siguler Guff Advisors, LLC • D.E. Shaw Investment Management, LLC • Lazard Asset Management, LLC • TerraCap Management • DSF Group • LLM Capital Partners • Wellington Management Company, LLP • EnTrust Partners, LLC

North Adams • De Burlo Group, Inc. • PRIT Custodian: People’s United Bank North Attleboro • AmSouth Bank • Brandes Investment Partners, LP • Lazard Asset Management, LLC Custodian: People’s United Bank • Aristotle Capital Management, LLC • Chicago Equity Partners, LLC • Loomis, Sayles & Company Consultant: Dahab Associates, Inc. • Atlanta Capital • Davenport & Company, LLC • RhumbLine Advisers • Axiom International Investors, LLC • Intercontinental Real Estate Corporation • Vontobel Asset Management, Inc. • Blackrock Realty Advisors, Inc. Northampton • De Burlo Group, Inc. • PRIT Custodian: People’s United Bank Northbridge • PRIT Norwood • Aberdeen Asset Management, Inc. • Columbia Management Investment Advisors, LLC • Landmark Partners, LLC Custodian: People’s United Bank • American Funds • Constitution Capital Partners • PRIT Consultant: Meketa Investment • Aristotle Capital Management, LLC • Dimensional Fund Advisors, LP • RhumbLine Advisers Group, Inc. • Atlanta Capital • HabourVest Partners, LLC • State Street Global Advisors • Boston Company Asset Management, LLC • IFM Investors Advisor Peabody • PRIT Pittsfield • PRIT Plymouth • Acadian Asset Management • Columbia Management Investment Advisers • Robeco Institutional Asset Management Inc. Custodian: People’s United Bank • Aristotle Capital Management, LLC • Invesco Trust Company • Templeton Investment Counsel Consultant: Fiducient Advisors, LLC • Barings LLC • PRIT • Wellington Management Company, LLP • BlackRock Advisors, LLC • Rhumbline Advisers • Westfield Capital Management Company, LP • Boston Trust Investment Management, Inc.

128 | 2020 Annual Report | INVESTMENT VENDORS

Retirement Investment Vendors Board Plymouth County • ABS Investment Management, LLC • Freeman Spogoli Management • Mesirow Financial Institutional Real Estate Custodian: State Street Bank & Trust • AEW Capital Management, LP • Global Infrastructure Management, LLC • Old Farm Partners Consultant: Meketa Investment Group • Akina Limited • Globespan Capital Management, Inc. • Prudential Real Estate Investors • Ascent Venture Partners • HarborVest Partner • RhumbLine Advisers • Audax Management Company (NY), LLC • HGK Asset Management, Inc. • Ridgemont Equity Partners • Basalt Infrastructure Partners • IFM Investors Advisor • Rockpoint Capital • Boston Company Asset Management, LLC • Income Research & Management • Searchlight Capital Partners • BTG Pactual Timberland Investment Group • Invesco Trust Company • SEI Trust Company • Carlyle Investment Management • John Hancock Trust Company • Siguler Guff Advisers, LLC • Charlesbank Capital Partners, LLC • J.P. Morgan Investment Management, Inc. • Summit Partners, LP • Constitution Capital Partners, LLC • KBI Global Investors (North America Ltd.) • TA Realty • Copper Rock Capital Partners • Kopernik Global Investors • THL Credit Advisors, LLC • DN Partners • Landmark Partners, LLC • TimberVest, LLC • Driehaus Capital Management, LLC • Leeds Equity Partner • Trilantic Capital Management L.P. • Eaton Vance Investment Counsel • Lexington Partners, LP • Waud Capital Partners • Entrust Global Partners • LLR Management • Wellington Management • Fisher Investments • Lord Abbett & Company • Wellspring Capital Management, LLC • First Eagle Investment Management • Mesirow Financial Capital Partners X, LP • Franklin Templeton Investment Management Quincy • Aberdeen • Freeman Spogli Management • RhumbLine Advisers Custodian: People’s United Bank • Acadian Asset Management, LLC • Global Infrastructure Management • Ridgemont Equity Partners Consultant: Meketa Investment • Adams Street Partners, LLC • Goldman Sachs Asset Management, LP • Rockwood Capital Group, Inc. • AEW Capital Management, LP • Hancock Timber Resource Group, Inc. • Searchlight Capital Partners • Axiom • HarborVest Partners • SL Capital Partners, LLP • Beach Point Capital Management, LP • IFM Investors Advisor • State Street Global Advisors • Brookfield Asset Management • J.P. Morgan Investment Management • TA Realty • Brown Advisory, LLC • LLR Management • TerraCap Management, LLC • Charlesbank Capital Partners, LLC • Loomis, Sayles & Company • Torchlight Investors, LLC • Colony Realty Partners • Oppenheimer Alternative Investment • Trilantic Capital Management L.P. • Columbia Management Investment Advisors, LLC Management • UBS Realty Investors, LLC • Driehaus Capital Management, LLC • PRIT • Wellspring Capital Management • Entrust Permal Reading • PRIT Custodian: Fiducient Advisors, LLC Revere • PRIT Salem • Ascent Venture Partners • PRIT Saugus • Aristotle Capital Management, LLC • Massachusetts Financial Services Co. • RhumbLine Advisers Custodian: People’s United Bank • Lord Abbett & Co., LLC • PRIT • SEI Trust Consultant: Wainwright Investment • LMCG Investment Counsel, LLP Shrewsbury • Atlanta Capital • Fiera Capital Inc. • PRIT Custodian: People’s United Bank • Earnest Partners Consultant: Dahab Associates, Inc.

| 2020 Annual Report | 129 INVESTMENT VENDORS

Retirement Investment Vendors Board Somerville • Congress Asset Management Company, LLP • Loomis, Sayles & Company • RhumbLine Advisers Custodian: Comerica Securities • Lazard Asset Management, LLC • PRIT • UBS Realty Investors, LLC Southbridge • PRIT Springfield • Boston Millennia Partners • PRIT Custodian: People’s United Bank State • PRIT Stoneham • PRIT • SEI Investments Management Corp. Custodian: SEI Private Trust Company Consultant: Fiducient Advisors, LLC Swampscott • Aristotle Capital Management, LLC • LMCG Investments, LLC • TA Realty Custodian: People’s United Bank • Intercontinental Real Estate Corporation • PRIT Consultant: Dahab Associates Taunton • Aberdeen Asset Management • GAM International Management Limited • Quantitative Management Association Custodian: People’s United Bank • BlackRock Investment Management, LLC • Intercontinental Real Estate Corporation • Rhumbline Consultant: Dahab Associates, Inc. • Boston Millennia Partners • Invesco Core Real Estate USA, LP • State Street Global Advisors • Boston Partners • John Hancock Trust Company • TA Realty • Brandywine Global Investment Management, LLC • LMCG Investments, LLC • TimberVest, LLC • Ceres Partners, LLC • Molpus Woodlands Group, LLC • Vontobel Asset Management, Inc. • C.S. Mckee, LP • Polen Capital Management, LLC • Weaver C. Barksdale & Associates • Frontier Capital Management Co., LLC • PRIT • Wells Capital Management, Inc.

Wakefield • PRIT Waltham • Precision Capital Advisors, LLC • PRIT • RCP Advisors, LLC Custodian: SEI Private Trust Company • SEI Investments Management Corporation Consultant: Fiducient Advisors, LLC Watertown • Acadian Asset Management, LLC • Eaton Vance Management • RCP Advisors, LLC Custodian: People’s United Bank • American Realty Advisors • Income Research & Management • SEI Trust Company Consultant: Fiduciary Investment • Ascent Venture Partners • LMCG Investment • TA Realty Advisors, LLC • Brandywine Global Investment Management, LLC • Massachusetts Financial Services Company • TerraCap Management, LLC • Columbia Management Investment Advisors, LLC • Pinebridge Investment, LLC • Wellington Management Company, LLP • Earnest Partners, LLC • PRIT Webster • Aristotle Capital Management, LLC • LMCG Investments • PRIT Custodian: People’s United Bank • HGK Asset Management Inc. • Loomis, Sayles & Company • RhumbLine Advisers Consultant: Wainwright Investment Counsel, LLC Wellesley • PRIT

130 | 2020 Annual Report | INVESTMENT VENDORS

Retirement Investment Vendors Board West Springfield • De Burlo Group, Inc. Custodian: Comerica Westfield • Boston Company Asset Management, LLC • Lazard Asset Management, LLC • RBC Global Asset Management (U.S.), Inc. Custodian: Fiducient Advisors, LLC • Columbia Management Investment Advisers, LLC • LMCG Investments • SEI Trust Company • Constitution Capital Partners, LLC • Long Wharf Real Estate Partners, LLC • State Street Global Advisors • Hamilton Lane • Loomis, Sayles & Company • TerraCap Management • Income Research & Management • Polaris Capital Management, LLC • Wasatch Advisors, Inc. • Intercontinental Real Estate Corporation • PRIT • Wells Capital Management, Inc. Weymouth • Acadian Asset Management, LLC • Harbor Capital Advisors Inc. • PRIT Custodian: Comerica • Adams Street Partners • HarbourVest Partners, LLC • RhumbLine Advisers Consultant: Fiducient Advisors, LLC • Amundi Pioneer Institutional Asset Mgmt., Inc. • Invesco Private Capital, Inc. • Riverbridge Partners, LLC • Ashmore Investment Advisors • Landmark Partners, LLC • Sigular Guff Advisers, LLC • BlackRock Advisors, LLC • Loomis, Sayles & Company • Stockbridge Core and Value Advisors • Boston Company Asset Management, LLC • OFI Global Institutional, Inc. • TerraCap Management, LLC • Brandywine Global Investment Management, LLC • Principal Global Investors LLC • Wasatch Advisors • Constitution Capital Partners, LLC Winchester • PRIT Winthrop • PRIT Woburn • Charlesbank Capital Partners, LLC • Stafford Private Equity Inc. Custodian: People’s United Bank • PRIT

Worcester • Acadian Asset Management, LLC • Hancock Natural Resource Group, Inc. • Northstar Company, LLC Custodian: People’s United Bank • AEW Capital Management, LP • Harvest Partners, LP • PRIT Consultant: Meketa Investment Group • American Securities, LLC • IFM Investors (US) Advisor, LLC • Ridgemont Equity Partners • Ascent Venture Partners • Income Research & Management • Riverside Company • Boston Millenia Partners • Invesco Private Capital, Inc. • SL Capital Partners, LLP • BTG Pactual Timberland Investment Group, LLC • Lazard Asset Management, LLC • State Street Global Advisors • Capital International, Inc. • Lee Munder Capital Group, LLC • TA Associates Management • Charlesbank Capital Partners, LLC • Loomis, Sayles & Company • Vitruvian Partners, LLP • Global Infrastructure Management, LLC • Newstone Capital Partners, LLC • White Deer Energy Worcester Regional • AEW Capital Management, LP • Ascent Venture Partners • PRIT

| 2020 Annual Report | 131 PRIM INVESTMENT VENDORS (Organized by Service Provider Type)

Custodian: Consultants: BYN Mellon Aberdeen Asset Management Inc. - Portfolio Completion Strategies Advisory Services Albourne – Operational Due Diligence Service Provider Callan Associates - Public Market Advisory Services Edgewater Technology - IT Advisory Services Hamilton Lane - Private Equity Advisory Services International Woodland Company - Timberland Advisory Services KPMG LLP - Auditor NEPC, LLC - Asset Allocation Advisory Services NewAlpha Asset Management - Portfolio Completion Strategies Advisory Services Domestic Equity Managers

• Acadian Asset Management, LLC • Frontier Capital Management • Riverbridge Partners • Brandywine Global Investment Management • Goldman Sachs Investment Management • State Street Global Advisors • Driehaus Capital Management, LLC • Lord, Abbett & Co., LLC • Summit Creek Advisors International Equity Managers

• Acadian Asset Management, LLC • Marathon Asset Management, LLP • State Street Global Advisors • AQR Capital • Mondrian Investment Partners • TimesSquare • Baillie Gifford • Russell Implementation Services • Xponance Emerging Market Managers

• Acadian Asset Management, LLC • Driehaus Capital Management, LLC • T. Rowe Price • AQR Capital • Pzena Investment Management • Wasatch Advisors Inc. • Baillie Gifford Core Fixed Income Managers

• AFL-CIO Housing Investment Trust • Loomis, Sayles & Company • Pacific Investment Management Co. (PIMCO) • Blackrock Financial Management, Inc. • Longfellow Investment Management • Pugh Capital Management • Community Capital Management • New Century Advisors, LLC • RBC Global Asset Value-Added Fixed Income Managers

• 400 Capital Management, LLC • Eaton Vance Institutional Funds • Mudrick Capital Management, LP • Anchorage Capital Group, LLC • Fidelity Management Trust Company • Pacific Investment Management Co. (PIMCO) • Ashmore Investment Management, Ltd. • LibreMax Capital • Shenkman Capital Management • Berkshire Group, LLC • Loomis, Sayles & Company, LP • Voya Financial Alternative Investments—Real Estate Managers

• AEW Capital Management • CBRE Global Investors • INVESCO Realty Advisors • Blackstone • CenterSquare Investment Management • LaSalle Investment Management • Brookfield Investment Management • DivcoWest • Stockbridge Alternative Investments—Timberland

• Campbell Group, LLC • Forest Investment Associates Alternative Investments—Porfolio Completion Strategy Managers

• 400 Capital Management • Complus Asset Management Limited • LMCG Investments, LLC • Arden Asset Management • Contrarian Capital Management • Mudrick Capital Management, LP • Basswood Capital Management, LLC • Davidson Kempner Advisors, Inc. • Mygale, LLP • Blackrock Aviation • DLD Asset Management, LP • Pacific Alternative Asset Management Co. (PAAMCO) • Breakout Funds, LLC • East Lodge Capital • PGIM, Inc. • Brigade Capital G.P., LLC • Elliot Capital Advisors, LP • RV Capital Management Pvt., Ltd. • Cantab Capital Partners, LP • Fir Tree Capital Management • Sightway Capital • Canvas Capital • Goldman Sachs Asset Management • Silver Creek Advisory Partners, LLC • Capula Management Limited • Investcorp Investment Advisors, LLC • Summit Partners Public Asset Management, LLC • Cirera Capital Limited • JEN Partners, LLC • Tabor Asset Management • CKC Capital, LLC • Land and Buildings Investment Management

132 | 2020 Annual Report | PRIM INVESTMENT VENDORS (Organized by Service Provider Type, Continued)

Alternative Investments—Private Equity and Distressed Debt Managers

PRIVATE EQUITY: • Hellman & Friedman Capital Partners • SCP Vitalife • Acon Investments • H.I.G. Capital Partners • Sherbrooke Capital • Advent International • Highland Capital Partners • Sofinnova Ventures, Inc. • Alta Communications • Hony Capital • Spark Capital • American Industrial Partners • Index Ventures • Spectrum Equity • American Securities Capital Partners • Insight Partners • StonePoint Capital • Apollo Management Co. • Institutional Venture Partners • Summit Ventures • Ascent Venture Partners • InterWest Partners • SV Life Sciences Advisors • Austin Ventures • JMI Equity • TA Associates • Bain Capital • Kelso & Company • Technology Crossover Ventures • Battery Ventures • Kepha Partners • Tenaska Capital • Berkshire Partners • Keytone Ventures • Texas Pacific Group • Blackstone Capital Partners • Kohlberg Kravis Roberts and Co. • The Gores Group • Bridgepoint Capital Limited • KPS Capital Partners • Thoma Bravo • Carlyle Partners • Lovell Minnick Partners • Thoma Cressey Partners • Castille Ventures • Madison Dearborn Capital Partners • Thomas H. Lee Equity Partners, LP • Catalyst Investors • M/C Venture Partners • Thompson Street Capital • Centerbridge Capital • Medicxi Ventures • Torquest Partners • Charles River Ventures • Menlo Ventures • Towerbrook Capital Partners • Charlesbank Capital Partners • Montagu • Union Square Ventures • Charterhouse Capital • Montreux Equity Partners • VantagePoint Partners • Chequers Capital • Nautic Partners • Vestar Capital Partners • Code, Hennessey & Simmons • New Enterprise Associates • Vista Equity Partners • CVC Capital • Nordic Capital • Waterland Private Equity • Denham Capital Management • Odyssey Investment Partners • Weston Presidio Capital • El Dorado Ventures • Olympus Partners • WestView Capital Partners • Elysian Capital • Onex Capital Partners • Xenon Private Equity, LTD • Essex Woodlands Health Ventures • PAI Europe DISTRESSED DEBT: • Ethos Private Equity • Permira Ventures • Anchorage Capital • Exponent Private Equity Partners • Polaris Venture Partners • Avenue Capital Group • First Reserve Corporation • Providence Equity Partners • CarVal Investors • Flagship Pioneering • Providence Strategic Growth • Centerbridge Special Credit • Freeman Spogli Equity Partners • Quad-C Management • Crescent Capital Group • GENSTAR Capital • Quantum Energy Partners • GSO Capital Partners • Georgian Partners • Rembrandt Venture Partners • Oaktree Capital Management • Gilde Buy Out Partner AG • Rhone Group, LLC • Trust Company of the West (TCW) • GTCR Golder Rauner • SAIF Partners • Wayzata Investment Partners Overlay Managers (Cash)

• Parametric Portfolio Associates, LLC

| 2020 Annual Report | 133 PERAC DIRECTORY Units and Staff Members

ADMINISTRATION ACTUARIAL AUDIT COMMUNICATIONS John W. Parsons, Esq. John Boorack Caryn M. Shea, CPA Natacha Dunker Executive Director Actuary Director of Audits Communications Director Caroline J. Carcia James Lamenzo Scott Henderson Karen McMahon Deputy Executive Director Actuarial Consultant Deputy Chief Auditor Graphic Designer/Editor Kenneth J. Hill, Esq. Michael Humbert Elaine Pursley, CPA Michael D. Litvack Assistant Deputy Director Senior Actuarial Analyst Auditor II Webmaster/Graphic Design Bill Keefe Timothy Larkin Ernie Calavritinos Specialist Assistant Deputy Director Senior Actuarial Analyst Auditor I Ben Polatin Kim Boisvert Kathleen Smolak Karen Casper Communications Specialist Senior Executive Assistant Actuarial Analyst Auditor I Virginia Barrows Sherry Brooks-Ross Michelle Lastra Chief Financial Manager Benefit Calculation Specialist Auditor I FRAUD PREVENTION Katie Bozzi Alice Munafo Sandra King Accounts Payable Specialist Auditor I Fraud Prevention Manager Ellen Furtado George Nsia Administrative Assistant Auditor I Tracey Legaski Carol Poladian, CPA Administrative Assistant Auditor I Patricia Tanso Richard Wrona, CPA Administrative Assistant Auditor I Junior Yanga Auditor I

DISABILITY INFORMATION SYSTEMS INVESTMENT/COMPLIANCE LEGAL Patrice Looby, R.N. Dan Boyle Thomas J. O’Donnell Judith Corrigan, Esq. Manager of Medical Services Director of Information Compliance Director General Counsel Mariyam Gadatia, R.N. Systems Veronica Colon Patrick Charles, Esq. Nurse Case Manager Anthony Tse Senior Investment Analyst Senior Associate Eileen Tobin, R.N., B.S.N. Project Manager Sarita Yee General Counsel Nurse Case Manager Robert Perez Senior Investment Analyst Katherine Brady, Esq. Regina Manning Senior Systems Engineer Rose Morrison Associate General Counsel Case Manager I K-Lone Steele Administrative Assistant Felicia McGinnis, Esq. Erin Groesser Senior Systems Engineer Associate General Counsel Administrative Assistant Irina M. Boukina Doreen Duane Senior Programmer/Analyst Executive Assistant Charles Hoyt Senior Programmer/Analyst Stephen Forcucci .net Developer

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