ANNUAL REPORT 2010 | PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION ANNUAL 2010 REPORT
Commonwealth of Massachusetts | Public Employee Retirement Administration Commission
Commonwealth of Massachusetts Public Employee Retirement Administration Commission Five Middlesex Avenue, Suite 304 | Somerville, MA 02145 Phone 617 666 4446 Fax 617 628 4002 TTY 617 591 8917 Web www.mass.gov/perac
Annual Report 2010 CONTENTS • Commission Members ii • Falmouth 42 • North Attleboro 83 • Dedication to A. Joseph DeNucci iv • Fitchburg 43 • Northampton 84 • Mission Statement 1 • Framingham 44 • Northbridge 85 • Letter from the Chairman 2 • Franklin Regional 45 • Norwood 86 • Letter from the Executive Director 3 • Gardner 46 • Peabody 87 • Market Shaping Events 6 • Gloucester 47 • PRIM 118 • 2010 Financial Market & • Greater Lawrence 48 • Pittsfield 88 Board Performance Review 8 • Greenfield 49 • Plymouth 89 • Introduction to the Board Profiles 11 • Hampden County Regional 50 • Plymouth County 90 • Composite Investment Profile 12 • Hampshire County 51 • Quincy 91 • Haverhill 52 • Reading 92 Board Profiles • Hingham 53 • Revere 93 • Adams 13 • Holyoke 54 • Salem 94 • Amesbury 14 • Hull 55 • Saugus 95 • Andover 15 • Lawrence 56 • Shrewsbury 96 • Arlington 16 • Leominster 57 • Somerville 97 • Athol 17 • Lexington 58 • Southbridge 98 • Attleboro 18 • Lowell 59 • Springfield 99 • Barnstable County 19 • Lynn 60 • State 100 • Belmont 20 • MHFA 61 • State Teachers 101 • Berkshire County 21 • MWRA 62 • Stoneham 102 • Beverly 22 • Malden 63 • Swampscott 103 • Blue Hills Regional 23 • Marblehead 64 • Taunton 104 • Boston 24 • Marlborough 65 • Wakefield 105 • Braintree 25 • Massport 66 • Waltham 106 • Bristol County 26 • Maynard 67 • Watertown 107 • Brockton 27 • Medford 68 • Webster 108 • Brookline 28 • Melrose 69 • Wellesley 109 • Cambridge 29 • Methuen 70 • West Springfield 110 • Chelsea 30 • Middlesex County 71 • Westfield 111 • Chicopee 31 • Milford 72 • Weymouth 112 • Clinton 32 • Milton 73 • Winchester 113 • Concord 33 • Minuteman Regional 74 • Winthrop 114 • Danvers 34 • Montague 75 • Woburn 115 • Dedham 35 • Natick 76 • Worcester 116 • Dukes County 36 • Needham 77 • Worcester Regional 117 • Easthampton 37 • New Bedford 78 • Essex Regional 38 • Newburyport 79 • Disability Retirement Statistics 119 • Everett 39 • Newton 80 • Investment Vendors 122 • Fairhaven 40 • Norfolk County 81 • PERAC Staff 140 • Fall River 41 • North Adams 82
PERAC ANNUAL REPORT 2010 | i The Honorable Domenic J. F. Russo The Honorable Suzanne M. Bump Chairman Auditor of the Commonwealth Vice Chairman
Gregory R. Mennis Robert B. McCarthy Assistant Secretary, Finance and Infrastructure President of the Professional Fire Fighters Executive Office of Administration & Finance of Massachusetts
ii | PERAC ANNUAL REPORT 2010 Commission Members
James M. Machado Sergeant, Fall River Police Department
The Honorable Paul V. Doane Donald R. Marquis Investment Professional Former Town Manager, Arlington
PERAC ANNUAL REPORT 2010 | iii Dedication A. JOSEPH DENUCCI
This Report is dedicated to former Auditor and PERAC Vice Chairman A. Joseph DeNucci. For 34 years Auditor DeNucci served the people of Massachusetts in various capacities. His personal decency and treatment of people as individuals, not merely faces in the crowd, has made him stand out among his peers.
Auditor DeNucci’s leadership in the formation and the subsequent activities of PERAC helped preserve the public pension system for retirees, employees and taxpayers at a time when the basic premises of that system have been under relentless attack.
His successor, Auditor Suzanne Bump, spoke for many when she said, “Joe DeNucci has much to be proud of from his long career in public service. Law enforcement and state agencies have embraced the findings and recommendations from thousands of his audits, resulting in better oversight of public programs, the prosecution of numerous criminals and the recovery of millions of dollars in public money. I wish him well and look forward to building on what he has accomplished.”
His compassion for those in need and his drive and determination to make a difference in the lives of those less fortunate than himself have been the trademarks of Joseph DeNucci. We at PERAC will miss his steady leadership, his commitment to integrity and his dedication to the working people of the Commonwealth.
iv | PERAC ANNUAL REPORT 2010 MISSION STATEMENT
The Public Employee Retirement Administration Commission (PERAC) was created for and is dedicated to the oversight, guidance, monitoring, and regulation of the Massachusetts Public Dedication Pension Systems. The professional, prudent, and efficient administration of these systems is the public trust of PERAC and each of the 105 public pension systems for the mutual benefit A. JOSEPH DENUCCI of the public employees, public employers, and citizens of Massachusetts. The stewardship of the Trust Funds for the sole purpose of providing the benefits guaranteed to the public employees qualifying under the plans is the fulfillment of the obligation of the people of the Commonwealth to those who have dedicated their professional careers to the service of the people of the Commonwealth.
PERAC ANNUAL REPORT 2010 | 1 Letter from the CHAIRMAN
he Public Employee Retirement Administration Since the publication of our last Annual Report, Com- return of 13.67% underscore the fact that we are Commission is pleased to release this 2010 Annual missioner Paul Doane, who served as the investment clearly on the right track. TReport reviewing the status of the Massachusetts appointee of the Governor, has left the Commission. public pension plans. Several changes in format have During his tenure Commissioner Doane offered sage Unfortunately, the cynicism regarding public pension been incorporated this year. We believe that this new advice and insight gleaned from his experience as systems that we have noted in past Annual Reports has, information will assist in a meaningful and comprehen- a legislator, pension administrator and investment if possible, grown deeper. This is not a Massachusetts sive analysis of our pension systems. professional. In spearheading the Commission’s review problem but a national problem. Often it appears of placement agents, Commissioner Doane is largely that policy makers and opinion leaders would rather The 2010 election results brought a major change to responsible for the policy adopted by the Commission paint with a broad brush than objectively recognize the composition of the Commission. After decades to regulate the activity of those marketing products the distinctions between the pension plans of different of public service, 24 of those years as Auditor of the and services to the Boards. We wish him well in his jurisdictions. Massachusetts has modest benefit levels, Commonwealth, Joe DeNucci decided not to seek future endeavors. substantial employee contributions and employing re-election. In the early years of the Commission, government units have been responsible in making the support of Auditor DeNucci ensured that future In last year’s Report I stated, “…we must work adequate appropriations to the pension system. None- success could be built on a sound foundation. During together to make appropriate changes, establish fiscal theless, we are often included in the general indict- his tenure, Deputy Auditors Ken Marchurs and John stability, and ensure the viability of our retirement ment of states with elevated benefit levels, relatively Parsons served with distinction on the Commission as system.” The last year has seen great progress in low employee contributions and often deficient, if not his designees and always reflected Joe’s commitment to achieving those goals. Further statutory amendments irresponsible, governmental unit appropriation levels. integrity, professional excellence and fairness. I speak continued reasonable and responsible reforms, and Within the context of our pension law Massachusetts for all Commissioners and staff, past and present, when the stabilization of the systems’ fiscal condition in the has taken action to address issues of concern. These we offer Joe our deepest thanks and best wishes for wake of 2008 was reflected in actuarial valuations. The facts should dispel the notion that a well-run defined the future. investment performance of the systems contradicted benefit pension system is not sustainable. the dire warnings of critics. The newly elected Auditor, Suzanne Bump, joined the As always, the Commission and staff will use our best Commission for a meeting earlier this year. Commis- For the second year in a row, investment performance efforts to assist the retirement boards in safeguarding sioners and staff welcome Auditor Bump and look of the systems generally exceeded return assumptions the interests of system members and beneficiaries. forward to working with her in the years ahead. Her and the recovery from the disaster of 2008 continued. designee on the Commission, Deputy Auditor Gerry Mc- In spite of this rebound and the excellent long term Sincerely, Donough, has hit the ground running and has already returns attained by the Boards, we continued to hear provided valuable assistance to the Commission with from self-anointed experts asserting that investment his knowledge of the intricacies of labor law and his assumptions should be lowered. experience as a former member of the Teachers’ Retire- ment Board. His participation has been most helpful Although no system has yet to recoup all of the 2008 Domenic J.F. Russo and reflects credit on the Auditor. losses, the median return of 13.70% and the composite Chairman
2 | PERAC ANNUAL REPORT 2010 Letter from the EXECUTIVE DIRECTOR
nce again the Commission and its staff are pleased Major accomplishments at PERAC during Vice Chairman’s McCarthy had been completing the term of Commis- to release this Annual Report detailing the status DeNucci’s tenure include: sioner, now Senator, Ken Donnelly. His perspective and Oof the Massachusetts Public Employee Retirement ardent advocacy have been instrumental in PERAC’s Systems for 2010. • His role in developing the organizational structure of approach to a number of issues. the agency after its creation under Chapter 306 of the In an effort to provide data that allows greater insight Acts of 1996; Other changes in the Commission’s composition have into the financial, administrative and enforcement activi- • His assistance in the Commission’s implementation of included the departure of John Parsons who had served ties of the systems and the impact of those activities on the first restoration to service program for disability as Auditor DeNucci’s designee for several years and the the sponsoring units we have changed or reorganized retirees in the nation; expiration of the term of Commissioner Paul Doane. aspects of the Report. The Investment Managers’ Exhibit John was a steady influence who brought his analytical • His support for responsible pension reform that has has been consolidated and no longer is included in the skills to the issues confronting the Commission and was preserved the core benefits of the Massachusetts pen- Board Profile section. In its place, we have inserted instrumental in the development of policy in areas from sion plan; and appropriation history information, a compilation of auditing to investment. Paul was also helpful in a wide annual expenditures and receipts and a breakout of • His support of reasonable pension funding strategies range of matters with a special focus on investment and the earnings histories of disabled retirees. We believe tailored to individual retirement systems in the wake of the role of third party marketers in bringing products that, armed with this information, observers can assess the market collapse of 2008. to the retirement boards. We wish both John and Paul more accurately the fiscal impact of pension costs, the success as they move on. administrative challenge to the Commission in enforcing These represent only a few items on the Commission’s the law and the reality of post-retirement earnings. accomplishment list, but in these instances, and many Changes were not limited to the Commission itself as Most telling is the fact that system wide there are others, the support and guidance of Auditor DeNucci was Carol Niemera, who served in the Investment and Audit 15,679 disability retirees filing earnings statements and pivotal. Units during the course of her work at PERAC, retired 4,136 of those retirees report earnings but only a small earlier this spring. Carol was a valued employee and we number – 151 – earn an amount in excess of that which I speak for all Commissioners and staff past and present all hope that she has a most enjoyable retirement. is permitted by statute. when I say it has been both a privilege and a pleasure to work with Auditor DeNucci. He will be missed by all of us On September 15, 2010, PERAC held its sixth Emerging State Auditor A. Joseph DeNucci retired from office in Jan- who had the good fortune to work with him as well as by Issues Forum at the College of the Holy Cross. The Forum uary 2011 after decades of service to the people of the the countless individuals whose lives were made better addressed the issue of public pension reform. In keeping Commonwealth of Massachusetts. As Auditor, he also by his remarkable public service. with our goal to gain national perspectives, Luke Bier- served as Vice Chairman of the Public Employee Retire- man, General Counsel to the New York State Comptroller ment Administration Commission. In that role, Auditor In January, Auditor Suzanne Bump assumed office. discussed the actions taken in that state in the wake of DeNucci had a major impact on pension issues affecting Directly and through her designee, Gerry McDonough, the scandals associated with former Comptroller Alan Massachusetts public employees and their retirement she has already made an impact on the Commission and Hevesi and placement agents. Commissioner Paul Doane systems. Auditor DeNucci was involved in the creation of its deliberations and we look forward to working with outlined the Commission’s thinking with respect to the PERAC and he played a central role in the development, Auditor Bump and Commissioner McDonough in the regulation of the activities of those agents. Julian Regan growth and formative years of the agency. years ahead. In addition, Commissioner Robert McCarthy of Marco Consulting Group reviewed best practices for was appointed to a full five-year term. Commissioner public retirement funds. PERAC Actuary
PERAC ANNUAL REPORT 2010 | 3 Jim Lamenzo provided an update on legislation authoriz- it represents a major accomplishment that assures that Nonetheless, everything is not perfect with public ing an extension of retirement system funding schedules various tax benefits will remain available and other IRS defined-benefit plans. A review of benefit levels in and PERAC General Counsel Barbara Phillips discussed requirements are satisfied. On behalf of the Commission, some jurisdictions makes even those who are positively Municipal Early Retirement Incentive (ERI) plans in light I would like to thank the Boards for their cooperation disposed towards public plans wonder. This picture is of legislation allowing for such plans. One hundred and and, in particular, I would like to commend PERAC Gen- distorted by the fact that some states such as New York, eighty-eight individuals participated in the 2010 Forum. eral Counsel Barbara Phillips for her efforts in this matter. Illinois, Wisconsin and California have established benefit Sixty-five retirement boards were represented by at least structures that are unrealistic from a policy and fiscal one board member or administrative staff member. The Commission has initiated the first revision of its point of view. The general observer then imputes these Investment Regulations since 1998. In conjunction with facts to all public pension plans. A few years ago, the PERAC Actuarial Advisory the incorporation of the Commission’s Placement Agent Committee offered a long-term solution for funding Policy into regulation form, the draft incorporates other As discussion at the national level has turned to the Massachusetts Contributory Retirement Systems in a guidelines adopted by the Commission over the last 12 dire fiscal circumstances confronting state and local responsible manner. The basics of that recommendation years (Hedge Fund Guidelines, Mandate Modification retirement systems, we must not lose sight of the fact have become law and, as a result, funding schedules can and Use of Futures and Options) as well as eliminating that, although Massachusetts is faced with many of the now be extended to 2040 for local systems conducting out-dated regulations and including new provisions same challenges as those jurisdictions, we are unique in an actuarial evaluation after 1/1/09. As of this date, all paralleling some of the items of the PERAC Pension many ways. Massachusetts, unlike most state and local but five retirement systems have completed an actuarial Reform legislation. Following a series of hearings and governments, does not participate in Social Security. valuation as of 1/1/09 or 1/1/10. In conjunction with a written comment period, the Commission will make Consequently, the benefit provided under Chapter 32 is that action, 33 local systems have adopted a funding necessary revisions and forward the final regulations to the only guaranteed retirement allowance available to schedule that extends beyond 2030. Similar schedules the Legislature. We hope to have the process completed our employees. Perhaps more significant is the fact that, may be established by others as part of 1/1/11, 1/1/12 this fall. with few exceptions, Massachusetts policy makers have or 1/1/13 valuations. Nonetheless, this record indicates refrained from expanding benefits during upturns in that Boards are taking a responsible approach to ad- As I noted in last year’s Report, the Commission and investment performance. dressing the 2008 losses. its staff took action with respect to the Essex Regional Retirement Board following an audit that uncovered A sound defined-benefit plan benefits both the employer In other action on Beacon Hill, legislation establishing a wide range of deficiencies. As a result, the Commis- and employee. The employer is able to pay the cost of a local option municipal ERI program was approved. sion appointed a Monitoring Team to oversee the Board the benefit efficiently since the plan is designed for The ERI plan allowed for the granting of a maximum and legislation was adopted that revised the Board’s long-service employees and the pension fund is invested incentive of a combination of years and service not to structure. to help pay the future benefits. This is not generally true exceed three total years for active members with at least in a defined-contribution plan, such as a 401(k) plan. A 20 years of service. In order to participate, employees Today, I am pleased to report, the Monitoring Team is defined-benefit plan provides more retirement security were required to forego the right to accrued sick and wrapping up its activities and a new Board which was for members than a defined-contribution plan because vacation time. The amounts that would have been paid established pursuant to the new law is in place. A the employer bears the investment risk and the member for accrued sick and vacation time were to be transferred new Executive Director, Charles Kostro, has been ap- will receive a benefit based on a formula based on the to the retirement system to assist in amortizing the pointed and progress has been made in implementing member’s pay, age, and service. unfunded liability created by the program over a ten year the audit recommendations. We are confident that both schedule. Prior to the deadline, 29 governmental units structural and administrative changes have occurred and It has been generally asserted that such pension plans had submitted ERI plans to PERAC. Those employers that will continue. are unsustainable. It is pointed out that the unfunded elected to offer an incentive will be making reports to liability threatens the sponsor’s fiscal stability and that PERAC that detail the participation and provide informa- Over the past ten years, public defined-benefit plans the unfunded liability has dramatically increased. That tion so that the savings can be quantified. have been criticized in the media and even among some is true, but it is primarily a function of the investment experts in the field. Scores of studies, opinion pieces, and return in the past ten years and especially in 2008. Also in last year’s legislative session, several pension - articles have portrayed public plans in a negative light. related measures were approved. Among other items, Then the investment losses of late 2007 and 2008 mate- The following points are significant in assessing the issue these included the creation of a cap of 64% of the rialized and the negative commentary intensified. As the of the financial sustainability of these systems: existing federal limit on the compensation to be used in general economy deteriorated, these observations have a pension calculation; the setting of a 3% interest rate taken on a more urgent and, in some ways, visceral tone. 1. The Massachusetts plan was not funded on an actu- on pension contributions withdrawn by members hired arial basis for over 40 years after its creation. Actuarial after 1/1/84 who voluntarily leave the system; and an The perception is that public employee plans are too funding began in Massachusetts in the early 1990s increase on the survivor benefit subject to local option. rich. Friends and associates often comment to public and we have been constantly working to catch up to employees about what a great deal the State’s pension get funded. It is with great satisfaction that we can report that plan provides. When told that members hired after 1996 the long multi-year process to obtain IRS Qualifica- contribute about 10% (9% + 2% in excess of $30,000) 2. Funding progress has been substantial since the law tion Letters for all of our retirement systems has been of salary to the plan, they are stunned that such a large was amended to require actuarial funding. In Mas- completed. Final technical regulatory changes made at contribution to the plan is required. The belief that the sachusetts, most plans were 20-40% funded in 1988. the insistence of the IRS are now in effect and all condi- public pension system is a free ride for employees is just The majority of plans now have funded ratios in excess tions have been met. Although this step has received oney of the man misperceptions dearly held by the public. of 60%. This is significant progress. little attention beyond the public pension community,
4 | PERAC ANNUAL REPORT 2010 3. Group 1 employees hired after July 1, 1996 (contribut- 5. The experience of 2008 is the source of the fiscal dif- not be as dramatic, we expect a general positive trend in ing 9% of pay + 2% in excess of $30,000), are paying ficulty and it must be recognized for what it was—an all systems as 2008 losses are absorbed. for most, if not all, of their benefit. Such long-service UNPRECEDENTED year in terms of funding pension employees (hired under age 30 and staying 25 years or plans—public or private sector. Not since the Great Finally, the long-term assault on defined benefit plans is more) will pay for more than the cost of their benefit. Depression have capital markets performed so poorly. not justified on a financial basis and Massachusetts has (This assumes the investment return assumption is A plan cannot recover from a year like 2008 in a few acted to deal with other plan concerns through legisla- met.) years. However, in the past two years, the Composite tion. Things have not turned out to be as bad as they Return for the Massachusetts’ systems has been 18.22% seemed or as dire as predicted by some. 4. Sustainability questions about the plan were never in 2009 and 13.67% in 2010 beginning the process of raised in the 1990s because the investment return as- fiscal healing. sumptions were consistently exceeded. That was a case Sincerely, of getting “too much, too soon”. From 1985 through Initial actuarial valuations as of 1/1/11 reflect this 1999, the PRIT fund had an average return of 13.6% per recovery. The State Retirement System funded ratio in year. In our reports, you can observe how this invest- that valuation was 81.00%. This is an increase from the ment performance accelerated funding levels in those 1/1/10 level of 76.50% and an increase of nearly 10% over Joseph E. Connarton years. Through 2010, PRIT has averaged a 9.78% return the 71.60% ratio as of 1/1/09 when the full brunt of the Executive Director for 26 years despite an average of only 5.64% over the 2008 losses hit. Although progress in other systems may past 10 years.
PERAC ANNUAL REPORT 2010 | 5 1500
MARKET SHAPING EVENTS AND THE S&P 500 IN 2010
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JANUARY MARCH MAY JAN 4 1132.99 MAR 1 1115.71 MAY 3 1202.26 JAN 29 1073.87 MAR 31 1169.43 MAY 28 1089.41 • European leaders and IMF approve a $147 billion bailout of • A 7.0-magnitude earthquake hits Haiti, causing massive • Earthquake strikes Chile but damage is limited. Greece. damage and 100,000 casualties. • Fed announces end of its program of purchasing $1.25 trillion in • United and Continental Airlines agree to merge. • Scott Brown wins US Senate seat in Massachusetts. mortgage-backed securities. • The Dow falls nearly 1,000 points intraday in the perplexing “flash • Toyota recalls 2.3 million vehicles in the US. • After Congressional approval, President signs historic but controversial health-care legislation. crash”. • Ben Bernanke confirmed for second term as Fed Chairman. • Economic outlook uncertain but stocks end quarter up 6%. • European Union agrees to a $955 billion bailout plan for countries affected by the burgeoning crisis. • GM announced its first quarterly profit in three years. FEBRUARY • Tensions rise between North and South Korea. APRIL • The Gulf oil spill becomes the worst in US history. FEB 1 1089.19 APR 1 1178.10 FEB 26 1104.49 APR 30 1186.69 • Saints’ Super Bowl win marks New Orleans’ comeback. • Apple begins selling the I-Pad. • European leaders express support for financially-troubled JUNE • An explosion at a West Virginia coal mine kills 29. Greece. JUN 1 1070.71 • US and Russia sign an arms control pact. JUN 30 1030.71 • SEC sues Goldman Sachs for deceiving clients in mortgage securities. • BP sets aside $20 billion for oil spill victims. • Toyota agrees to pay $16.4 million to settle charges relating to • China announces greater flexibility in its exchange rate. defects. • Stocks end first half down 6% after 11% decline during the • Oil begins gushing into the Gulf of Mexico after a fatal oil rig quarter. explosion. • Greece’s credit crisis spreads to Portugal.
6 | PERAC ANNUAL REPORT 2010 1500
JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
1200
900 1/5/20101/4/2010 12/22/201012/21/201012/20/201012/17/201012/16/201012/15/201012/14/201012/13/201012/10/201012/9/201012/8/201012/7/201012/6/201012/3/201012/2/201012/1/201011/30/201011/29/201011/26/201011/24/201011/23/201011/22/201011/19/201011/18/201011/17/201011/16/201011/15/201011/12/201011/11/201011/10/201011/9/201011/8/201011/5/201011/4/201011/3/201011/2/201011/1/201010/29/201010/28/201010/27/201010/26/201010/25/201010/22/201010/21/201010/20/201010/19/201010/18/201010/15/201010/14/201010/13/201010/12/201010/11/201010/8/201010/7/201010/6/201010/5/201010/4/201010/1/20109/30/20109/29/20109/28/20109/27/20109/24/20109/23/20109/22/20109/21/20109/20/20109/17/20109/16/20109/15/20109/14/20109/13/20109/10/20109/9/20109/8/20109/7/20109/3/20109/2/20109/1/20108/31/20108/30/20108/27/20108/26/20108/25/20108/24/20108/23/20108/20/20108/19/20108/18/20108/17/20108/16/20108/13/20108/12/20108/11/20108/10/20108/9/20108/6/20108/5/20108/4/20108/3/20108/2/20107/30/20107/29/20107/28/20107/27/20107/26/20107/23/20107/22/20107/21/20107/20/20107/19/20107/16/20107/15/20107/14/20107/13/20107/12/20107/9/20107/8/20107/7/20107/6/20107/2/20107/1/20106/30/20106/29/20106/28/20106/25/20106/24/20106/23/20106/22/20106/21/20106/18/20106/17/20106/16/20106/15/20106/14/20106/11/20106/10/20106/9/20106/8/20106/7/20106/4/20106/3/20106/2/20106/1/20105/28/20105/27/20105/26/20105/25/20105/24/20105/21/20105/20/20105/19/20105/18/20105/17/20105/14/20105/13/20105/12/20105/11/20105/10/20105/7/20105/6/20105/5/20105/4/20105/3/20104/30/20104/29/20104/28/20104/27/20104/26/20104/23/20104/22/20104/21/20104/20/20104/19/20104/16/20104/15/20104/14/20104/13/20104/12/20104/9/20104/8/20104/7/20104/6/20104/5/20104/1/20103/31/20103/30/20103/29/20103/26/20103/25/20103/24/20103/23/20103/22/20103/19/20103/18/20103/17/20103/16/20103/15/20103/12/20103/11/20103/10/20103/9/20103/8/20103/5/20103/4/20103/3/20103/2/20103/1/20102/26/20102/25/20102/24/20102/23/20102/22/20102/19/20102/18/20102/17/20102/16/20102/12/20102/11/20102/10/20102/9/20102/8/20102/5/20102/4/20102/3/20102/2/20102/1/20101/29/20101/28/20101/27/20101/26/20101/25/20101/22/20101/21/20101/20/20101/19/20101/15/20101/14/20101/13/20101/12/20101/11/20101/8/20101/7/20101/6/2010 12/31/201012/30/201012/29/201012/28/201012/27/201012/23/2010
JULY OCTOBER DECEMBER JUL 1 1027.37 OCT 1 1146.24 DEC 1 1206.07 JUL 30 1101.60 OCT 29 1183.26 DEC 31 1257.64 • US issues new ban on deepwater drilling. • US announces plan to sell off its AIG stake. • Treasury sells last of Citigroup shares in a $10.5 billion offering. • Major financial overhaul legislation is approved by Congress. • Chilean miners are rescued after 69-day ordeal. • President and GOP reach tax deal, extending Bush cuts. • Goldman Sachs pays $550 million to settle civil charges. • Administration lifts its ban on deep-water drilling in Gulf of • Federal judge rules key aspect of new health care law to be Mexico. unconstitutional. • JPMorgan begins a review of foreclosure practices in 41 states. • Census reveals US population to be 308.7 million, up 9.7% from 2000. AUGUST • Senate ratifies strategic arms pact with Russia. AUG 2 1125.86 • Gold reaches new high of $1,415 an ounce. AUG 31 1049.33 NOVEMBER • After a strong fourth quarter, stocks fall just short of year’s high as stocks record aggregate gains of 17% for the year. • BP announces successful plugging of oil well. NOV 1 1184.38 • Thirty-three trapped Chilean miners signal that they are safe. NOV 30 1180.55 • Republicans win the House, Democrats retain Senate. • Fed announces plan to purchase $600 billion in Treasury securities over eight months. SEPTEMBER • After successful government-led turnaround, GM successfully SEP 1 1080.29 issues stock. SEP 30 1141.20 • Another guilty plea recorded in New York State’s pay-to-play pension scandal. • US combat role in Iraq formally ends. • Europe approves a $90 billion bailout for Ireland • Global regulators announce a major remake of world banking rules. • Blockbuster files for bankruptcy. • Stocks enjoy their best December since 1939, capping bullish quarter of 11% gains.
PERAC ANNUAL REPORT 2010 | 7 2010 Financial Market & Retirement Board Performance Review
he year 2010 saw the US economy still mired Stocks have succeeded in regaining the levels seen With Treasury yields still close to historic lows, in low growth, unemployment remaining dis- just before the historic collapse of Lehman Brothers in investors continued to seek higher returns from lower Tcouragingly high, the housing market still in the September 2008 but despite a recovery of about 75% quality debt instruments. The yield differentials doldrums, severe financial instability in Europe, and from its March 2009 lows, they remain about 20% between investment grade corporate bonds and high the horrifying “flash crash” in the stock market. below their all-time highs of October 2007. yield “junk” bonds continued to narrow. Thus, both Most traditional indicators of stock market valuation corporate bonds and high yield bonds outperformed Nevertheless, investors focused on the positive. Risks (i.e., price-earnings ratios) were no higher than Treasuries in 2010, with high yield bonds doing the of a double dip recession subsided. European central the mid-range of historical standards at year-end, best. Although down from 2009’s level, corporate banks and governments acted aggressively to contain indicating that stocks remained fairly valued even bond issuance continued at a brisk pace in 2010 while the sovereign debt crisis. The Fed announced a $600 after two years of above-average gains. Nevertheless, junk bond issuance surged to a level nearly four times billion program of “quantitative easing”. Congress some analysts projected caution about future growth higher than that of 2008. approved a continuation of the Bush tax cuts at in corporate profits since such expansion would have Overall, the Barclays Aggregate Bond Index returned year-end. Most significantly, corporate profits were to come from improved economic growth as further +6.5% for the year. The corresponding return for the surging, even though much of the growth was due to gains from cost-cutting appear unlikely. Merrill Lynch High Yield Index was 15.2%. cost-cutting rather than revenue growth. The result was that 2010 marked another year of recovery from Results were very mixed but global stocks also Other Asset Classes the financial crisis. did well. The five recently or potentially troubled Although residential real estate continued to be mired countries known as PIIGS — Portugal, Italy, Ireland, in a long tailspin, commercial real estate continued Stocks Greece, and Spain— all suffered losses in their to show slow but steady recovery. One indication was For the equity market, nearly all the gains occurred stock markets but Europe as a whole was up, led by the report that, for the first time in nearly three years, during the second half of the year. In the US, the Germany’s gain of 16%. Asia’s two largest economies, both occupied US office space and average rents Wilshire 5000 broad market index showed a 17.2% China (where the government tightened credit in an increased during the fourth quarter. With vacancy gain for the year after a fourth quarter rise of 11.6%. effort to restrain growth) and Japan (still struggling rates falling below 7% for the first time in two years, The S&P 500 large cap index registered a 15.1% to achieve meaningful growth) saw declining markets apartment rentals also appeared to be doing well, annual gain after a 10.8% fourth quarter spurt. while Indonesia, India, The Philippines, Malaysia apparently bolstered by people moving away from Mid cap and small cap stocks, which are generally and Thailand all reached new highs. South Korea the single family home market. The NCREIF property more dependent on US growth and less dependent essentially matched its previous high despite growing index showed four quarters of improving positive on overseas growth than large caps, performed the tensions with North Korea. The MSCI-EAFE Index rose returns and was up 13.1% for the year. Among best. The S&P 400 mid cap index was up 13.5% for 6.6% for the fourth quarter and 7.8% for the year NCREIF’s sectors, apartments performed best while the quarter and 26.6% for the year. The Russell 2000 while the MSCI-Emerging Markets Index rose 7.3% hotels and industrial space lagged. Publicly-traded small cap index rose 16.3% for the quarter and 26.9% for the quarter and 18.9% for the year. REITs had another year of strong returns, recovering for the year. With many technology stocks leading from the hefty losses of 2007 and 2008, as they re- 2010’s parade, the NASDAQ Composite index was up The dollar had a mixed year overall in currency turned 28.0% (identical to 2009’s return) for the year. 12.0% for the quarter and 18.0% for the year. In style markets. While up slightly overall, it was up 7% vs the With the market for commercial mortgage securities comparisons, growth did slightly better than value, Euro and down 13% vs the yen. continuing to improve and interest rates remaining particularly among mid caps and small caps. low, the outlook for commercial real estate remains Bonds cautiously optimistic. One thing beyond dispute is For the year, consumer discretionary (25.7% price re- Reflecting concerns over prospects for higher that the best thing that could happen to real estate turn) and industrials (23.9%) were the best perform- economic growth and a worsening US budget deficit is a rebound in jobs, which would boost demand not ers among the S&P 500’s sectors while health care as well as some re-allocation of investment funds only for homes but also for office space, retail space, (0.7%) and utilities (0.9%) were the laggards. Among out of bonds and into equities, Treasury note and warehouses, hotels, etc. individual stocks, Netflix delivered a gain of 219% bond yields rose during the fourth quarter, although while engine-maker Cummins rose 140%. Among the they were still down from the beginning of the year. Hedge funds also continued to rebound from the Dow Industrials, Caterpillar (64%), DuPont (48%), (Prices of existing bonds typically decline as rates financial crisis. As always, returns varied greatly by and McDonalds (23%) were the best performers for increase,e and vic versa.) The benchmark 10-year note strategy and specific managers, but Hedge Fund the year but, indicative of the market’s increasing yield rose from 2.52% to 3.30% during the quarter Research’s composite return for the year was 10.4%. dispersion, Bank of America (-11%), Hewlett Packard and exceeded 3.50% for a time. This influential yield (HFR’s Fund of Funds Index returned 5.6%.) Fixed (-18%), and Cisco Systems (-16%) suffered sizeable had begun the year at 3.83%. With the 2-year note income strategies like convertible arbitrage (+11.8%) declines. It was a good year for rebounding auto yield at 0.60% and the 30-year bond yield at 4.34%, were among the better performers while strategies makers as Ford rose 68% and General Motors had the the yield curve remained steep, which is typically dependent on stock picking were hampered by the largest IPO in history. indicative of expectations of an improving economy. high degree of correlation among equities. There
8 | PERAC ANNUAL REPORT 2010 were no notable blow-ups during the year. Hedge strong recovery from the 2008 debacle. On the other 15 had allocations of 5% or more and 18 systems funds began to see significant new inflows and total hand, many public plans, large and small, across the had no allocations at all (a few of these had modest industry assets were estimated to have risen close to country have lowered their assumed rates of return allocation as a result of partial investment in the PRIT their 2007 levels. A cloud appeared over the industry in consideration of lower expectations for invest- Core Fund). Thirty-two of these systems invested in late in the year when a few hedge fund firms were ment returns going forward. Such moves are likely hedge funds, 20 invested in emerging market equity, included in the government’s investigation of insider to require increased governmental contributions by 26 had allocations to high yield bonds or other forms trading. No charges have been brought to date and no affected entities. of opportunistic fixed income, and seven invested in sizeable investor losses are expected, but some funds timber. have already ended their use of “expert network” With further stimulus from Washington highly firms that are at the center of the investigation. Also, unlikely, state and local governments confronting At the beginning of 2010, 51 local systems invested many more hedge fund managers will be registering sizeable budget gaps, and the employment and hous- all of their assets in the PRIT Core Fund. (Sixteen of with, and providing new reporting to, the SEC as a ing markets stubbornly weak, it may be a challenge these systems retain residual partnership invest- result of last year’s financial reform legislation. for the US economy to fulfill the market’s recent rosy ments.) During the year, one additional system (Essex expectations. Regional) joined PRIT. Assets of these 52 systems Benchmark returns on private equity are significantly totaled $6.3 billion at year-end. The asset allocation lagged and, as always, will vary significantly by The past few years have demonstrated that there is no of the $48.3 billion PRIT Core Fund as of December 31, manager. Nevertheless, overall returns should be perfect asset allocation that will perform well under 2010, was 22.1% Domestic Equity, 21.7% Interna- healthy in light of the strong returns in the public all economic and market scenarios. However, there is tional Equity, 6.8% Emerging Markets Equity, 12.6% equity markets as well as the improvement in the IPO no doubt that diversified portfolios have performed Core Fixed Income, 6.2% Value Added Fixed Income, market, the surge in mergers and acquisitions, and better than non-diversified ones over time. PERAC has 10.2% Private Equity, 8.2% Real Estate, 2.2% Timber/ the resurgence in bank lending and in the issuance been supportive of systems becoming involved in new Natural Resources, 8.1% Hedge Funds, and 1.8% Real of high yield bonds. Through the end of the third asset classes like “real return” and commodities and Assets. Compared to public funds nationwide, PRIT quarter, the Cambridge Associates 12-month private we continue to encourage systems to explore new has had below average allocation to domestic equity equity and venture capital indexes were 17.7% and ways to meet the challenges ahead. and above average allocation to nontraditional asset 8.2%, respectively. classes. In addition to the 52 systems that invested 2010 Retirement Board Review essentially all their assets in the PRIT Core Fund at Another alternative asset class that did well last year As of December 31, 2010, the composite asset alloca- year-end, 12 systems had partial investments (rang- was commodities. The Dow Jones-UBS Commodity tion of the 51 systems that invested predominantly ing from 1% to 59% of their total portfolio) in this Index was up 16.8% for the year as some commodi- on their own was: 34.8% Domestic Equity, 15.5% fund and 38 systems participate in one or more of the ties like gold and copper reached all-time highs while International Equity, 3.6% Emerging Markets Equity, PRIT Fund’s segmentation offerings. others, including oil, have risen handsomely. The rally 19.4% Fixed Income (Domestic and International, is seen to have been largely propelled by demand including TIPS), 5.0% Opportunistic Fixed Income Performance for 2010 among the 103 local systems from China and other emerging nations. Many institu- (high yield, et al), 6.2% Real Estate, 0.5% Timber, ranged from 9.2% to 17.2%. The median return was tional investors, including pension funds, have begun 4.3% Alternative Investments (venture capital, private 13.5% and the composite return was 13.7%. For the to make meaningful allocations to commodities. equity), 5.3 Hedge Funds, 1.4% Balanced Funds 51 systems that invested on their own throughout (domestic and global), 2.1% PRIT Core Fund, 0.6% 2009, the median return was 13.7%. Looking Ahead Real Assets, and 1.3% Cash. Assets of these systems During 2010, public pension funds came under totaled $11.8 billion. Even though equities registered The median return for the 52 systems that invested increased scrutiny. Pay-to-play scandals rocked some strong returns in 2010, systems’ aggregate exposure totally (or predominantly) with PRIT for the entire large state pension funds. Although Massachusetts to that asset class declined as a result of increasing al- year was 13.5%, in line with the Core Fund itself. was not among the affected states, PERAC has devel- location to other asset classes, including international However, as noted above, 16 PRIT systems had returns oped new regulations and disclosure requirements equity, real estate, and alternative investments. Fixed differing from PRIT’s as a result of performance from pertaining to campaign contributions and the use income exposure also declined over the year. residual real estate and alternative investments of third party marketers. Second, there were media partnerships. In addition, internal cash flows or cash reports suggesting that public funds were assum- The composite asset allocation of these systems positions enhanced or subtracted from the returns of ing too much risk compared to private plans. These is similar to average asset allocations reported in several other participating systems relative to PRIT. charges seemed largely unfounded and can be mostly national surveys of state and local pension plans. explained by essential regulatory and structural dif- Nevertheless, there is a wide divergence in our local As has typically been the case over the years, the ferences between public and private plans. Above all, systems’ asset allocation compared to the composite performance of the local systems that invest on there were many articles warning that the unfunded levels. For instance, allocations to domestic equity their own has been in line with national public fund pension liabilities of state and local governments ranged from 23% to 63% and allocations to inter- medians. The 2010 median return (13.7%) for the would be the next financial crisis. These articles national equity ranged from zero (two systems) to non-PRIT local systems compared favorably with the were often accompanied by extreme examples of 26%. Forty-five of the 51 systems had allocations to following public fund universe medians: State Street purported pension abuse. real estate but only 27 had allocations of 5% or more Universe, 12.7%; ICC, 13.2%; Wilshire TUCS, 12.9%; while six systems had zero exposure (some of these and NCPERS, 13.5%. Depending on their particular asset allocation and had modest exposure through partial investment manager performance, most systems enjoyed 2010 in the PRIT Core Fund). Thirty-three systems had The best performing systems in 2010 generally had returns in the 12-15% range in another year of some exposure to alternative investments, but only healthy to above-average exposure to equities, with
PERAC ANNUAL REPORT 2010 | 9 some systems having a total allocation (domestic, in- those of investment grades. Some systems benefitted income (high yield, et al) that performed the best. For ternational, and emerging markets) of as high as 74%. from investing in the recovery of mortgage and other several of these systems, conservative asset allocations Systems whose international equity allocation was asset-backed securities; one such system enjoyed a 9% were exacerbated by investment manager underper- enhanced by emerging markets exposure did well, as exposure to a “structured credit” investment that re- formance. For instance, while the best performing did systems whose domestic equity position included turned 37%. Some systems also benefited from strong systems reaped returns in excess of 20% from domestic healthy exposure to small caps and mid caps. Along performance from recovering real estate investments. equity, some of the lagging systems saw returns as with overall healthy equity exposure and diversifica- low as 14% from this asset class. It should be noted tion among cap sizes, strong manager performance The worst performing systems were generally smaller that several of the conservatively managed systems do was, of course, essential. Several of the top performing in asset size and less well diversified both within and have the benefit of above-average funded ratios. systems in 2010 had aggregate domestic equity per- among asset classes than the top performers. These formance as high as 22%, well in excess of the Wilshire systems generally had above average allocations to 5000’s 17% return. Diversification in fixed income was fixed income—some as high as 38%— and little also helpful as returns from high yield bonds trounced or no exposure to the opportunistic sectors of fixed
10 | PERAC ANNUAL REPORT 2010 Massachusetts Contributory Retirement Board Profiles
Introduction
he Board Profile section of the PERAC Annual been recognized as the prime determining factor in claims. Fifty-one medical re-examinations of dis- Report provides a detailed assessment of some the generation of returns. ability retirees took place. Tof the important indicators relative to the finan- cial health of the retirement systems. The information As always, actuarial information details the fiscal Such medical evaluations and examinations resulted provided in this Report can enable board members to condition of the systems, which can play a direct role in nine members returning to work saving $341,327. provide factual comment and advice to policy makers in state and local budgets. The funded ratio indicates as various proposals related to the retirement law are the extent to which assets cover system liabilities. PERAC is responsible for the post-retirement monitor- assessed. Through this Report and other studies, the When the system will pay off its unfunded liability ing of disabled retirees. One aspect of that task is Commission seeks to provide objective, comprehen- and what type of funding technique is being used enforcing the earnings limits set forth in Chapter 32. sive and accurate data for use by all interested parties. are also noted. PERAC has consistently urged boards In 2010, PERAC analyzed 15,679 earnings reports; to conduct actuarial valuations in order to provide an 4,136 retirees reported earnings and 151 earned in This year, several exhibits in the Report have been up-to-date assessment of the fiscal condition of the excess of the statutory limits. An additional 72 retirees changed or reorganized. The Investment Manag- system. failed to comply with the reporting requirement. This ers’ Exhibit has been consolidated and is no longer resulted in the recovery of $1,283,373 in excess earn- included in the Board Profile section. In its place, we In the actuarial area, PERAC approved 67 new funding ings and $1,656,411 for non-compliance. In addition, have inserted appropriation history information, a schedules and completed 23 actuarial valuations in 28 retirees waived their allowance, saving $409,429. compilation of annual expenditures and receipts, and 2010. The valuations complemented the 57 valuations a breakout of disabled retirees’ earnings. performed by private actuaries. The Actuarial Unit also In 2010, PERAC conducted 34 audits of retirement completed the annual actuarial valuation of the Com- systems. In addition, 24 follow-up audits were issued. In assessing investment performance, PERAC relies monwealth’s pension liability. Throughout the year, In the last few years, the Commission has awarded on the retirement boards to submit accurate and PERAC responded to legislative and gubernatorial Certificates of Achievement to those systems found by complete information about investment activity. requests for analysis of legislation and made presenta- our auditors to be operating in an exemplary fashion. PERAC numbers might differ from those provided to tions at several forums. We issued ten Certificates of Achievement in 2010. As a board by its consultant because PERAC measures all always, PERAC audit staff conducted annual seminars assets, including monies not committed to investment In addition to the information detailed in the Profiles, on the preparation of the Annual Statement with management. PERAC, as always, has been busy assisting the boards special emphasis on common audit issues, particularly in other areas. In 2010, 706 medical panel requests the treatment of investment income and realized and Asset allocation is once again presented in graph were processed and 2,051 comprehensive medical unrealized losses. form. The way a board allocates its assets among the evaluations were conducted. This led to the approval various investment classes available to it has long of 574 disability applications and 82 accidental death
PERAC ANNUAL REPORT 2010 | 11 Composite Investment Profile Commonwealth of Massachusetts Public Employee Retirement Systems and Pension Reserves Investment Trust
Investment Return (2006-2010, 5 Year and 26 Year Averages) INVESTMENT
2010 Return 13.67% 2010 Target N/A 2010 Market Value $59.6 B 2006-2010 (Annualized) 4.39% 1985-2010 (Annualized) 9.46%
Asset Growth (2001-2010) (Market Value in Billions)
12 | PERAC ANNUAL REPORT 2010 Town Hall Board Members Board Administrator Adams 8 Park Street, 3rd Floor Bernard A. Pinsonnault (Chairperson), Cheryl J. Lillie Adams, MA 01220 Mary Beverly, Allen Mendel, Board Meeting Phone 413-743-5575 Francis J. Wojtaszek Fourth Tuesday of each month at 4:00 pm Fax 413-743-2815
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 81.2% 100% • Date of Last Valuation 01/10 80% • Actuary PERAC • Assumed Rate of Return 7.50% 60% • Funding Schedule 1.5% Increasing
40% • Year Fully Funded 2030 • Unfunded Liability $6.3 M 20% • Total Pension Appropriation (Fiscal 2011) $1.2 M
0% Active Retired 88 90 92 94 96 98 00 02 04 06 08 10 • Number of Members 203 137 • Total Payroll/Benefit $6.1 M $1.5 M • Average Salary/Benefit $29,900 $11,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 73 • Average Service 12.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 7/10/2009 Period Covered 1/1/06-12/31/08
2008 2007 2006 Annual Receipts $(3.65 M) $3.47 M $3.51 M Annual Disbursements $1.85 M $1.85 M $1.70 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 7 Number Who Reported Earnings 4 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 9.34% 2010 Target 8.25% 2010 Market Value $26.9 M 2006-2010 (Annualized) 3.41% 1985-2010 (Annualized) 8.28%
PERAC ANNUAL REPORT 2010 | 13 Town Hall Board Members Board Administrator Amesbury 62 Friend Street Charles Benevento (Chairperson), Sheryl Trezise Amesbury, MA 01913-2825 Michael Basque, Donna Cornoni, Board Meeting Phone 978-388-8131 Michael Cronin, Mary Marino Last Thursday of each month at 1:30 pm Fax 978-388-6727
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 51.9% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2034 • Unfunded Liability $33.2 M • Total Pension Appropriation (Fiscal 2011) $2.8 M
Active Retired • Number of Members 268 219 • Total Payroll/Benefit $12.0 M $3.6 M • Average Salary/Benefit $45,000 $16,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 72 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 7/20/2009 Period Covered 1/1/06-12/31/08
2008 2007 2006 Annual Receipts $(7.03 M) $7.13 M $8.11 M Annual Disbursements $4.14 M $4.01 M $3.91 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 17 Number Who Reported Earnings 6 Number of Excess Earners 1 Total Amount of Refund Due $13,680.96
2010 Return 13.46% 2010 Target 7.60% 2010 Market Value $36.4 M 2006-2010 (Annualized) 3.52% 1985-2010 (Annualized) 8.00%
14 | PERAC ANNUAL REPORT 2010 Town Offices Board Members Board Administrator Andover 36 Bartlet Street James A. Cuticchia (Chairperson), Elena M. Kothman Andover, MA 01810 Elena M. Kothman, Robert J. O’Sullivan, Esq., Board Meeting Phone 978-623-8213 Rodney P. Smith, Anthony K. Stankiewicz, Esq. Last week of each month, day and date vary Fax 978-623-8471
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 55.1% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $75.2 M • Total Pension Appropriation (Fiscal 2011) $4.8 M
Active Retired • Number of Members 707 363 • Total Payroll/Benefit $32.4 M $8.2 M • Average Salary/Benefit $45,900 $22,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 72 • Average Service 11.9 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 4/23/2010 Period Covered 1/1/07-12/31/08
2008 2007 Annual Receipts $(19.80 M) $10.07 M Annual Disbursements $8.71 M $8.38 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 37 Number Who Reported Earnings 10 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.62% 2010 Target 7.60% 2010 Market Value $86.3 M 2006-2010 (Annualized) 2.58% 1985-2010 (Annualized) 8.42%
PERAC ANNUAL REPORT 2010 | 15 869 Massachusetts Avenue, Room 102 Board Members Board Administrator Arlington Arlington, MA 02476-4701 John J. Bilafer (Chairperson), Richard Greco Phone 781-316-3370 Kenneth Hughes, Richard Keshian, Board Meeting Fax 781-316-3379 Ruth Lewis, Ken Steele Last Thursday of the month at 4:30 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 54.7% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.75% • Funding Schedule 3.84% Increasing • Year Fully Funded 2032 • Unfunded Liability $95.9 M • Total Pension Appropriation (Fiscal 2011) $7.7 M
Active Retired • Number of Members 677 626 • Total Payroll/Benefit $28.9 M $14.6 M • Average Salary/Benefit $42,700 $23,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 74 • Average Service 11.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 10/22/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(33.25 M) $17.93 M $29.37 M Annual Disbursements $15.26 M $15.14 M $14.64 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 90 Number Who Reported Earnings 20 Number of Excess Earners 1 Total Amount of Refund Due $502.92
2010 Return 13.14% 2010 Target 7.60% 2010 Market Value $114.0 M 2006-2010 (Annualized) 1.44% 1985-2010 (Annualized) 8.47%
16 | PERAC ANNUAL REPORT 2010 584 Main Street, Room 3 Board Members Board Administrator Athol Athol, MA 01331 James W. Wright (Chairperson), Lynne Barilone Phone 978-249-2642 Andrew Belloli, Christine Mailloux, Board Meeting Fax 978-249-2864 Brian Stoddard, Joseph Wojtkowski Last Wednesday of each month at 9:00 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 42.0% 100% • Date of Last Valuation 01/09 80% • Actuary PERAC • Assumed Rate of Return 8.00% 60% • Funding Schedule 4.0% Increasing
40% • Year Fully Funded 2040 • Unfunded Liability $20.9 M 20% • Total Pension Appropriation (Fiscal 2011) $1.8 M
0% Active Retired 88 90 92 94 96 98 00 02 04 06 08 10 • Number of Members 208 141 • Total Payroll/Benefit $6.9 M $2.0 M • Average Salary/Benefit $33,200 $13,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 71 • Average Service 10.7 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/05/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $3.80 M $3.78 M Annual Disbursements $2.20 M $2.20 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 19 Number Who Reported Earnings 8 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.34% 2010 Target 7.60% 2010 Market Value $16.9 M 2006-2010 (Annualized) 3.24% 1985-2010 (Annualized) 7.25%
PERAC ANNUAL REPORT 2010 | 17 77 Park Street Board Members Board Administrator Attleboro Attleboro, MA 02703 Gary S. Sagar (Chairperson), Leslie J. Ring Phone 508-223-2222, ext. 3201 Richard V. Boucher, James M. Castro, Board Meeting Fax 508-223-2063 Deborah C. Gould, Raymond B. Slater Varies, usually the last week in the month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 69.3% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.25% Increasing • Year Fully Funded 2029 • Unfunded Liability $42.6 M • Total Pension Appropriation (Fiscal 2011) $5.0 M
Active Retired • Number of Members 626 383 • Total Payroll/Benefit $26.7 M $7.6 M • Average Salary/Benefit $42,600 $20,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/06/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $14.66 M $17.49 M $14.39 M Annual Disbursements $8.13 M $8.17 M $7.85 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 40 Number Who Reported Earnings 11 Number of Excess Earners 1 Total Amount of Refund Due $6,787.10
2010 Return 16.15% 2010 Target 8.00% 2010 Market Value $91.7 M 2006-2010 (Annualized) 4.46% 1985-2010 (Annualized) 9.05%
18 | PERAC ANNUAL REPORT 2010 750 Attucks Lane Board Members Board Administrator Barnstable Hyannis, MA 02601 E. Mark Zielinski (Chairperson), Debra L. Cohen County Phone 508-775-1110 Mary Pat Flynn, Mark Foley, Board Meeting Fax 508-775-1344 C. Randall Sherman, Karen V. Walden Fourth Tuesday of each month at 9:00 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 53.9% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2038 • Unfunded Liability $475.3 M • Total Pension Appropriation (Fiscal 2011) $41.3 M
Active Retired • Number of Members 4,786 2,422 • Total Payroll/Benefit $222.7 M $45.9 M • Average Salary/Benefit $46,500 $18,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 11.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/15/10 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $110.99 M $119.36 M $79.69 M Annual Disbursements $47.96 M $46.30 M $42.04 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 330 Number Who Reported Earnings 116 Number of Excess Earners 6 Total Amount of Refund Due $28,399.70
2010 Return 13.55% 2010 Target 7.60% 2010 Market Value $581.4 M 2006-2010 (Annualized) 3.25% 1985-2010 (Annualized) 7.35%
PERAC ANNUAL REPORT 2010 | 19 P.O. Box 56, Town Hall Board Members Board Administrator Belmont 455 Concord Avenue Rosario A. Sacco (Chairperson), Marion E. Coté Belmont, MA 02478-0900 Thomas F. Gibson, Esq., Barbara E. Hagg, Board Meeting Phone 617-484-8560 Peter Palandjian, Walter D. Wellman Varies Fax 617-993-2793
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 51.3% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 7.75% • Funding Schedule 4.5% Increasing • Year Fully Funded 2027 • Unfunded Liability $60.2 M • Total Pension Appropriation (Fiscal 2011) $5.5 M
Active Retired • Number of Members 425 343 • Total Payroll/Benefit $19.4 M $8.4 M • Average Salary/Benefit $45,500 $24,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 NA • Average Service 10.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/11/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $19.61 M $(6.60 M) $13.02 M Annual Disbursements $9.42 M $9.20 M $8.82 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 42 Number Who Reported Earnings 13 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.78% 2010 Target 6.80% 2010 Market Value $62.6 M 2006-2010 (Annualized) 7.24% 1985-2010 (Annualized) 9.62%
20 | PERAC ANNUAL REPORT 2010 29 Dunham Mall Board Members Board Administrator Berkshire Pittsfield, MA 01201 Michael Ovitt (Chairperson), Sheila LaBarbera County Phone 413-499-1981 Patricia D. Carlino, Deborah Cotter, Board Meeting Fax 413-445-7990 Gerald Doyle, Jr., Peter Menard Last Wednesday of each month at 9 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 75.1% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2024 • Unfunded Liability $40.3 M • Total Pension Appropriation (Fiscal 2011) $6.7 M
Active Retired • Number of Members 1,221 672 • Total Payroll/Benefit $37.7 M $8.0 M • Average Salary/Benefit $30,900 $11,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 73 • Average Service 10.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 10/18/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $27.64 M $(31. 27 M) $25.69 M Annual Disbursements $10.56 M $9.99 M $9.94 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 27 Number Who Reported Earnings 5 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.36% 2010 Target 7.60% 2010 Market Value $138.8 M 2006-2010 (Annualized) 4.33% 1985-2010 (Annualized) 9.23%
PERAC ANNUAL REPORT 2010 | 21 City Hall Board Members Board Administrator Beverly 191 Cabot Street John F. Lane, Jr. (Chairperson), Barbara Wells Beverly, MA 01915 Carol Augulewicz, John Dunn, Clark Mitchell, Board Meeting Phone 978-605-2370 Richard Pierce Last Thursday of each month Fax 978-921-8582
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 51.2% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $76.2 M • Total Pension Appropriation (Fiscal 2011) $7.7 M
Active Retired • Number of Members 585 463 • Total Payroll/Benefit $24.9 M $10.2 M • Average Salary/Benefit $42,500 $22,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 73 • Average Service 10.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/15/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $16.03 M $14.16 M Annual Disbursements $10.69 M $10.36 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 69 Number Who Reported Earnings 12 Number of Excess Earners 2 Total Amount of Refund Due $7,892.18
2010 Return 13.64% 2010 Target 7.60% 2010 Market Value $73.2 M 2006-2010 (Annualized) 2.10% 1985-2010 (Annualized) 8.66%
22 | PERAC ANNUAL REPORT 2010 800 Randolph Street Board Members Board Administrator Blue Hills Canton, MA 02021 Charles Gisondi (Chairperson), Scott Ahern, David J. Sullivan Regional Phone 781-828-5800 Patricia Brooks, Virginia Frew, John Wieliczki Board Meeting Fax 781-828-0794 Last Tuesday of each month at 8:15 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 62.0% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2035 • Unfunded Liability $3.8 M • Total Pension Appropriation (Fiscal 2011) $373,000
Active Retired • Number of Members 42 52 • Total Payroll/Benefit $1.8 M $0.7 M • Average Salary/Benefit $43,600 $14,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 52 78 • Average Service 12.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/16/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $1.44 M $(1.08 M) $1.02 M Annual Disbursements $814,713 $876,356 $813,678
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 0 Number Who Reported Earnings 0 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.43% 2010 Target 7.60% 2010 Market Value $6.8 M 2006-2010 (Annualized) 4.45% 1985-2010 (Annualized) 8.81%
PERAC ANNUAL REPORT 2010 | 23 City Hall Board Members Board Administrator Boston Room 816 Sally D. Glora, Sean Kelly, Daniel J. Greene Boston, MA 02201 Michael W. McLaughlin, Board Meeting Phone 617-635-4305 Diane Bissonette Moes, Robert Smythe Monthly, date varies Fax 617-635-4318
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 60.2% 100% • Date of Last Valuation 01/10 80% • Actuary Segal • Assumed Rate of Return 8.00% 60% • Funding Schedule 4.5% Increasing 40% • Year Fully Funded 2025 • Unfunded Liability $2.8 B 20% • Total Pension Appropriation (Fiscal 2011) $261.2 M
0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 20,015 13,958 • Total Payroll/Benefit $1.3 B $413. 0 M • Average Salary/Benefit $66,700 $29,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 46 NA • Average Service 13.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Billions)
AUDIT
Date of Last Audit 09/18/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $793.85 M $873.86 M $618.87 M Annual Disbursements $432.06 M $399.49 M $375.09 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 1,857 Number Who Reported Earnings 307 Number of Excess Earners 14 Total Amount of Refund Due $188,597.82
2010 Return 13.55% 2010 Target 7.61% 2010 Market Value $4.5 B 2006-2010 (Annualized) 5.52% 1985-2010 (Annualized) 9.29%
24 | PERAC ANNUAL REPORT 2010 74 Pond Street, 2nd Floor Board Members Board Administrator Braintree Braintree, MA 02184 Gerald J. Kenny, Jr. (Chairperson), Jeanne Martineau Phone 781-794-8210 and 8211 Phyllis DiPalma, Edward Dowd, Board Meeting Fax 781-794-8407 Edward J. Spellman, Frederick Viola Fourth Wednesday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 67.6% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.88% • Funding Schedule 3.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $65.6 M • Total Pension Appropriation (Fiscal 2011) $6.9 M
Active Retired • Number of Members 731 501 • Total Payroll/Benefit $35.1 M $12.0 M • Average Salary/Benefit $47,900 $24,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 12 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/30/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(19.13 M) $20.05 M $26.39 M Annual Disbursements $13.56 M $12.68 M $12.11 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 67 Number Who Reported Earnings 19 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 11.41% 2010 Target 8.00% 2010 Market Value $137.5 M 2006-2010 (Annualized) 5.36% 1985-2010 (Annualized) 9.00%
PERAC ANNUAL REPORT 2010 | 25 County Crossing Board Members Board Administrator Bristol 645 County Street Christopher T. Saunders (Chairperson), John L. Walsh County Taunton, MA 02780 William M. Downey, Paul T. Kitchen, Board Meeting Phone 508-824-4029 Edmund J. Lima, Stephen J. Rivard, Last Thursday of each month Fax 508-880-8749
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 64.8% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2027 • Unfunded Liability $243.2 M • Total Pension Appropriation (Fiscal 2011) $26.1 M
Active Retired • Number of Members 3,334 2,111 • Total Payroll/Benefit $136.4 M $37.7 M • Average Salary/Benefit $40,900 $17,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 71 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/05/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $76.36 M $96.71 M $58.16 M Annual Disbursements $40.70 M $37.36 M $35.07 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 251 Number Who Reported Earnings 72 Number of Excess Earners 5 Total Amount of Refund Due $25,455.88
2010 Return 14.09% 2010 Target 8.50% 2010 Market Value $434.6 M 2006-2010 (Annualized) 4.88% 1985-2010 (Annualized) 9.11%
26 | PERAC ANNUAL REPORT 2010 15 Christy’s Drive Board Members Board Administrator Brockton Suite 2 William R. Farmer (Chairperson), Harold P. Hanna, Jr. Brockton, MA 02301-1813 Heidi A. Chuckran, Edward P. Mack, Board Meeting Phone 508-580-7847 Matthew J. McLaughlin, William E. Parlow Usually a day in last two weeks of month Fax 508-559-0559
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 76.2% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $113.6 M • Total Pension Appropriation (Fiscal 2011) $11.5 M
Active Retired • Number of Members 1,672 1,271 • Total Payroll/Benefit $75.4 M $31.8 M • Average Salary/Benefit $45,100 $25,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/09/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(90.86 M) $48.98 M Annual Disbursements $33.61 M $32.90 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 192 Number Who Reported Earnings 34 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.46% 2010 Target 8.00% 2010 Market Value $339.5 M 2006-2010 (Annualized) 3.62% 1985-2010 (Annualized) 9.17%
PERAC ANNUAL REPORT 2010 | 27 Public Health Building, Ground Floor Board Members Board Administrator Brookline 11 Pierce Street James J. Riley (Chairperson), Gary Altman, Frank J. Zecha Brookline, MA 02445 Stephan E. Cirillo, Judith A. Haupin, Board Meeting Phone 617-730-2028 Robert J. Ward Varies Fax 617-730-2298
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 61.6% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.15% • Funding Schedule 4.5% Increasing • Year Fully Funded 2028 • Unfunded Liability $137.4 M • Total Pension Appropriation (Fiscal 2011) $14.4 M
Active Retired • Number of Members 1,272 853 • Total Payroll/Benefit $55.9 M $22.0 M • Average Salary/Benefit $44,000 $25,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 42 NA • Average Service 10.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/02/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(44.37 M) $32.55 M $43.76 M Annual Disbursements $22.92 M $22.31 M $21.09 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 180 Number Who Reported Earnings 40 Number of Excess Earners 3 Total Amount of Refund Due $23,702.81
2010 Return 13.99% 2010 Target 8.15% 2010 Market Value $212.1 M 2006-2010 (Annualized) 4.25% 1985-2010 (Annualized) 9.09%
28 | PERAC ANNUAL REPORT 2010 255 Bent Street Board Members Board Administrator Cambridge 3rd Floor Bradford P. Tenney (Chairperson), Ellen K. Philbin Cambridge, MA 02141 Nadia Chamblin-Foster, Michael P. Gardner, Board Meeting Phone 617-868-3401 James H. Monagle, Francis E. Murphy III First Monday of every month Fax 617-868-3477
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 83.8% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2029 • Unfunded Liability $153.9 M • Total Pension Appropriation (Fiscal 2011) $28.4 M
Active Retired • Number of Members 3,614 1,809 • Total Payroll/Benefit $222.2 M $45.6 M • Average Salary/Benefit $61,500 $25,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 45 NA • Average Service 10.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/29/11 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $166.56 M $(172.24 M) Annual Disbursements $53.65 M $51.66 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 264 Number Who Reported Earnings 40 Number of Excess Earners 1 Total Amount of Refund Due $470.12
2010 Return 14.72% 2010 Target 9.00% 2010 Market Value $767.5 M 2006-2010 (Annualized) 4.56% 1985-2010 (Annualized) 9.46%
PERAC ANNUAL REPORT 2010 | 29 City Hall, Room 214 Board Members Board Administrator Chelsea 500 Broadway Joseph M. Siewko (Chairperson), David Pickering Chelsea, MA 02150 Edward M. Dunn, Richard A. Incerto, Board Meeting Phone 617-466-4230 Frederick A. Nowicki, Carolyn M. Russo Generally last Thursday of each month at Fax 617-466-4234 9:00 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 45.6% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 3.75% Increasing • Year Fully Funded 2029 • Unfunded Liability $77.9 M • Total Pension Appropriation (Fiscal 2011) $8.6 M
Active Retired • Number of Members 696 390 • Total Payroll/Benefit $29.4 M $7.8 M • Average Salary/Benefit $42,300 $19,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 45 73 • Average Service 10.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/24/11 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $21.24 M $(10.47 M) Annual Disbursements $9.87 M $9.36 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 79 Number Who Reported Earnings 18 Number of Excess Earners 2 Total Amount of Refund Due $5,460.84
2010 Return 13.43% 2010 Target 8.00% 2010 Market Value $74.8 M 2006-2010 (Annualized) 4.39% 1985-2010 (Annualized) 7.94%
30 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Chicopee Market Square Timothy O’Shea, (Chairperson), Susana Baltazar Chicopee, MA 01013-2685 Debra Boronski, Maxwell S. Mackechnie, Board Meeting Phone 413-594-1542 James R. Montcalm, Sharyn A. Riley Second Thursday of each month at 2:00 pm Fax 413-594-1544
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.4% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2027 • Unfunded Liability $115.9 M • Total Pension Appropriation (Fiscal 2011) $13.4 M
Active Retired • Number of Members 1,214 807 • Total Payroll/Benefit $51.8 M $15.8 M • Average Salary/Benefit $42,700 $19,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 74 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
$14,000 $12,000 $10,000 $8,000 $6,000 $4,000 Asset Growth (2001-2010) (Market Value in Millions) $2,000 $0 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
AUDIT
Date of Last Audit 09/18/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(26.75 M) $26.69 M $30.27 M Annual Disbursements $17.11 M $16.93 M $16.31 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 92 Number Who Reported Earnings 30 Number of Excess Earners 1 Total Amount of Refund Due $833.31
2010 Return 17.20% 2010 Target 8.90% 2010 Market Value $165.7 M 2006-2010 (Annualized) 4.86% 1985-2010 (Annualized) 8.67%
PERAC ANNUAL REPORT 2010 | 31 242 Church Street Board Members Board Administrator Clinton Clinton, MA 01510 Paul B. Cherubini (Chairperson), Patricia Hazel Phone 978-365-4118 Michael P. DiGisi, George Kittredge, Board Meeting Fax 978-612-0215 Diane L. Magliozzi, John M. McNamara Generally the last Tuesday of each month at 4:30 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.2% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $18.0 M • Total Pension Appropriation (Fiscal 2011) $1.9 M
Active Retired • Number of Members 256 104 • Total Payroll/Benefit $9.6 M $1.7 M • Average Salary/Benefit $37,300 $15,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 75 • Average Service 11.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/18/08 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $4.19 M $6.50 M Annual Disbursements $2.03 M $2.00 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 13 Number Who Reported Earnings 4 Numberof Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.16% 2010 Target 8.25% 2010 Market Value $27.5 M 2006-2010 (Annualized) 2.69% 1985-2010 (Annualized) 7.67%
32 | PERAC ANNUAL REPORT 2010 P. O. Box 535 Board Members Board Administrator Concord 22 Monument Square Peter J. Fulton (Chairperson), Linda Boucher Concord, MA 01742-0535 Gail Eagan-Henry, Anthony T. Logalbo, Board Meeting Phone 978-318-3066 Arnold Roth, Brian J. Whitney Last Tuesday of each month Fax 978-318-3093
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 85.3% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.75% • Funding Schedule 1.0% Increasing • Year Fully Funded 2021 • Unfunded Liability $15.6 M • Total Pension Appropriation (Fiscal 2011) $3.2 M
Active Retired • Number of Members 488 260 • Total Payroll/Benefit $24.1 M $4.8 M • Average Salary/Benefit $49,400 $18,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 11.7 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/02/09 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(16.89 M) $12.98 M Annual Disbursements $5.89 M $5.78 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 26 Number Who Reported Earnings 9 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.28% 2010 Target 7.50% 2010 Market Value $92.1 M 2006-2010 (Annualized) 4.34% 1985-2010 (Annualized) 8.64%
PERAC ANNUAL REPORT 2010 | 33 Town Hall Board Members Board Administrator Danvers 1 Sylvan Street Leonard A. Marshall (Chairperson), Leonard A. Marshall Danvers, MA 01923 Robert J. Cyr, Dana M. Hagan, Retirement Assistant Phone 978-777-0001, Ext. 3044 Wayne P. Marquis, Barry Robertson Susan M. Little Fax 978-762-0264 Board Meeting Last Wednesday of each month at 3:00 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 64.4% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $46.4 M • Total Pension Appropriation (Fiscal 2011) $4.3 M
Active Retired • Number of Members 464 389 • Total Payroll/Benefit $23.0 M $7.8 M • Average Salary/Benefit $49,600 $20,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 74 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/04/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(17.12 M) $10.63 M Annual Disbursements $8.53 M $8.35 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 27 Number Who Reported Earnings 7 Number of Excess Earners 1 Total Amount of Refund Due $2,236.63
2010 Return 15.52% 2010 Target 8.25% 2010 Market Value $82.1 M 2006-2010 (Annualized) 4.64% 1985-2010 (Annualized) 8.40%
34 | PERAC ANNUAL REPORT 2010 202 Bussey Street Board Members Board Administrator Dedham Suite 101 John (Rosco) Maloney (Chairperson), Lynn M. Carley Dedham, MA 02026 John W. Fontaine, Jr., Walter J. Hughes, Jr., Board Meeting Phone 781-326-7693 Mariellen Murphy, June Rosado Third Wednesday of each month Fax 781-329-4123
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 79.4% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 3.5% Increasing • Year Fully Funded 2025 • Unfunded Liability $22.2 M • Total Pension Appropriation (Fiscal 2011) $3.5 M
Active Retired • Number of Members 442 303 • Total Payroll/Benefit $19.1 M $6.5 M • Average Salary/Benefit $43,200 $21,500 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 74 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/03/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(22.88 M) $15.96 M $18.02 M Annual Disbursements $6.87 M $6.68 M $6.73 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 52 Number Who Reported Earnings 7 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.78% 2010 Target 7.60% 2010 Market Value $86.6 M 2006-2010 (Annualized) 4.39% 1985-2010 (Annualized) 9.84%
PERAC ANNUAL REPORT 2010 | 35 9 Airport Road, Suite 1 Board Members Board Administrator Dukes Vineyard Haven, MA 02568 Noreen Mavro Flanders (Chairperson), Kelly McCracken County Phone 508-696-3846 Jeffrey S. Manter, David B. Rossi, Roger Wey, Board Meeting Fax 508-696-3847 Sharon Willoughby First Tuesday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 61.9% • Date of Last Valuation 01/09 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2028 • Unfunded Liability $37.3 M • Total Pension Appropriation (Fiscal 2011) $4.7 M
Active Retired • Number of Members 713 215 • Total Payroll/Benefit $30.4 M $3.7 M • Average Salary/Benefit $42,600 $17,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 8.9 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/22/09 Period Covered 01/01/04-12/31/07
2007 2006 2005 Annual Receipts $12.92 M $13.29 M $9.37 M Annual Disbursements $4.69 M $4.85 M $4.16 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 21 Number Who Reported Earnings 8 Number of Excess Earners 1 Total Amount of Refund Due $12,226.85
2010 Return 14.19% 2010 Target 8.00% 2010 Market Value $69.3 M 2006-2010 (Annualized) 5.17% 1985-2010 (Annualized) 7.54%
36 | PERAC ANNUAL REPORT 2010 199 Northampton Street, Front Board Members Board Administrator Easthampton Easthampton, MA 01027 James P. Dunham (Chairperson), Tina Schneider Phone 413-203-1307 Arthur P. Jones, Thomas S. Newton, Board Meeting Fax 413-203-1308 Joanne E. Slattery, Mayor Michael A. Tautznik Fourth Tuesday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 59.5% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2035 • Unfunded Liability $18.5 M • Total Pension Appropriation (Fiscal 2011) $2.0 M
Active Retired • Number of Members 220 132 • Total Payroll/Benefit $8.6 M $2.2 M • Average Salary/Benefit $39,200 $16,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 71 • Average Service 13.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/03/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(6.47 M) $6.28 M $6.71 M Annual Disbursements $2.59 M $2.52 M $2.38 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 16 Number Who Reported Earnings 5 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.46% 2010 Target 7.60% 2010 Market Value $31.0 M 2006-2010 (Annualized) 4.29% 1985-2010 (Annualized) 8.31%
PERAC ANNUAL REPORT 2010 | 37 491 Maple Street Board Members Board Administrator Essex Suite 202 Andrew Maylor (Chairperson), Charles E. Kostro Regional Danvers, MA 01923-4025 H. Joseph Maney, Kevin Merz, Ira S. Singer, Board Meeting Phone 978-739-9151 Susan J. Yaskell Generally the last Monday of each month Fax 978-750-0745
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 67.7% • Date of Last Valuation 01/08 • Actuary Segal • Assumed Rate of Return 8.50% • Funding Schedule 4.5% Increasing • Year Fully Funded 2028 • Unfunded Liability $143.8 M • Total Pension Appropriation (Fiscal 2011) $19.6 M
Active Retired • Number of Members 3,139 1,568 • Total Payroll/Benefit $106.7 M $24.7 M • Average Salary/Benefit $34,000 $15,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 NA • Average Service 9.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/17/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(62.32 M) $53.34 M $66.14 M Annual Disbursements $31.12 M $32.82 M $31.31 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 121 Number Who Reported Earnings 40 Number of Excess Earners 3 Total Amount of Refund Due $20,039.65
2010 Return 15.18% 2010 Target 8.25% 2010 Market Value $268.7 M 2006-2010 (Annualized) 3.69% 1985-2010 (Annualized) 8.86%
38 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Everett 484 Broadway, Room 30 Ronald V. D’Onofrio (Chairperson), Robert Shaw Everett, MA 02149 Peter Cocciardi, Lawrence DeCoste, Board Meeting Phone 617-394-2310 Harold J. Mayo, William Pierce Last Wednesday of the month at 9:00 am Fax 617-381-7016
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 37.8% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 2.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $105.2 M • Total Pension Appropriation (Fiscal 2011) $11.2 M
Active Retired • Number of Members 655 556 • Total Payroll/Benefit $31.2 M $10.8 M • Average Salary/Benefit $47,700 $19,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 75 • Average Service 10.8 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/08/11 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $22.27 M $(5.59 M) Annual Disbursements $11.99 M $12.27 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 82 Number Who Reported Earnings 21 Number of Excess Earners 2 Total Amount of Refund Due $3,866.48
2010 Return 14.13% 2010 Target 7.60% 2010 Market Value $65.2 M 2006-2010 (Annualized) 4.32% 1985-2010 (Annualized) 8.51%
PERAC ANNUAL REPORT 2010 | 39 Town Hall Board Members Board Administrator Fairhaven 40 Centre Street Earl M. Faunce (Chairperson), Mary Sturgeon Fairhaven, MA 02719 Anne M. Carreiro, Jeffrey Osuch, Board Meeting Phone 508-979-4020 Joyce Shepard, Christine Tetreault Fourth Monday of each month at 8:30 am Fax 508-993-9486
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 61.6% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $20.8 M • Total Pension Appropriation (Fiscal 2011) $2.0 M
Active Retired • Number of Members 263 178 • Total Payroll/Benefit $10.0 M $2.9 M • Average Salary/Benefit $38,100 $16,500 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 71 • Average Service 11.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/09/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $7.95 M $(8.64 M) $7.31 M Annual Disbursements $3.42 M $3.13 M $3.13 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 20 Number Who Reported Earnings 9 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.34% 2010 Target 7.60% 2010 Market Value $37.2 M 2006-2010 (Annualized) 4.23% 1985-2010 (Annualized) 9.58%
40 | PERAC ANNUAL REPORT 2010 30 Third Street Board Members Board Administrator Fall River Suite 301 Arthur Viana (Chairperson), Christine Tetreault Fall River, MA 02720 Michael J. Coogan, Krishan Gupta, Board Meeting Phone 508-646-9120 David Machado, Joseph Marshall Varies Fax 508-646-9123
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 45.7% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $229.5 M • Total Pension Appropriation (Fiscal 2011) $17.8 M
Active Retired • Number of Members 1,679 1,506 • Total Payroll/Benefit $70.2 M $26.4 M • Average Salary/Benefit $41,800 $17,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 73 • Average Service 14 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/05/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $38.79 M $45.39 M $31.91 M Annual Disbursements $29.20 M $28.08 M $25.99 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 251 Number Who Reported Earnings 56 Number of Excess Earners 2 Total Amount of Refund Due $10,364.65
2010 Return 13.34% 2010 Target 7.60% 2010 Market Value $187.1 M 2006-2010 (Annualized) 3.00% 1985-2010 (Annualized) 8.45%
PERAC ANNUAL REPORT 2010 | 41 744 Main Street Board Members Board Administrator Falmouth Falmouth, MA 02540 Paul D. Brodeur (Chairperson), Francis X. St. Germaine III Phone 508-457-0578 Mary Ellen Alwardt, Russell R. Ferreira, Board Meeting Fax 508-540-9962 Ellen K. Philbin, Robert L. Whritenour, Jr. Varies
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 61.3% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2037 • Unfunded Liability $53.7 M • Total Pension Appropriation (Fiscal 2011) $5.4 M
Active Retired • Number of Members 624 331 • Total Payroll/Benefit $27.3 M $6.9 M • Average Salary/Benefit $43,700 $20,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 72 • Average Service 12.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 05/10/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(14.01 M) $12.77 M Annual Disbursements $7.62 M $7.26 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 43 Number Who Reported Earnings 16 Number of Excess Earners 2 Total Amount of Refund Due $11,647.48
2010 Return 14.25% 2010 Target 9.66% 2010 Market Value $86.3 M 2006-2010 (Annualized) 3.69% 1985-2010 (Annualized) 9.10%
42 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Fitchburg 718 Main Street Richard N. Sarasin (Chairperson), Diane G. Vieweg Fitchburg, MA 01420 John C. Curran, Thomas A. Dateo, Jr., Board Meeting Phone 978-345-9570 Ellen M. Jerszyk, Norman J. LeBlanc Fourth Tuesday of each month at 10:00 am Fax 978-345-9698
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 47.0% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.95% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $93.3 M • Total Pension Appropriation (Fiscal 2011) $7.5 M
Active Retired • Number of Members 589 535 • Total Payroll/Benefit $26.2 M $10.5 M • Average Salary/Benefit $44,400 $19,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 NA • Average Service 13.8 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 04/25/08 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $18.46 M $18.90 M Annual Disbursements $10.87 M $10.13 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 58 Number Who Reported Earnings 10 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 11.84% 2010 Target 7.60% 2010 Market Value $80.0 M 2006-2010 (Annualized) 2.94% 1985-2010 (Annualized) 7.58%
PERAC ANNUAL REPORT 2010 | 43 Memorial Building Board Members Board Administrator Framingham 150 Concord Street, Room B-31 Richard C. Howarth, Jr. (Chairperson), Roberta Griffin Framingham, MA 01702-8325 Paul F. Barbieri, Mary Ellen Kelley, Board Meeting Phone 508-532-5465 Wayne MacDonald, Peter J. Rovinelli Varies Fax 508-628-1327
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 67.7% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2030 • Unfunded Liability $91.6 M • Total Pension Appropriation (Fiscal 2011) $10.5 M
Active Retired • Number of Members 1,153 771 • Total Payroll/Benefit $53.3 M $15.9 M • Average Salary/Benefit $46,200 $20,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 74 • Average Service 12 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 05/04/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(48.26 M) $38.52 M Annual Disbursements $18.32 M $18.31 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 86 Number Who Reported Earnings 18 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.51% 2010 Target 7.60% 2010 Market Value $195.5 M 2006-2010 (Annualized) 4.32% 1985-2010 (Annualized) 9.55%
44 | PERAC ANNUAL REPORT 2010 278 Main Street Board Members Board Administrator Franklin Suite 311 Sandra Hanks (Chairperson), David Gendron, Dale Kowacki Regional Greenfield, MA 01301 Paul Mokrzecki, Herb Sanderson, Board Meeting Phone 413-774-4837 Mary Stokarski Usually meets the last Wednesday of each Fax 413-774-5677 month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 66.6% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.88% • Funding Schedule 4.26% Increasing • Year Fully Funded 2030 • Unfunded Liability $39.9 M • Total Pension Appropriation (Fiscal 2011) $4.9 M
Active Retired • Number of Members 969 442 • Total Payroll/Benefit $29.5 M $5.4 M • Average Salary/Benefit $30,400 $12,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 10.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/13/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $19.10 M $(13.48 M) $15.43 M Annual Disbursements $7.19 M $6.79 M $7.30 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 17 Number Who Reported Earnings 7 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 15.38% 2010 Target 8.31% 2010 Market Value $83.2 M 2006-2010 (Annualized) 4.69% 1985-2010 (Annualized) 8.31%
PERAC ANNUAL REPORT 2010 | 45 City Hall, Room 17 Board Members Board Administrator Gardner 95 Pleasant Street Calvin D. Brooks (Chairperson), Clifton J. Melatti Gardner, MA 01440 Charles E. Langlois, Jr., Kevin McInerney, Board Meeting Phone 978-630-4006 Denise M. Merriam, Robert W. Newton Varies Fax 978-630-4012
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 70.6% • Date of Last Valuation 01/08 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 3.09% Increasing • Year Fully Funded 2021 • Unfunded Liability $18.4 M • Total Pension Appropriation (Fiscal 2011) $2.6 M
Active Retired • Number of Members 291 235 • Total Payroll/Benefit $10.4 M $3.9 M • Average Salary/Benefit $35,900 $16,500 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 72 • Average Service 13 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/08/08 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $8.33 M $9.21 M Annual Disbursements $4.55 M $4.47 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 28 Number Who Reported Earnings 10 Number of Excess Earners 1 Total Amount of Refund Due $2,545.06
2010 Return 13.47% 2010 Target 7.60% 2010 Market Value $38.2 M 2006-2010 (Annualized) 4.22% 1985-2010 (Annualized) 9.70%
46 | PERAC ANNUAL REPORT 2010 P.O. Box 114 Board Members Board Administrator Gloucester 127 Eastern Avenue, Level Two, 22L Douglas A. MacArthur (Chairperson), Patricia Ivas Gloucester, MA 01930 David J. Bain, Jr., Kenny Costa, Edward Hardy, Board Meeting Phone 978-281-9744 Melissa Ann Hobbs Generally the last Wednesday of each month Fax 978-281-9817
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 46.9% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 7.88% • Funding Schedule 4.0% Increasing • Year Fully Funded 2037 • Unfunded Liability $73.7 M • Total Pension Appropriation (Fiscal 2011) $6.3 M
Active Retired • Number of Members 515 437 • Total Payroll/Benefit $22.3 M $8.8 M • Average Salary/Benefit $43,200 $20,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 50 72 • Average Service 12 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/19/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(13.31 M) $14.21 M Annual Disbursements $8.89 M $8.37 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 63 Number Who Reported Earnings 13 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.36% 2010 Target 7.60% 2010 Market Value $66.2 M 2006-2010 (Annualized) 3.39% 1985-2010 (Annualized) 9.03%
PERAC ANNUAL REPORT 2010 | 47 P. O. Box 187 Board Members Board Administrator Greater North Andover, MA 01845 Laurie Elliott (Chairperson), Mark Ford, Esq., Patricia Kelley Lawrence Phone 978-689-9464 Michael J. Gagnon, Donald George, Board Meeting Fax 978-685-7790 John Petkus Third Wednesday of the month at 5:00 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 86.4% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $1.4 M • Total Pension Appropriation (Fiscal 2011) $0.2 M
Active Retired • Number of Members 45 21 • Total Payroll/Benefit $2.4 M $0.4 M • Average Salary/Benefit $54,000 $17,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 51 73 • Average Service 15 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 10/07/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $2.31 M $(1.34 M) $1.18 M Annual Disbursements $514,784 $461,496 $450,550
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 3 Number Who Reported Earnings 0 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.26% 2010 Target 8.00% 2010 Market Value $10.4 M 2006-2010 (Annualized) 5.93% 1985-2010 (Annualized) 7.49%
48 | PERAC ANNUAL REPORT 2010 Greenfield Town Hall Board Members Board Administrator 14 Court Square William P. Devino (Chairperson), Marianne Fiske Greenfield, MA 01301 Michael A. Kociela, Marilyn Matysiewicz, Board Meeting Phone 413-772-1503 Betty L. Rice, Frances K. Stotz Varies Fax 413-772-1582
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.3% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $30.2 M • Total Pension Appropriation (Fiscal 2011) $3.2 M
Active Retired • Number of Members 380 224 • Total Payroll/Benefit $12.8 M $3.7 M • Average Salary/Benefit $33,800 $16,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 71 • Average Service 11.8 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/27/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $8.13 M $9.13 M $7.11 M Annual Disbursements $4.55 M $4.27 M $4.03 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 15 Number Who Reported Earnings 2 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.52% 2010 Target 7.60% 2010 Market Value $45.2 M 2006-2010 (Annualized) 3.74% 1985-2010 (Annualized) 8.56%
PERAC ANNUAL REPORT 2010 | 49 Agawam Corporate Center Board Members Board Administrator Hampden 67 Hunt Street, Suite 116 Richard M. Theroux (Chairperson), Julianne Bartley County Agawam, MA 01001 Patricia C. Donovan, Patrick O’Neil, Board Meeting Regional Phone 413-737-1344 Laurel Placzek, Karl Schmaelzle Usually second to last business day of each Fax 413-732-7999 month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 66.5% • Date of Last Valuation 01/08 • Actuary Buck Consultants • Assumed Rate of Return 8.50% • Funding Schedule 4.5% Increasing • Year Fully Funded 2024 • Unfunded Liability $121.9 M • Total Pension Appropriation (Fiscal 2011) $16.4 M
Active Retired • Number of Members 2,681 1,461 • Total Payroll/Benefit $87.0 M $20.8 M • Average Salary/Benefit $32,500 $14,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 05/12/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $40.46 M $47.05 M $33.92 M Annual Disbursements $25.45 M $24.62 M $22.89 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 121 Number Who Reported Earnings 31 Number of Excess Earners 3 Total Amount of Refund Due $14,374.38
2010 Return 12.71% 2010 Target 8.75% 2010 Market Value $222.9 M 2006-2010 (Annualized) 3.21% 1985-2010 (Annualized) 8.72%
50 | PERAC ANNUAL REPORT 2010 99 Industrial Drive Board Members Board Administrator Hampshire Suite 2 Patrick E. Brock (Chairperson), John J. Lillis, Mary G. Baronas County Northampton, MA 01060-2326 Edward R. Montleon, John B. Walsh, Board Meeting Phone 413-584-9100 Joseph A. Wilhelm, III Varies, usually second Thursday Fax 413-587-9396
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.5% 100% • Date of Last Valuation 01/10 80% • Actuary Segal • Assumed Rate of Return 8.00% 60% • Funding Schedule 3.5% Increasing 40% • Year Fully Funded 2033 • Unfunded Liability $133.0 M 20% • Total Pension Appropriation (Fiscal 2011) $13.3 M
0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 1,979 1,033 • Total Payroll/Benefit $68.3 M $15.9 M • Average Salary/Benefit $34,500 $15,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 11.0 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 05/12/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $32.61 M $40.33 M $27.25 M Annual Disbursements $18.48 M $17.95 M $16.81 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 68 Number Who Reported Earnings 22 Number of Excess Earners 1 Total Amount of Refund Due $935.35
2010 Return 13.44% 2010 Target 7.65% 2010 Market Value $190.4 M 2006-2010 (Annualized) 4.86% 1985-2010 (Annualized) 8.52%
PERAC ANNUAL REPORT 2010 | 51 4 Summer Street Board Members Board Administrator Haverhill Room 303 William J. Klueber (Chairperson), Kathleen Gallant Haverhill, MA 01830 Charles Benevento, James P. Cleary, III, Board Meeting Phone 978-374-2358 Lewis F. Poore, Jr., Donald J. Shea Varies Fax 978-374-2353
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 51.4% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2032 • Unfunded Liability $138.2 M • Total Pension Appropriation (Fiscal 2011) $11.3 M
Active Retired • Number of Members 876 1,094 • Total Payroll/Benefit $35.8 M $20.8 M • Average Salary/Benefit $40,900 $19,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 12.8 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/25/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $32.34 M $34.76 M $26.21 M Annual Disbursements $23.24 M $23.65 M $22.92 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 117 Number Who Reported Earnings 19 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 14.64% 2010 Target 8.25% 2010 Market Value $147.4 M 2006-2010 (Annualized) 5.37% 1985-2010 (Annualized) 10.46%
52 | PERAC ANNUAL REPORT 2010 210 Central Street Board Members Board Administrator Hingham Hingham, MA 02043-2758 Ted C. Alexiades (Chairperson), Nancy M. Hutt Phone 781-741-1478 Eileen A. McCracken, Jean M. Montgomery, Board Meeting Fax 781-804-2444 Susan Nickerson, Henry F.G. Wey, III Fourth Tuesday of each month at 10:00 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 69.2% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $32.2 M • Total Pension Appropriation (Fiscal 2011) $3.2 M
Active Retired • Number of Members 542 269 • Total Payroll/Benefit $22.3 M $5.7 M • Average Salary/Benefit $41,100 $21,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/19/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(18.71 M) $15.87 M $15.23 M Annual Disbursements $6.53 M $5.98 M $5.96 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 14 Number Who Reported Earnings 3 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.56% 2010 Target 7.60% 2010 Market Value $73.2 M 2006-2010 (Annualized) 4.34% 1985-2010 (Annualized) 9.54%
PERAC ANNUAL REPORT 2010 | 53 20 Korean Veterans Plaza Board Members Board Administrator Holyoke Room 207 Russell J. McNiff (Chairperson), Daniel R. Owens Holyoke, MA 01040-5044 John T. McCarthy, Jorge Neves, Esq., Board Meeting Phone 413-322-5590 Daniel R. Owens, Brian G. Smith Second Tuesday of each month at 9:00 am Fax 413-322-5591
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.4% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $130.1 M • Total Pension Appropriation (Fiscal 2011) $13.5 M
Active Retired • Number of Members 1,203 900 • Total Payroll/Benefit $52.1 M $18.5 M • Average Salary/Benefit $43,300 $20,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 NA • Average Service 12.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/19/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(41.54 M) $31.49 M $35.29 M Annual Disbursements $20.84 M $20.56 M $20.06 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 88 Number Who Reported Earnings 11 Number of Excess Earners 1 Total Amount of Refund Due $1,193.33
2010 Return 17.10% 2010 Target 9.99% 2010 Market Value $170.4 M 2006-2010 (Annualized) 3.86% 1985-2010 (Annualized) 9.40%
54 | PERAC ANNUAL REPORT 2010 253 Atlantic Avenue Board Members Board Administrator Hull Hull, MA 02045 Leonard Colten (Chairperson), Gerald Ball, Lauren Durham Phone 781-925-2282 Marcia D. Bohinc, Maurice E. Murphy, Board Meeting Fax 781-925-8509 Rocky Tenaglia Last Tuesday of the month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 42.4% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.75% • Funding Schedule 3.66% Increasing • Year Fully Funded 2030 • Unfunded Liability $30.3 M • Total Pension Appropriation (Fiscal 2011) $2.9 M
Active Retired • Number of Members 171 130 • Total Payroll/Benefit $8.7 M $2.9 M • Average Salary/Benefit $50,900 $22,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 69 • Average Service 12.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/08/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $7.07 M $(3.92 M) $6.77 M Annual Disbursements $3.54 M $3.63 M $3.35 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 28 Number Who Reported Earnings 11 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.26% 2010 Target 7.75% 2010 Market Value $25.5 M 2006-2010 (Annualized) 4.25% 1985-2010 (Annualized) 7.88%
PERAC ANNUAL REPORT 2010 | 55 354 Merrimack Street Board Members Board Administrator Lawrence Suite 302 John A. Neilon, Jr. (Chairperson), Diane Cockroft Lawrence, MA 01843 Elvin O. Alarcon, William Bateman, Board Meeting Phone 978-620-3570 David Camasso, Gina M. Rizzo Varies Fax 978-683-5894
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 39.1% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 2.48% Increasing • Year Fully Funded 2040 • Unfunded Liability $187.3 M • Total Pension Appropriation (Fiscal 2011) $15.0 M
Active Retired • Number of Members 1,368 878 • Total Payroll/Benefit $57.8 M $18.7 M • Average Salary/Benefit $42,300 $21,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 45 74 • Average Service 11.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/27/10 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $38.41 M $(16.28 M) Annual Disbursements $21.12 M $20.46 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 135 Number Who Reported Earnings 24 Number of Excess Earners 1 Total Amount of Refund Due $7,724.69
2010 Return 13.56% 2010 Target 7.60% 2010 Market Value $133.8 M 2006-2010 (Annualized) 3.11% 1985-2010 (Annualized) 7.73%
56 | PERAC ANNUAL REPORT 2010 City Hall, Room 15 Board Members Board Administrator Leominster 25 West Street John J. Richard (Chairperson), Paul R. Doig, Anna Hamblin and A. Nancy Person Leominster, MA 01453 David R. LaPlante, Aldo J. Mazzaferro, Board Meeting Phone 978-534-7507, ext. 246 John F. Picone Generally the last working day in each Fax 978-534-7508 month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 70.0% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 2.5% Increasing • Year Fully Funded 2018 • Unfunded Liability $38.1 M • Total Pension Appropriation (Fiscal 2011) $7.2 M
Active Retired • Number of Members 581 376 • Total Payroll/Benefit $24.4 M $6.9 M • Average Salary/Benefit $42,000 $18,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 73 • Average Service 11.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/13/08 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $17.77 M $20.41 M Annual Disbursements $7.38 M $6.95 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 42 Number Who Reported Earnings 13 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.14% 2010 Target 8.00% 2010 Market Value $101.2 M 2006-2010 (Annualized) 4.49% 1985-2010 (Annualized) 8.55%
PERAC ANNUAL REPORT 2010 | 57 1625 Massachusetts Avenue Board Members Board Administrator Lexington Lexington, MA 02420 Robert Cunha (Chairperson), Marguerite Oliva Phone 781-861-2720 Robert Addelson, Alan Fields, Joseph Foley, Board Meeting Fax 781-861-2794 Michael McNabb Varies
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 88.8% 100% • Date of Last Valuation 01/10 80% • Actuary Buck Consultants • Assumed Rate of Return 8.00% 60% • Funding Schedule 4.5% Increasing 40% • Year Fully Funded 2020 • Unfunded Liability $14.9 M 20% • Total Pension Appropriation (Fiscal 2011) $3.8 M
0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 597 397 • Total Payroll/Benefit $28.2 M $7.4 M • Average Salary/Benefit $47,300 $18,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 NA • Average Service 10.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/13/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $25.76 M $(31.72 M) $20.79 M Annual Disbursements $8.37 M $8.67 M $8.40 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 30 Number Who Reported Earnings 8 Number of Excess Earners 2 Total Amount of Refund Due $43,759.16
2010 Return 14.71% 2010 Target 8.00% 2010 Market Value $110.5 M 2006-2010 (Annualized) 4.60% 1985-2010 (Annualized) 9.26%
58 | PERAC ANNUAL REPORT 2010 City Hall, Room 3 Board Members Board Administrator Lowell 375 Merrimack Street Joseph Mahoney (Chairperson), Shannon Dowd Lowell, MA 01852-5998 Michael M. Brennan, William Desrosiers, Board Meeting Phone 978-970-4094 Thomas Moses, Sheryl Wright Varies Fax 978-446-7019
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 56.7% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2034 • Unfunded Liability $189.8 M • Total Pension Appropriation (Fiscal 2011) $16.7 M
Active Retired • Number of Members 1,684 1,132 • Total Payroll/Benefit $77.4 M $26.9 M • Average Salary/Benefit $46,000 $23,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/13/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $53.98 M $60.45 M Annual Disbursements $28.29 M $28.04 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 192 Number Who Reported Earnings 39 Number of Excess Earners 3 Total Amount of Refund Due $80,092.94
2010 Return 13.25% 2010 Target 7.60% 2010 Market Value $238.1 M 2006-2010 (Annualized) 4.07% 1985-2010 (Annualized) 9.35%
PERAC ANNUAL REPORT 2010 | 59 City Hall Board Members Board Administrator Lynn Room 106 Michael J. Marks, Esq. (Chairperson), Gary Brenner Lynn, MA 01901 Gordon “Buzzy” Barton, Richard Biagiotti, Board Meeting Phone 781-586-6897 Claire A. Cavanagh, John E. Pace Last Tuesday of each month at 9:30 am Fax 781-595-9101
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 41.9% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $257.6 M • Total Pension Appropriation (Fiscal 2011) $23.5 M
Active Retired • Number of Members 1,394 1,222 • Total Payroll/Benefit $69.4 M $27.4 M • Average Salary/Benefit $49,800 $22,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 14.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/25/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $46.97 M $46.14 M Annual Disbursements $30.39 M $29.57 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 162 Number Who Reported Earnings 23 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.20% 2010 Target 7.60% 2010 Market Value $197.9 M 2006-2010 (Annualized) 2.10% 1985-2010 (Annualized) 7.94%
60 | PERAC ANNUAL REPORT 2010 One Beacon Street Board Members Board Administrator MHFA Boston, MA 02108 Andris Silins (Chairperson), Joseph M. Petty Phone 617-854-1871 Michael Fitzmaurice, Paul T. Hynes, Esq., Board Meeting Fax 617-854-1027 Christopher Johnson, Antonio Torres Second Tuesday of each month at 1:30 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 65.2% • Date of Last Valuation 01/09 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule Level • Year Fully Funded 2028 • Unfunded Liability $28.6 M • Total Pension Appropriation (Fiscal 2011) $3.3 M
Active Retired • Number of Members 349 95 • Total Payroll/Benefit $28.5 M $2.8 M • Average Salary/Benefit $81,600 $29,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 68 • Average Service 10.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/17/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $9.70 M $10.22 M $9.80 M Annual Disbursements $3.41 M $3.18 M $2.98 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 2 Number Who Reported Earnings 0 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.66% 2010 Target 8.00% 2010 Market Value $79.2 M 2006-2010 (Annualized) 3.71% 1985-2010 (Annualized) 7.63%
PERAC ANNUAL REPORT 2010 | 61 MWRA Chelsea Facility Board Members Board Administrator MWRA 2 Griffin Way James M. Fleming, Esq. (Chairperson), Ruth E. O’Meara Chelsea, MA 02150 Thomas J. Durkin, Joseph C. Foti, Board Meeting Phone 617-305-5595 Daniel K. O’Brien, Robert E. Tierney, Esq. Varies Fax 617-371-1616
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 86.4% 100% • Date of Last Valuation 01/10 80% • Actuary Buck Consultants • Assumed Rate of Return 8.00% 60% • Funding Schedule 4.5% Increasing 40% • Year Fully Funded 2024 • Unfunded Liability $43.6 M 20% • Total Pension Appropriation (Fiscal 2011) $5.3 M
0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 1,108 313 • Total Payroll/Benefit $82.0 M $7.4 M • Average Salary/Benefit $74,000 $23,700 Investment Return (2006-2010, 5 Year and 25 Year Averages) • Average Age NA 66 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/25/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(34.91 M) $31.20 M $38.87 M Annual Disbursements $9.69 M $9.41 M $8.85 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 52 Number Who Reported Earnings 14 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.44% 2010 Target 7.21% 2010 Market Value $296.3 M 2006-2010 (Annualized) 5.93% 1985-2010 (Annualized) 8.28%
62 | PERAC ANNUAL REPORT 2010 Government Center, Room 222 Board Members Board Administrator Malden 200 Pleasant Street Ronald B. Hogan (Chairperson), Kevin Morrison Malden, MA 02148 Warren Atkinson, Jr., Joanne Croken, Board Meeting Phone 781-397-7086 Douglas Eisnor, Charles Ranaghan Third Wednesday of each month Fax 781-397-7358
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 72.5% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 2.3% Increasing • Year Fully Funded 2030 • Unfunded Liability $64.0 M • Total Pension Appropriation (Fiscal 2011) $8.8 M
Active Retired • Number of Members 800 658 • Total Payroll/Benefit $38.0 M $13.3 M • Average Salary/Benefit $47,500 $20,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 20% • Average Service 13.4 years NA 15% 10% 10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS) 5% 0% −5% −10% −15% −20% −25% 06 07 08 09 10 06−10 85−10
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/03/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(21.31 M) $35.03 M $24.42 M Annual Disbursements $14.13 M $14.41 M $14.34 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 101 Number Who Reported Earnings 30 Number of Excess Earners 1 Total Amount of Refund Due $6,845.92
2010 Return 12.85% 2010 Target 8.00% 2010 Market Value $164.9 M 2006-2010 (Annualized) 5.76% 1985-2010 (Annualized) 9.97%
PERAC ANNUAL REPORT 2010 | 63 Mary Alley Municipal Building Board Members Board Administrator Marblehead 7 Widger Road John McGinn (Chairperson), Charles Gessner, Matthew P. Barrett Marblehead, MA 01945 Paul Jalbert, Robert F. Peck, Jr., Esq., Board Meeting Phone 781-639-3418 Calvin R. Powers Varies Fax 781-631-2617
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 78.2% • Date of Last Valuation 01/10 • Actuary Ricci Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $21.5 M • Total Pension Appropriation (Fiscal 2011) $2.3 M
Active Retired • Number of Members 344 326 • Total Payroll/Benefit $16.2 M $6.4 M • Average Salary/Benefit $47,200 $19,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 73 • Average Service 12.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/19/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $14.75 M $(22.24 M) $14.06 M Annual Disbursements $7.28 M $7.01 M $6.94 M
EARNED INCOME OF DISABILITY RETIREES (2009) AssetAsset Allocation Allocation (12/31/10) (12/31/10) Number of Disability Retirees 24 Number Who Reported Earnings 9 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.65% 2010 Target 7.60% 2010 Market Value $75.0 M 2006-2010 (Annualized) 4.35% 1985-2010 (Annualized) 9.48%
64 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Marlborough 140 Main Street Gregory P. Brewster (Chairperson), Margaret R. Shea Marlborough, MA 01752-3812 Thomas J. Abel, Christopher M. Sandini, Sr., Board Meeting Phone 508-460-3760 Diane Smith, William Taylor Usually the last Monday of each month Fax 508-481-7814
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 62.9% 100% • Date of Last Valuation 01/09 80% • Actuary Buck Consultants • Assumed Rate of Return 8.00% 60% • Funding Schedule 3.0% Increasing 40% • Year Fully Funded 2025 • Unfunded Liability $56.2 M 20% • Total Pension Appropriation (Fiscal 2011) $6.9 M
0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 702 349 • Total Payroll/Benefit $30.0 M $7.7 M • Average Salary/Benefit $42,800 $22,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 72 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/03/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(10.20 M) $14.99 M Annual Disbursements $8.62 M $8.68 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 37 Number Who Reported Earnings 9 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.24% 2010 Target 8.20% 2010 Market Value $101.3 M 2006-2010 (Annualized) 4.80% 1985-2010 (Annualized) 8.66%
PERAC ANNUAL REPORT 2010 | 65 One Harborside Drive Board Members Board Administrator Massport Suite 200S James P. Costello (Chairperson), Irene E. Moran East Boston, MA 02128 David W. Davis, Michael A. Grieco, Board Meeting Phone 617-568-3951 Philip H. Mallett , John P. Pranckevicius Generally the last Wednesday of each month Fax 617-568-3957
Funded Ratio (1987-2010) ACTUARIAL
140% • Funded Ratio 98.5% • Date of Last Valuation 01/10 120% • Actuary Stone 100% • Assumed Rate of Return 7.75% 80% • Funding Schedule NA 60% • Year Fully Funded NA 40% • Unfunded Liability $6.3 M 20% • Total Pension Appropriation (Fiscal 2011) $4.9 M 0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 1,137 531 • Total Payroll/Benefit $86.4 M $16.0 M • Average Salary/Benefit $76,000 $30,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 68 • Average Service 15 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/19/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(99.01 M) $41.09 M $63.81 M Annual Disbursements $16.77 M $17.02 M $15.77 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 48 Number Who Reported Earnings 11 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.58% 2010 Target 6.65% 2010 Market Value $401.8 M 2006-2010 (Annualized) 4.83% 1985-2010 (Annualized) 9.30%
66 | PERAC ANNUAL REPORT 2010 195 Main Street Board Members Board Administrator Maynard Maynard, MA 01754 Robert W. Larkin (Chairperson), Timothy McDaid Phone 978-897-1820 Juli-Lyn Colpoys, Chris Connolly, Sr., Board Meeting Fax 978-897-1013 Thomas A. Natoli, Clifford Wilson Last Thursday of each month at 12:15 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 65.7% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $11.6 M • Total Pension Appropriation (Fiscal 2011) $1.5 M
Active Retired • Number of Members 202 86 • Total Payroll/Benefit $7.5 M $1.6 M • Average Salary/Benefit $37,200 $18,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 72 • Average Service 10.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/23/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $4.40 M $3.85 M Annual Disbursements $1.97 M $1.78 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 10 Number Who Reported Earnings 3 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.28% 2010 Target 8.36% 2010 Market Value $26.3 M 2006-2010 (Annualized) 2.67% 1985-2010 (Annualized) 7.83%
PERAC ANNUAL REPORT 2010 | 67 City Hall Board Members Board Administrator Medford Room 215 Thomas A. Cangiano (Chairperson), Tina Rapatano Medford, MA 02155 Anne C. Baker, John Camuso, Rick Jordan, Board Meeting Phone 781-393-2517, 781-393-2516 (TDD#) James Vieira Varies Fax 781-393-2522
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 64.4% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 7.50% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $83.3 M • Total Pension Appropriation (Fiscal 2011) $8.1 M
Active Retired • Number of Members 716 602 • Total Payroll/Benefit $35.5 M $14.0 M • Average Salary/Benefit $49,500 $23,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 75 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/14/09 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(21.83 M) $19.68 M Annual Disbursements $15.14 M $15.02 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 114 Number Who Reported Earnings 22 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.01% 2010 Target 6.20% 2010 Market Value $147.2 M 2006-2010 (Annualized) 5.29% 1985-2010 (Annualized) 9.30%
68 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Melrose 562 Main Street Patrick DelloRusso (Chairperson), Michael Pasquariello Melrose, MA 02176 Michael Lindstrom, Michael L. Lyle, Board Meeting Phone 781-979-4150 or 4151 Scott Colborne, Richard E. Pitts Usually the last Wednesday of each month Fax 781-979-4206
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 54.5% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 3.6% Increasing • Year Fully Funded 2035 • Unfunded Liability $48.7 M • Total Pension Appropriation (Fiscal 2011) $5.0 M
Active Retired • Number of Members 412 378 • Total Payroll/Benefit $16.5 M $7.3 M • Average Salary/Benefit $40,200 $19,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 74 • Average Service 10.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/23/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $13.44 M $13.46 M Annual Disbursements $8.33 M $7.88 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 46 Number Who Reported Earnings 13 Number of Excess Earners 1 Total Amount of Refund Due $1,627.12
2010 Return 13.00% 2010 Target 8.00% 2010 Market Value $57.7 M 2006-2010 (Annualized) 3.38% 1985-2010 (Annualized) 8.53%
PERAC ANNUAL REPORT 2010 | 69 41 Pleasant Street Board Members Board Administrator Methuen Suite 303 Thomas J. Kelly (Chairperson), Sharon Cutter, Terrylee Murphy Methuen, MA 01844 Robert J. DeLuca, Michael Hennessy, Board Meeting Phone 978-983-8620 Albert J. Trott, III Last Thursday of each month at 9:30 am Fax 978-983-8972
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 49.5% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule Increasing Phase-In • Year Fully Funded 2040 • Unfunded Liability $85.0 M • Total Pension Appropriation (Fiscal 2011) $6.6 M
Active Retired • Number of Members 633 407 • Total Payroll/Benefit $29.8 M $9.0 M • Average Salary/Benefit $47,000 $22,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 72 • Average Service 13.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/30/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(14.12 M) $14.19 M $17.11 M Annual Disbursements $9.55 M $9.35 M $8.86 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 58 Number Who Reported Earnings 15 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 14.94% 2010 Target 7.60% 2010 Market Value $79.3 M 2006-2010 (Annualized) 2.46% 1985-2010 (Annualized) 7.85%
70 | PERAC ANNUAL REPORT 2010 P. O. Box 160 Board Members Board Administrator Middlesex 25 Linnell Circle Thomas F. Gibson, Esq. (Chairperson), Jacqueline Williams County Billerica, MA 01865 John Brown, Brian P. Curtin, Board Meeting Phone 800-258-3805, 978-439-3000 James M. Gookin, Edgar W. McLean, Jr. Meets monthly, usually on Thursday Fax 978-439-3050
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 47.1% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.12% • Funding Schedule 4.75% Total Increasing • Year Fully Funded 2035 • Unfunded Liability $922.4 M • Total Pension Appropriation (Fiscal 2011) $76.3 M
Active Retired • Number of Members 8,946 4,833 • Total Payroll/Benefit $367.1 M $91.7 M • Average Salary/Benefit $41,000 $19,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 10.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/05/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $178.40 M $179.79 M $129.39 M Annual Disbursements $100.82 M $97.29 M $91.86 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 454 Number Who Reported Earnings 125 Number of Excess Earners 7 Total Amount of Refund Due $81,592.61
2010 Return 12.75% 2010 Target 7.60% 2010 Market Value $771.7 M 2006-2010 (Annualized) 3.82% 1985-2010 (Annualized) 8.50%
PERAC ANNUAL REPORT 2010 | 71 Town Hall, Room 17 Board Members Board Administrator Milford 52 Main Street John P. Pyne, Jr. (Chairperson), Linda DeDominick Milford, MA 01757 Michael A. Diorio, Gerald F. Hennessy, Board Meeting Phone 508-634-2321 Ernest Pettinari, Esq., David Sacco Last Tuesday of each month at 1:00 pm Fax 508-634-0902
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 58.0% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $37.5 M • Total Pension Appropriation (Fiscal 2011) $3.3 M
Active Retired • Number of Members 433 280 • Total Payroll/Benefit $17.3 M $4.6 M • Average Salary/Benefit $39,900 $16,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 12.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/13/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $12.11 M $(17.26 M) $9.63 M Annual Disbursements $5.69 M $5.55 M $5.40 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 33 Number Who Reported Earnings 14 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.01% 2010 Target 8.00% 2010 Market Value $55.6 M 2006-2010 (Annualized) 1.54% 1985-2010 (Annualized) 8.26%
72 | PERAC ANNUAL REPORT 2010 525 Canton Avenue Board Members Board Administrator Milton Milton, MA 02186 Kevin J. Cleary (Chairperson), Kevin Cleary Phone 617-898-4887 John H. Bowie, Jr., Robert J. Byron, Board Meeting Fax 617-698-6741 Amy Dexter, Richard J. Madigan Last Thursday of each month at 3:30 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 73.8% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2021 • Unfunded Liability $26.0 M • Total Pension Appropriation (Fiscal 2011) $4.1 M
Active Retired • Number of Members 347 277 • Total Payroll/Benefit $17.3 M $5.9 M • Average Salary/Benefit $50,000 $21,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 46 74 • Average Service 12.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/25/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(19.69 M) $14.82 M $16.63 M Annual Disbursements $6.99 M $7.14 M $6.77 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 36 Number Who Reported Earnings 4 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.67% 2010 Target 8.00% 2010 Market Value $81.0 M 2006-2010 (Annualized) 4.09% 1985-2010 (Annualized) 9.67%
PERAC ANNUAL REPORT 2010 | 73 758 Marrett Road Board Members Board Administrator Minuteman Lexington, MA 02421 Kevin F. Mahoney (Chairperson), Sandor Zapolin Regional Phone 781-861-6500 Emily Annarelli, Norman Cohen, Esq., Board Meeting Fax 781-863-1747 Linda J. Gendall, Maria Oliveira Generally the fourth Thursday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 99.6% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule Fully Funded • Year Fully Funded NA • Unfunded Liability $37,000 • Total Pension Appropriation (Fiscal 2011) $130,000
Active Retired • Number of Members 53 31 • Total Payroll/Benefit $2.6 M $0.5 M • Average Salary/Benefit $48,100 $15,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 46 75 • Average Service 10.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/18/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $1.77 M $2.02 M $1.47 M Annual Disbursements $574,954 $527,607 $576,557
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 2 Number Who Reported Earnings 0 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.85% 2010 Target 7.60% 2010 Market Value $11.0 M 2006-2010 (Annualized) 4.32% 1985-2010 (Annualized) 9.83%
74 | PERAC ANNUAL REPORT 2010 One Avenue A Board Members Board Administrator Montague Turners Falls, MA 01376 Carolyn S. Olsen (Chairperson), Shari Hildreth Phone 413-863-3200, ext. 111 Frank Abbondanzio, Cheryl Clark, Board Meeting Fax 413-863-3224 David R. Dion, Marianne Fiske Usually the fourth Tuesday of each month at 1:00 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 80.5% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 1.0% Increasing • Year Fully Funded 2019 • Unfunded Liability $6.1 M • Total Pension Appropriation (Fiscal 2011) $1.4 M
Active Retired • Number of Members 200 109 • Total Payroll/Benefit $6.0 M $1.6 M • Average Salary/Benefit $30,200 $14,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 73 • Average Service 11.2 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/30/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(5.69 M) $4.73 M $5.36 M Annual Disbursements $2.01 M $1.96 M $1.81 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 13 Number Who Reported Earnings 4 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.49% 2010 Target 7.60% 2010 Market Value $24.8 M 2006-2010 (Annualized) 4.27% 1985-2010 (Annualized) 9.36%
PERAC ANNUAL REPORT 2010 | 75 13 East Central Street Board Members Board Administrator Natick Natick, MA 01760 Robert J. Drew (Chairperson), David Given, Kathleen S. Bacon Phone 508-647-6440 Karen S. Kucala, Michael J. Melchiorri, Board Meeting Fax 508-647-6443 Michael Reardon Usually the last Wednesday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 69.2% • Date of Last Valuation 01/08 • Actuary Segal • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2026 • Unfunded Liability $40.4 M • Total Pension Appropriation (Fiscal 2011) $5.7 M
Active Retired • Number of Members 573 371 • Total Payroll/Benefit $25.8 M $7.1 M • Average Salary/Benefit $45,000 $19,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 12.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/02/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(18.30 M) $15.50 M $16.87 M Annual Disbursements $8.79 M $8.45 M $8.25 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 35 Number Who Reported Earnings 11 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 14.15% 2010 Target 8.50% 2010 Market Value $76.8 M 2006-2010 (Annualized) 2.37% 1985-2010 (Annualized) 7.99%
76 | PERAC ANNUAL REPORT 2010 Town Hall Board Members Board Administrator Needham 1471 Highland Avenue Evelyn M. Poness (Chairperson), MaryClare Siegel Needham, MA 02492-2605 Kathleen P. Fitzpatrick, John P. Krawiecki, Board Meeting Phone 781-455-7500 ext. 231,232 Robert P. Mearls, Thomas A. Welch Usually second Wednesday of each month Fax 781-449-4569 at 8:30 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 78.2% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2027 • Unfunded Liability $32.2 M • Total Pension Appropriation (Fiscal 2011) $4.6 M
Active Retired • Number of Members 674 488 • Total Payroll/Benefit $30.3 M $9.0 M • Average Salary/Benefit $44,900 $18,500 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 76 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/28/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(28.21 M) $20.52 M $23.25 M Annual Disbursements $10.35 M $10.21 M $10.01 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 38 Number Who Reported Earnings 7 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.33% 2010 Target 7.60% 2010 Market Value $106.5 M 2006-2010 (Annualized) 4.27% 1985-2010 (Annualized) 10.02%
PERAC ANNUAL REPORT 2010 | 77 651 Orchard Street, #203A Board Members Board Administrator New Bedford New Bedford, MA 02744-1008 Arthur J. Caron, Jr., Esq. (Chairperson), Gerard Arnaudet Phone 508-979-1538 Dennis C. Brightman, Paul M. Lestage, Board Meeting Fax 508-979-1799 Peter C. Schmidt, Edward J. Wiley Usually last Thursday of each month at 9:30 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 41.6% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 7.75% • Funding Schedule 4.0% Increasing • Year Fully Funded 2036 • Unfunded Liability $318.6 M • Total Pension Appropriation (Fiscal 2011) $24.8 M
Active Retired • Number of Members 2,085 1,761 • Total Payroll/Benefit $82.6 M $34.0 M • Average Salary/Benefit $39,600 $19,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 05/05/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $56.68 M $58.66 M $47.92 M Annual Disbursements $35.38 M $33.38 M $31.23 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 331 Number Who Reported Earnings 86 Number of Excess Earners 3 Total Amount of Refund Due $10,880.83
2010 Return 13.56% 2010 Target 8.25% 2010 Market Value $229.9 M 2006-2010 (Annualized) 4.62% 1985-2010 (Annualized) 8.14%
78 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Newburyport 60 Pleasant Street Franklin J. Spaulding (Chairperson), Laurie Burton Newburyport, MA 01950 Paula Fowler, Alexander Kravchuk, Board Meeting Phone 978-465-6619 Vincent Malgeri, Esq., William B. Squillace Varies Fax 978-462-4042
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 60.9% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 1.5% Increasing • Year Fully Funded 2035 • Unfunded Liability $31.3 M • Total Pension Appropriation (Fiscal 2011) $3.8 M
Active Retired • Number of Members 349 216 • Total Payroll/Benefit $14.3 M $4.5 M • Average Salary/Benefit $40,900 $21,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 72 • Average Service 10.9 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/07/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(8.88 M) $10.13 M $10.96 M Annual Disbursements $4.97 M $4.99 M $4.58 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 31 Number Who Reported Earnings 10 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.47% 2010 Target 7.60% 2010 Market Value $48.5 M 2006-2010 (Annualized) 4.24% 1985-2010 (Annualized) 8.27%
PERAC ANNUAL REPORT 2010 | 79 1000 Commonwealth Avenue Board Members Board Administrator Newton Newton Centre, MA 02459-1449 Nunzio J. Piselli (Chairperson), Paul Bianchi, Kelly Byrne Phone 617-796-1095 Francis P. Capello, Jr., Kimberly A. Fletcher, Esq., Board Meeting Fax 617-796-1098 David C. Wilkinson Third Wednesday of the month at 3:00 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 55.0% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2038 • Unfunded Liability $208.1 M • Total Pension Appropriation (Fiscal 2011) $15.0 M
Active Retired • Number of Members 1,759 1,299 • Total Payroll/Benefit $83.8 M $29.4 M • Average Salary/Benefit $47,700 $22,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 74 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 10/10/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $49.85 M $49.63 M $33.78 M Annual Disbursements $29.18 M $28.61 M $27.32 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 145 Number Who Reported Earnings 36 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.59% 2010 Target 7.60% 2010 Market Value $241.4 M 2006-2010 (Annualized) 3.34% 1985-2010 (Annualized) 8.73%
80 | PERAC ANNUAL REPORT 2010 480 Neponset Street Board Members Board Administrator Norfolk Building 15 Joseph A. Connolly (Chairperson), Kathleen Kiely-Becchetti County Canton, MA 02021 Paul J. Connors, Edwin S. Little, Board Meeting Phone 781-821-0664 or 1-800-247-9992 Thomas A. Rorrie, Josephine E. Shea Last Wednesday of each month Fax 781-821-0981
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 60.0% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2031 • Unfunded Liability $401.1 M • Total Pension Appropriation (Fiscal 2011) $39.8 M
Active Retired • Number of Members 5,526 2,870 • Total Payroll/Benefit $223.8 M $56.6 M • Average Salary/Benefit $40,400 $19,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 12/18/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(119.60 M) $111.16 M $124.23 M Annual Disbursements $62.43 M $60.27 M $57.73 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 309 Number Who Reported Earnings 85 Number of Excess Earners 1 Total Amount of Refund Due $1,688.32
2010 Return 13.83% 2010 Target 7.96% 2010 Market Value $570.7 M 2006-2010 (Annualized) 4.15% 1985-2010 (Annualized) 8.79%
PERAC ANNUAL REPORT 2010 | 81 North Adams P.O. Box 229 Board Members Board Administrator 85 Main Street, Room 322 James D. Brown (Chairperson), Alan Marden, Beverly Cooper North Adams, MA 01247 Lawrence R. O’Brien, Fred T. Thompson, Esq., Board Meeting Phone 413-663-5185 Kathleen A. Wall Varies Fax 413-664-9412
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 67.3% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2028 • Unfunded Liability $18.6 M • Total Pension Appropriation (Fiscal 2011) $2.3 M
Active Retired • Number of Members 377 206 • Total Payroll/Benefit $9.9 M $3.4 M • Average Salary/Benefit $26,200 $16,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 73 • Average Service 10 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/22/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $9.05 M $6.07 M $6.55 M Annual Disbursements $3.92 M $3.77 M $3.79 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 38 Number Who Reported Earnings 9 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.14% 2010 Target 8.00% 2010 Market Value $40.7 M 2006-2010 (Annualized) 5.94% 1985-2010 (Annualized) 9.75%
82 | PERAC ANNUAL REPORT 2010 500 East Washington Street Board Members Board Administrator North Tower Square, Unit #21 Jack J. Bush (Chairperson), Dorothy H. Baker, Debra A. Bush Attleboro North Attleboro, MA 02761 Lisa Higgins, Murad Nasir, Patricia A. Shapiro Board Meeting Phone 508-699-0119 Fourth Tuesday of each month Fax 508-699-0127
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 75.3% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2033 • Unfunded Liability $21.6 M • Total Pension Appropriation (Fiscal 2011) $2.7 M
Active Retired • Number of Members 518 214 • Total Payroll/Benefit $19.8 M $3.8 M • Average Salary/Benefit $38,200 $17,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 71 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
$3,000
$2,500
$2,000
$1,500
$1,000
Asset Growth (2001-2010) (Market Value in Millions) $500 $0 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11
AUDIT
Date of Last Audit 01/05/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $7.47 M $10.35 M $6.16 M Annual Disbursements $4.22 M $4.06 M $3.73 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 19 Number Who Reported Earnings 7 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 14.25% 2010 Target 8.00% 2010 Market Value $65.8 M 2006-2010 (Annualized) 4.04% 1985-2010 (Annualized) 8.57%
PERAC ANNUAL REPORT 2010 | 83 City Hall, Room 3 Board Members Board Administrator Northampton 210 Main Street Christopher B. Pile (Chairperson), David Shipka Northampton, MA 01060 Joyce Karpinski, Shirley A. LaRose, Board Meeting Phone 413-587-1211 Michael J. Lyons, Thomas Sullivan Last Tuesday or Thursday of each month Fax 413-587-1278
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 65.2% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 7.75% • Funding Schedule 3.61% Increasing • Year Fully Funded 2028 • Unfunded Liability $40.6 M • Total Pension Appropriation (Fiscal 2011) $4.2 M
Active Retired • Number of Members 602 342 • Total Payroll/Benefit $22.6 M $6.3 M • Average Salary/Benefit $37,500 $18,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 70 • Average Service 11.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/09/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $16.95 M $(8.80 M) $16.38 M Annual Disbursements $7.17 M $6.85 M $6.69 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 38 Number Who Reported Earnings 15 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.85% 2010 Target 7.77% 2010 Market Value $78.9 M 2006-2010 (Annualized) 6.10% 1985-2010 (Annualized) 9.55%
84 | PERAC ANNUAL REPORT 2010 Town Hall Board Members Board Administrator Northbridge 7 Main Street John Meagher (Chairperson), Muriel Barry, Beth A. Matson Whitinsville, MA 01588 Paul Mulrenin, Sharon Susienka, Neil Vaidya Board Meeting Phone 508-234-0820 Third Wednesday of each month Fax 508-234-5834
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 69.5% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 2.88% Increasing • Year Fully Funded 2030 • Unfunded Liability $9.0 M • Total Pension Appropriation (Fiscal 2011) $1.1 M
Active Retired • Number of Members 182 103 • Total Payroll/Benefit $7.1 M $1.5 M • Average Salary/Benefit $38,900 $15,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 75 • Average Service 9.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 12/05/08 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $4.43 M $4.66 M Annual Disbursements $1.84 M $1.83 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 8 Number Who Reported Earnings 2 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.79% 2010 Target 7.60% 2010 Market Value $21.3 M 2006-2010 (Annualized) 4.31% 1985-2010 (Annualized) 9.62%
PERAC ANNUAL REPORT 2010 | 85 Municipal Building Board Members Board Administrator Norwood 566 Washington Street Eileen P. Hickey (Chairperson), Debra A. Lorenzo Norwood, MA 02062 Joseph F. Curran, Ted Mulvehill, Tom O’Toole, Board Meeting Phone 781-762-1240, Ext. 157 Robert M. Thornton Varies Fax 781-278-3024
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 89.7% • Date of Last Valuation 01/07 • Actuary Buck Consultants • Assumed Rate of Return 8.50% • Funding Schedule 4.5% Increasing • Year Fully Funded 2028 • Unfunded Liability $12.4 M • Total Pension Appropriation (Fiscal 2011) $2.8 M
Active Retired • Number of Members 582 363 • Total Payroll/Benefit $25.6 M $6.0 M • Average Salary/Benefit $43,900 $16,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 04/30/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(19.11 M) $13.71 M Annual Disbursements $8.23 M $8.11 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 42 Number Who Reported Earnings 12 Number of Excess Earners 1 Total Amount of Refund Due $5,906.52
2010 Return 11.00% 2010 Target 9.08% 2010 Market Value $113.4 M 2006-2010 (Annualized) 5.71% 1985-2010 (Annualized) 9.40%
86 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Peabody 24 Lowell Street Richard A. Yagjian (Chairperson), Linda Cavallon Peabody, MA 01960 Joseph DiFranco, Sr., Donna Hopkins, Board Meeting Phone 978-538-5911 John J. McGinn, Patricia Davis Schaffer Varies Fax 978-538-5989
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 51.6% • Date of Last Valuation 01/10 • Actuary Ricci Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $107.8 M • Total Pension Appropriation (Fiscal 2011) $8.7 M
Active Retired • Number of Members 829 779 • Total Payroll/Benefit $39.0 M $14.2 M • Average Salary/Benefit $47,000 $18,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 12.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/05/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $23.42 M $23.39 M Annual Disbursements $14.77 M $13.98 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 70 Number Who Reported Earnings 14 Number of Excess Earners 1 Total Amount of Refund Due $6,482.74
2010 Return 13.70% 2010 Target 7.60% 2010 Market Value $103.0 M 2006-2010 (Annualized) 3.08% 1985-2010 (Annualized) 8.74%
PERAC ANNUAL REPORT 2010 | 87 114 Fenn Street, Board Members Board Administrator Pittsfield Pittsfield, MA 01201 Gerald E. Miller (Chairperson), Karen L. Lancto Phone 413-499-9468 Susan M. Carmel, Timothy A. Hannigan, Board Meeting Fax 413-499-9328 James J. Mooney, Edward M. Reilly, Esq. Varies
Funded Ratio (1987-2011) ACTUARIAL • Funded Ratio 46.4% • Date of Last Valuation 01/11 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2036 • Unfunded Liability $110.9 M • Total Pension Appropriation (Fiscal 2011) $9.3 M
Active Retired • Number of Members 929 749 • Total Payroll/Benefit $31.2 M $13.0 M • Average Salary/Benefit $33,500 $17,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 11.9 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 12/16/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $18.43 M $20.66 M $16.27 M Annual Disbursements $13.47 M $13.27 M $12.02 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 116 Number Who Reported Earnings 27 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.55% 2010 Target 7.60% 2010 Market Value $87.2 M 2006-2010 (Annualized) 2.59% 1985-2010 (Annualized) 8.20%
88 | PERAC ANNUAL REPORT 2010 10 Cordage Park Circle Board Members Board Administrator Plymouth Suite 240 Thomas M. Kelley (Chairperson), Debra J. Sullivan Plymouth, MA 02360 Lynne Barrett, Shawn H. Duhamel, Board Meeting Phone 508-830-4170 David Malaguti, Richard A. Manfredi Varies Fax 508-830-4019
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 54.2% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 8.0% Total Increasing • Year Fully Funded 2027 • Unfunded Liability $94.3 M • Total Pension Appropriation (Fiscal 2011) $7.6 M
Active Retired • Number of Members 957 562 • Total Payroll/Benefit $35.7 M $11.8 M • Average Salary/Benefit $37,300 $21,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 69 • Average Service 11.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/29/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $19.32 M $23.66 M $16.65 M Annual Disbursements $11.78 M $11.20 M $10.54 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 80 Number Who Reported Earnings 29 Number of Excess Earners 1 Total Amount of Refund Due $1,827.52
2010 Return 12.38% 2010 Target 8.00% 2010 Market Value $111.3 M 2006-2010 (Annualized) 4.14% 1985-2010 (Annualized) 8.84%
PERAC ANNUAL REPORT 2010 | 89 10 Cordage Park Circle Board Members Board Administrator Plymouth Suite 234 Thomas J. O’Brien (Chairperson), William Farmer County North Plymouth, MA 02360 John G. Duggan, James E. Harrington, Board Meeting Phone 508-830-1803 Joseph F. McDonough, Esq., John F. Sciara Usually the last Tuesday of each month Fax 508-830-1875
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 59.5% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2029 • Unfunded Liability $459.1 M • Total Pension Appropriation (Fiscal 2011) $45.0 M
Active Retired • Number of Members 5,987 3,389 • Total Payroll/Benefit $227.5 M $63.9 M • Average Salary/Benefit $38,000 $18,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 72 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/26/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $178.10 M $(143.59 M) $116.04 M Annual Disbursements $74.27 M $68.76 M $67.38 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 346 Number Who Reported Earnings 103 Number of Excess Earners 6 Total Amount of Refund Due $72,498.10
2010 Return 15.49% 2010 Target 9.17% 2010 Market Value $665.9 M 2006-2010 (Annualized) 4.16% 1985-2010 (Annualized) 9.45%
90 | PERAC ANNUAL REPORT 2010 1250 Hancock Street Board Members Board Administrator Quincy Suite 506S George F. McCray (Chairperson), Edward J. Masterson Quincy, MA 02169 Richard P. Crespi, Richard D. Fitzpatrick, Board Meeting Phone 617-376-1075 Robert E. Foy III, Susan M. O’Connor Last Wednesday of each month at 10:00 am Fax 617-376-1149
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 47.6% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.125% • Funding Schedule 3.55% Increasing • Year Fully Funded 2040 • Unfunded Liability $282.8 M • Total Pension Appropriation (Fiscal 2011) $20.9 M
Active Retired • Number of Members 1,419 1,613 • Total Payroll/Benefit $76.9 M $38.1 M • Average Salary/Benefit $54,200 $23,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 73 • Average Service 12.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/22/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $47.71 M $62.30 M Annual Disbursements $39.67 M $39.88 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 162 Number Who Reported Earnings 31 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.68% 2010 Target 8.27% 2010 Market Value $270.8 M 2006-2010 (Annualized) 3.92% 1985-2010 (Annualized) 8.50%
PERAC ANNUAL REPORT 2010 | 91 16 Lowell Street Board Members Board Administrator Reading Reading, MA 01867 Joseph R. Veno (Chairperson), Colleen Loughlin Phone 781-942-9007 Thomas A. Clough, Francis P. Driscoll, Board Meeting Fax 781-942-9037 Richard P. Foley, Gail LaPointe, Fourth Tuesday of each month at 6:00 pm
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 68.2% • Date of Last Valuation 01/09 • Actuary Segal • Assumed Rate of Return 7.75% • Funding Schedule 4.5% Increasing • Year Fully Funded 2028 • Unfunded Liability $38.8 M • Total Pension Appropriation (Fiscal 2011) $4.2 M
Active Retired • Number of Members 356 317 • Total Payroll/Benefit $21.0 M $6.6 M • Average Salary/Benefit $59,000 $20,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 72 • Average Service 14.4 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/04/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $18.33 M $(23.42 M) $16.92 M Annual Disbursements $7.73 M $7.77 M $7.61 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 43 Number Who Reported Earnings 9 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.61% 2010 Target 7.60% 2010 Market Value $90.2 M 2006-2010 (Annualized) 4.37% 1985-2010 (Annualized) 9.53%
92 | PERAC ANNUAL REPORT 2010 City Hall Board Members Board Administrator Revere 281 Broadway Laurie Giardella (Chairperson), Carolyn M. Russo Revere, MA 02151 Michael Conley, John Henry, Steven Parsons, Board Meeting Phone 781-286-8173 David Petrilli Varies Fax 781-286-3316
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 59.4% • Date of Last Valuation 01/08 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 2.6% Increasing • Year Fully Funded 2023 • Unfunded Liability $66.4 M • Total Pension Appropriation (Fiscal 2011) $9.5 M
Active Retired • Number of Members 487 554 • Total Payroll/Benefit $23.6 M $11.5 M • Average Salary/Benefit $48,400 $20,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 12.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 11/12/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(17.50 M) $22.27 M $24.92 M Annual Disbursements $13.13 M $12.88 M $13.05 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 127 Number Who Reported Earnings 24 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.72% 2010 Target 7.60% 2010 Market Value $95.4 M 2006-2010 (Annualized) 4.06% 1985-2010 (Annualized) 8.46%
PERAC ANNUAL REPORT 2010 | 93 20 Central Street Board Members Board Administrator Salem Suite 110 John P. O’Leary (Chairperson), Marcia A. Pelletier Salem, MA 01970 John H. Burke, Jr., Kimberly Driscoll, Board Meeting Phone 978-745-8983 Robert Lutts, Richard J. Viscay Last Thursday of each month Fax 978-745-4216
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 51.7% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $93.4 M • Total Pension Appropriation (Fiscal 2011) $10.0 M
Active Retired • Number of Members 827 594 • Total Payroll/Benefit $34.6 M $11.8 M • Average Salary/Benefit $41,800 $19,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 NA • Average Service 11.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/13/11 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $24.45 M $(15.58 M) Annual Disbursements $13.39 M $12.89 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 63 Number Who Reported Earnings 10 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.53% 2010 Target 8.25% 2010 Market Value $93.7 M 2006-2010 (Annualized) 2.73% 1985-2010 (Annualized) 8.19%
94 | PERAC ANNUAL REPORT 2010 Town Hall Annex Board Members Board Administrator Saugus 25 Main Street William E. Cross, III (Chairperson), Ann C. Quinlan Saugus, MA 01906 Eugene Decareau, Doreen L. DiBari, Board Meeting Phone 781-231-7656 Mark A. Gannon, Joan Regan Last Tuesday of each month Fax 781-231-4067
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 59.9% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.3% Increasing • Year Fully Funded 2027 • Unfunded Liability $37.1 M • Total Pension Appropriation (Fiscal 2011) $4.3 M
Active Retired • Number of Members 327 293 • Total Payroll/Benefit $14.2 M $5.6 M • Average Salary/Benefit $43,400 $19,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 73 • Average Service 13.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/25/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(13.20 M) $12.53 M Annual Disbursements $6.41 M $6.30 M
EARNED INCOME OF DISABILITY RETIREES (2009) AssetAsset Allocation Allocation (12/31/10) (12/31/10) Number of Disability Retirees 39 Number Who Reported Earnings 10 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.62% 2010 Target 7.60% 2010 Market Value $59.2 M 2006-2010 (Annualized) 4.33% 1985-2010 (Annualized) 9.46%
PERAC ANNUAL REPORT 2010 | 95 100 Maple Avenue Board Members Board Administrator Shrewsbury Shrewsbury, MA 01545 Caryn M. Shea (Chairperson), Gail A. Sokolowski Phone 508-841-8510 Ralph Iaccarino, David A. L’Ecuyer, Board Meeting Fax 508-842-0587 Mary E. Thompson, Robert Tozeski, First Tuesday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 70.8% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.5% Increasing • Year Fully Funded 2022 • Unfunded Liability $26.6 M • Total Pension Appropriation (Fiscal 2011) $3.1 M
Active Retired • Number of Members 591 227 • Total Payroll/Benefit $22.5 M $4.8 M • Average Salary/Benefit $38,000 $21,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 01/20/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $11.44 M $11.56 M Annual Disbursements $5.32 M $5.20 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 30 Number Who Reported Earnings 8 Number of Excess Earners 1 Total Amount of Refund Due $496.31
2010 Return 14.05% 2010 Target 8.25% 2010 Market Value $66.7 M 2006-2010 (Annualized) 4.21% 1985-2010 (Annualized) 9.20%
96 | PERAC ANNUAL REPORT 2010 City Hall Annex Board Members Board Administrator Somerville 50 Evergreen Avenue John E. Rourke (Chairperson), Mary A. Phinney Somerville, MA 02145 Edward F. Bean, Jr., Janice Delory, Board Meeting Phone 617-625-6600 John M. Memory, Mary A. Phinney Third Thursday of each month at 8:30 am Fax 617-666-4325
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 65.5% • Date of Last Valuation 01/08 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.25% Increasing • Year Fully Funded 2026 • Unfunded Liability $96.6 M • Total Pension Appropriation (Fiscal 2011) $11.4 M
Active Retired • Number of Members 1,145 862 • Total Payroll/Benefit $54.5 M $16.1 M • Average Salary/Benefit $47,600 $18,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 73 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 05/04/11 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $48.25 M $(30.71 M) Annual Disbursements $22.35 M $21.47 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 128 Number Who Reported Earnings 21 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.95% 2010 Target 8.25% 2010 Market Value $180.7 M 2006-2010 (Annualized) 5.27% 1985-2010 (Annualized) 8.95%
PERAC ANNUAL REPORT 2010 | 97 Town Hall Board Members Board Administrator Southbridge 41 Elm Street George Fournier (Chairperson), Charlene M. Laporte Southbridge, MA 01550 Melinda Ernst-Fournier, Peter Hapgood, Board Meeting Phone 508-765-4903 Karen Harnois, Julie Pena Last Wednesday of each month at 10:00 am Fax 508-765-0902
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 47.1% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $28.9 M • Total Pension Appropriation (Fiscal 2011) $2.7 M
Active Retired • Number of Members 340 166 • Total Payroll/Benefit $12.6 M $2.8 M • Average Salary/Benefit $37,200 $16,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 46 73 • Average Service 9.9 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 04/21/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $6.07 M $(3.99 M) $5.08 M Annual Disbursements $3.38 M $3.28 M $3.09 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 17 Number Who Reported Earnings 6 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 11.54% 2010 Target 7.60% 2010 Market Value $26.6 M 2006-2010 (Annualized) 1.32% 1985-2010 (Annualized) 8.08%
98 | PERAC ANNUAL REPORT 2010 70 Tapley Street Board Members Board Administrator Springfield Springfield, MA 01104 Mark Ianello (Chairperson), Anne C. Leduc Phone 413-787-6090 Haskell Kennedy, Jr., Ed. D., Philip Mantoni, Board Meeting Fax 413-787-6046 Gerald L. Michaelian, Robert P. Moynihan First week of month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 33.6% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2039 • Unfunded Liability $550.9 M • Total Pension Appropriation (Fiscal 2011) $36.0 M
Active Retired • Number of Members 3,244 2,818 • Total Payroll/Benefit $124.1 M $57.8 M • Average Salary/Benefit $38,300 $20,500 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 71 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/23/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $82.47 M $(43.55 M) $77.63 M Annual Disbursements $59.89 M $59.10 M $57.57 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 430 Number Who Reported Earnings 111 Number of Excess Earners 12 Total Amount of Refund Due $149,896.01
2010 Return 13.10% 2010 Target 7.60% 2010 Market Value $249.1 M 2006-2010 (Annualized) 3.80% 1985-2010 (Annualized) 8.41%
PERAC ANNUAL REPORT 2010 | 99 Boston Office Regional Office Board Members Board Administrator State One Ashburton Place 436 Dwight Street Treasurer Steven Grossman Nicola Favorito, Esq. Room 1219 Room 109A (Chairperson), Christopher S. Board Meeting Boston, MA 02108 Springfield, MA 01103 Condon, Pat Deal, Last Thursday of each month Phone 617-367-7770 Phone 413-730-6135 Theresa McGoldrick, Esq., Fax 617-723-1438 Fax 413-730-6139 Ralph White
Funded Ratio (1987-2011) ACTUARIAL • Funded Ratio 81.0% 100% • Date of Last Valuation 01/11 80% • Actuary PERAC • Assumed Rate of Return 8.25% 60% • Funding Schedule 4.0% Increasing 40% • Year Fully Funded 2040 • Unfunded Liability $5.0 B 20% • Total Pension Appropriation (Fiscal 2011) $431.2 M
0% 87 89 91 93 95 97 99 01 03 05 07 09 11 Active Retired • Number of Members 86,586 53,627 • Total Payroll/Benefit $4.8 B $1.4 B • Average Salary/Benefit $55,500 $26,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 72 • Average Service 13.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Billions)
AUDIT
Date of Last Audit 02/28/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $3.37 B $(5.69 B) $3.48 B Annual Disbursements $1.49 B $1.43 B $1.40 B
EARNED INCOME OF DISABILITY RETIREES (2009) AssetAsset Allocation Allocation (12/31/10) See page 118 for PRIT asset allocation chart. Number of Disability Retirees 3,706 Number Who Reported Earnings 826 Number of Excess Earners 41 Total Amount of Refund Due $270,999.99
2010 Return 13.71% 2010 Target 7.60% 2010 Market Value $19.1 B 2006-2010 (Annualized) 4.34% 1985-2010 (Annualized) 9.75%
100 | PERAC ANNUAL REPORT 2010 One Charles Park Board Members Board Administrator State Teachers Cambridge, MA 02142-1206 Jeff Wulfson (Chairperson), Joan Schloss Treasurer Steven Grossman, Emily Cousens, New Board Name Phone 617-679-MTRS (6877) Board Meeting Fax 617-679-1661 Auditor Suzanne M. Bump, John A. M. Dow, Jr., Last Friday of the month (Effective May 15, 2006): Nicola Favorito, Ellen T. Hargraves, Massachusetts Teachers Karen A. Mitchell, Linda M. Ruberto
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 63.0% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $12.5 B • Total Pension Appropriation (Fiscal 2011) $855.2 M
Active Retired • Number of Members 88,673 53,951 • Total Payroll/Benefit $5.5 B $2.0 B • Average Salary/Benefit $62,100 $37,100 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 44 70 • Average Service 12.8 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Billions)
AUDIT
Date of Last Audit 04/20/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $4.38 B $(5.90 B) $4.14 B Annual Disbursements $2.23 B $2.10 B $2.01 B
EARNED INCOME OF DISABILITY RETIREES (2009) AssetAsset Allocation Allocation (12/31/10) See page 118 for PRIT asset allocation chart. Number of Disability Retirees 745 Number Who Reported Earnings 128 Number of Excess Earners 5 Total Amount of Refund Due $65,331.97
2010 Return 13.72% 2010 Target 7.60% 2010 Market Value $21.0 B 2006-2010 (Annualized) 4.34% 1985-2010 (Annualized) 9.76%
PERAC ANNUAL REPORT 2010 | 101 Town Hall Board Members Board Administrator Stoneham 35 Central Street Janice T. Houghton (Chairperson), Karen DeAngelis Stoneham, MA 02180-2087 Cosmo M. Ciccarello, Ronald Florino, Board Meeting Phone 781-279-2635 James J. McDermott, Jr., Elsie M. Wallace Last Tuesday of each month at 2:00 pm Fax 781-438-6906
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 65.5% 100% • Date of Last Valuation 01/09 80% • Actuary Buck Consultants • Assumed Rate of Return 8.00% 60% • Funding Schedule 3.5% Increasing 40% • Year Fully Funded 2023 • Unfunded Liability $28.7 M 20% • Total Pension Appropriation (Fiscal 2011) $4.1 M
0% 88 90 92 94 96 98 00 02 04 06 08 10 Active Retired • Number of Members 262 300 • Total Payroll/Benefit $11.8 M $5.9 M • Average Salary/Benefit $45,000 $19,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 75 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 04/09/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $13.20 M $13.90 M Annual Disbursements $6.49 M $6.06 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 26 Number Who Reported Earnings 5 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.73% 2010 Target 7.60% 2010 Market Value $56.6 M 2006-2010 (Annualized) 4.35% 1985-2010 (Annualized) 8.97%
102 | PERAC ANNUAL REPORT 2010 Town Hall Board Members Board Administrator Swampscott 22 Monument Avenue Francis E. Delano, Jr., (Chairperson), Jeanne Darcy Swampscott, MA 01907 John F. Behen, Jr., David Castellarin, Board Meeting Phone 781-596-8827 Thomas H. Driscoll, Jr., Esq., John T. Kiely, Jr. Generally the third Tuesday of each month Fax 781-596-8899 at 8:00 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 46.6% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2034 • Unfunded Liability $36.5 M • Total Pension Appropriation (Fiscal 2011) $3.5 M
Active Retired • Number of Members 241 212 • Total Payroll/Benefit $10.7 M $4.4 M • Average Salary/Benefit $44,600 $20,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 12.1 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 12/18/09 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(3.11 M) $7.19 M Annual Disbursements $5.22 M $4.90 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 30 Number Who Reported Earnings 7 Number of Excess Earners 1 Total Amount of Refund Due $27,908.16
2010 Return 10.35% 2010 Target 8.00% 2010 Market Value $30.6 M 2006-2010 (Annualized) 3.63% 1985-2010 (Annualized) 9.22%
PERAC ANNUAL REPORT 2010 | 103 40 Dean Street, Unit 3 Board Members Board Administrator Taunton Taunton, MA 02780 Ann Marie Hebert (Chairperson), Paul J. Slivinski Phone 508-821-1052 Richard T. Avila, Peter H. Corr, Gill E. Enos, Board Meeting Fax 508-821-1063 A. Joan Ventura Varies
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 67.3% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2023 • Unfunded Liability $95.8 M • Total Pension Appropriation (Fiscal 2011) $13.2 M
Active Retired • Number of Members 1,252 753 • Total Payroll/Benefit $53.5 M $17.0 M • Average Salary/Benefit $42,800 $22,500 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 71 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 09/17/08 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $31.22 M $35.11 M $23.72 M Annual Disbursements $17.29 M $16.40 M $14.84 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 98 Number Who Reported Earnings 19 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 15.50% 2010 Target 8.00% 2010 Market Value $188.6 M 2006-2010 (Annualized) 5.14% 1985-2010 (Annualized) 9.91%
104 | PERAC ANNUAL REPORT 2010 1 Lafayette Street Board Members Board Administrator Wakefield Wakefield, MA 01880 Kevin Gill (Chairperson), Daniel Calore, Cathy Cheek Phone 781-246-6396 Richard J. DeFelice, Philip Rogers, Sr., Board Meeting Fax 781-246-2400 Daniel Sherman Third Thursday of each month
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 68.4% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2038 • Unfunded Liability $39.5 M • Total Pension Appropriation (Fiscal 2011) $3.7 M
Active Retired • Number of Members 427 355 • Total Payroll/Benefit $19.4 M $7.7 M • Average Salary/Benefit $45,400 $21,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 13 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 07/20/09 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(23.87 M) $16.73 M $18.76 M Annual Disbursements $8.12 M $7.44 M $6.91 M
EARNED INCOME OF DISABILITY RETIREES (2009) AssetAsset Allocation Allocation (12/31/10) (12/31/10) Number of Disability Retirees 42 Number Who Reported Earnings 10 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.71% 2010 Target 7.60% 2010 Market Value $84.8 M 2006-2010 (Annualized) 4.31% 1985-2010 (Annualized) 9.99%
PERAC ANNUAL REPORT 2010 | 105 610 Main Street Board Members Board Administrator Waltham Waltham, MA 02452 William R. MacDonald (Chairperson), Joseph F. Juppé Phone 781-314-3230 John J. Gorman, Thomas J. Magno, Board Meeting Fax 781-314-3236 Dennis P. Quinn, William F. Wiggin Varies
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.5% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2032 • Unfunded Liability $118.5 M • Total Pension Appropriation (Fiscal 2011) $14.1 M
Active Retired • Number of Members 847 766 • Total Payroll/Benefit $47.4 M $20.6 M • Average Salary/Benefit $56,000 $26,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 73 • Average Service 13.7 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 10/03/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $31.55M $(24.05 M) $33.15 M Annual Disbursements $21.02 M $20.72 M $20.66 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 106 Number Who Reported Earnings 27 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.94% 2010 Target 7.60% 2010 Market Value $151.0 M 2006-2010 (Annualized) 3.00% 1985-2010 (Annualized) 8.69%
106 | PERAC ANNUAL REPORT 2010 P. O. Box 199 Board Members Board Administrator Watertown 149 Main Street Thomas V. Thibaut, Jr. (Chairperson), Barbara A. Sheehan Watertown, MA 02471-0199 Domenic Arone, James I. Bean, Board Meeting Phone 617-972-6456, 888-972-6456 (toll free) John T. Loughran, Thomas J. Tracy Varies Fax 617-923-3531
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.3% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2022 • Unfunded Liability $66.5 M • Total Pension Appropriation (Fiscal 2011) $8.6 M
Active Retired • Number of Members 475 414 • Total Payroll/Benefit $25.4 M $10.0 M • Average Salary/Benefit $53,500 $24,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 75 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 02/23/11 Period Covered 01/01/08-12/31/09
2009 2008 Annual Receipts $20.87 M $(13.66 M) Annual Disbursements $10.97 M $10.81 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 60 Number Who Reported Earnings 13 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.74% 2010 Target 8.00% 2010 Market Value $92.9 M 2006-2010 (Annualized) 4.12% 1985-2010 (Annualized) 8.42%
PERAC ANNUAL REPORT 2010 | 107 Municipal Building Board Members Board Administrator Webster 350 Main Street, Suite 5 Daniel Bonnette (Chairperson), Gerry Wentworth Webster, MA 01570 Eleanor P. Doros, Paul J. Minarik, Board Meeting Phone 508-949-3800, ext.1022 Louis T. Polletta, Pamela A. Regis Third Wednesday of each month Fax 508-949-3826
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 49.3% • Date of Last Valuation 01/10 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2027 • Unfunded Liability $21.1 M • Total Pension Appropriation (Fiscal 2011) $2.2 M
Active Retired • Number of Members 242 130 • Total Payroll/Benefit $8.2 M $2.2 M • Average Salary/Benefit $34,100 $17,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 46 73 • Average Service 11.8 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 04/09/09 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $3.98 M $4.36 M Annual Disbursements $2.42 M $2.57 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 13 Number Who Reported Earnings 3 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 14.78% 2010 Target 9.71% 2010 Market Value $20.7 M 2006-2010 (Annualized) 4.54% 1985-2010 (Annualized) 8.14%
108 | PERAC ANNUAL REPORT 2010 Town Hall Board Members Board Administrator Wellesley 525 Washington Street David N. Kornwitz (Chairperson), Laurie A. Lizak Wellesley, MA 02482 Bryan Allen, Timothy Furdon, Board Meeting Phone 781-431-1019, ext. 2216 or 2217 Derek B. Knight, Sheryl Strother Third or fourth Tuesday of the month at Fax 781-239-1043 7:30 am
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 86.7% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $19.9 M • Total Pension Appropriation (Fiscal 2011) $2.0 M
Active Retired • Number of Members 663 402 • Total Payroll/Benefit $32.1 M $8.6 M • Average Salary/Benefit $48,300 $21,300 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 46 NA • Average Service 10.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 04/07/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(37.84 M) $13.86 M $22.88 M Annual Disbursements $9.96 M $9.94 M $9.51 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 29 Number Who Reported Earnings 7 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.66% 2010 Target 7.60% 2010 Market Value $117.4 M 2006-2010 (Annualized) 3.57% 1985-2010 (Annualized) 10.37%
PERAC ANNUAL REPORT 2010 | 109 26 Central Street Board Members Board Administrator West Suite 26 Raymond N. Spear (Chairperson), Ann Wojcik Springfield West Springfield, MA 01089-2766 Gerard P. Connor, Jr., Stephen P. Hayes, Board Meeting Phone 413-263-3013 and 3201 Richard S. Sullivan, Sharon Wilcox Varies Fax 413-263-3198
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 57.9% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 3.32% Increasing • Year Fully Funded 2030 • Unfunded Liability $49.5 M • Total Pension Appropriation (Fiscal 2011) $5.2 M
Active Retired • Number of Members 564 363 • Total Payroll/Benefit $21.8 M $6.1 M • Average Salary/Benefit $38,600 $16,900 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 73 • Average Service 12.0 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/13/09 Period Covered 01/01/05-12/31/07
2007 2006 2005 Annual Receipts $12.60 M $12.37 M $9.27 M Annual Disbursements $6.63 M $6.47 M $6.20 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 41 Number Who Reported Earnings 13 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.51% 2010 Target 8.00% 2010 Market Value $67.0 M 2006-2010 (Annualized) 3.42% 1985-2010 (Annualized) 8.08%
110 | PERAC ANNUAL REPORT 2010 P. O. Box 106 Board Members Board Administrator Westfield 59 Court Street Kevin J. Regan (Chairperson), John E. Kane, Lynn E. Rea Westfield, MA 01086-0106 Richard F. Russell, Michael Sacco, Esq., Board Meeting Phone 413-572-6239 Deborah A. Strycharz Third Thursday of each month at 3:00 pm Fax 413-572-6290
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 63.5% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 4.5% Increasing • Year Fully Funded 2024 • Unfunded Liability $70.6 M • Total Pension Appropriation (Fiscal 2011) $7.0 M
Active Retired • Number of Members 931 541 • Total Payroll/Benefit $35.2 M $9.6 M • Average Salary/Benefit $37,800 $17,800 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 48 72 • Average Service 12.5 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 10/26/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $32.90 M $(24.94 M) $19.31 M Annual Disbursements $11.80 M $11.29 M $10.77 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 55 Number Who Reported Earnings 13 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.40% 2010 Target 8.50% 2010 Market Value $141.8 M 2006-2010 (Annualized) 4.14% 1985-2010 (Annualized) 8.68%
PERAC ANNUAL REPORT 2010 | 111 807 Broad Street Board Members Board Administrator Weymouth Weymouth, MA 02189 Greg Hargadon (Chairperson), Jo-Ann Anti Phone 781-331-8721 Joseph L. Davis, Richard Hayes, Board Meeting Fax 781-331-3005 Edward Masterson, Richard E. Swanson Third Tuesday of each month, unless other- wise posted
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 58.0% • Date of Last Valuation 01/10 • Actuary Stone • Assumed Rate of Return 8.00% • Funding Schedule 3.69% Increasing • Year Fully Funded 2030 • Unfunded Liability $87.3 M • Total Pension Appropriation (Fiscal 2011) $8.4 M
Active Retired • Number of Members 804 640 • Total Payroll/Benefit $33.4 M $13.7 M • Average Salary/Benefit $41,500 $21,400 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 74 • Average Service 11.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/04/10 Period Covered 01/01/06-12/31/08
2008 2007 2006 Annual Receipts $(28.32 M) $21.84 M $30.15 M Annual Disbursements $14.48 M $14.05 M $13.80 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 95 Number Who Reported Earnings 26 Number of Excess Earners 2 Total Amount of Refund Due $6,494.11
2010 Return 14.52% 2010 Target 8.00% 2010 Market Value $135.1 M 2006-2010 (Annualized) 4.59% 1985-2010 (Annualized) 10.27%
112 | PERAC ANNUAL REPORT 2010 71 Mount Vernon Street Board Members Board Administrator Winchester Winchester, MA 01890 Brian Keveny, Chairperson), Paul J. DeLuca, Karen Manchuso Phone 781-721-7127 James B. Gray, George F. Morrissey, Board Meeting Fax 781-721-7156 William Zink Varies
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 76.0% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.00% • Funding Schedule 1.5% Increasing • Year Fully Funded 2030 • Unfunded Liability $23.4 M • Total Pension Appropriation (Fiscal 2011) $3.5 M
Active Retired • Number of Members 352 293 • Total Payroll/Benefit $16.9 M $5.4 M • Average Salary/Benefit $48,000 $18,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 49 75 • Average Service 12.3 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/11/10 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $17.24 M $(17.73 M) $13.76 M Annual Disbursements $6.21 M $6.46 M $6.08 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 32 Number Who Reported Earnings 7 Number of Excess Earners 1 Total Amount of Refund Due $44,111.15
2010 Return 9.17% 2010 Target 8.25% 2010 Market Value $80.9 M 2006-2010 (Annualized) 4.09% 1985-2010 (Annualized) 9.47%
PERAC ANNUAL REPORT 2010 | 113 Town Hall Board Members Board Administrator Winthrop 1 Metcalf Square Michael Bertino (Chairperson), Barbara O’Brien Winthrop, MA 02152 Francis Carberry, Eric Cocca, Board Meeting Phone 617-539-5750 Michael McManus, Brian Perrin Last Monday of the month at 5:30 pm Fax 617-539-0820
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 62.9% • Date of Last Valuation 01/09 • Actuary PERAC • Assumed Rate of Return 8.25% • Funding Schedule 2.0% Increasing • Year Fully Funded 2028 • Unfunded Liability $19.5 M • Total Pension Appropriation (Fiscal 2011) $2.6 M
Active Retired • Number of Members 241 173 • Total Payroll/Benefit $10.1 M $2.8 M • Average Salary/Benefit $41,800 $16,200 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 51 74 • Average Service 13 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 06/14/10 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(7.26 M) $7.87 M Annual Disbursements $3.54 M $3.48 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 21 Number Who Reported Earnings 3 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 12.84% 2010 Target 7.60% 2010 Market Value $36.6 M 2006-2010 (Annualized) 4.21% 1985-2010 (Annualized) 8.84%
114 | PERAC ANNUAL REPORT 2010 City Hall, Second Floor Board Members Board Administrator Woburn 10 Common Street Gerald W. Surette (Chairperson), Maureen T. Marcucci Woburn, MA 01801-4139 Denis P. Devine, A. John Flaherty, Board Meeting Phone 781-897-5820 Michael J. Gorman, Marilou E. Lundin Varies Fax 781-897-5824
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 67.9% • Date of Last Valuation 01/10 • Actuary Buck Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2035 • Unfunded Liability $49.6 M • Total Pension Appropriation (Fiscal 2011) $4.7 M
Active Retired • Number of Members 570 402 • Total Payroll/Benefit $27.4 M $7.9 M • Average Salary/Benefit $48,100 $19,600 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age NA 74 • Average Service NA NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 12/05/08 Period Covered 01/01/06-12/31/07
2007 2006 Annual Receipts $17.78 M $19.05 M Annual Disbursements $9.66 M $9.34 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 34 Number Who Reported Earnings 8 Number of Excess Earners 0 Total Amount of Refund Due $0
2010 Return 13.93% 2010 Target 8.08% 2010 Market Value $101.0 M 2006-2010 (Annualized) 5.17% 1985-2010 (Annualized) 9.59%
PERAC ANNUAL REPORT 2010 | 115 City Hall, Room 103 Board Members Board Administrator Worcester 455 Main Street James DelSignore (Chairperson), Elizabeth A. Early Worcester, MA 01608 Elizabeth A. Early, John F. Mahan, Board Meeting Phone 508-799-1062 Thomas M. Wade, Stephen F. Wentzell Second and Third Thursday of each month Fax 508-799-1047
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 68.8% • Date of Last Valuation 01/10 • Actuary Segal • Assumed Rate of Return 8.25% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $308.2 M • Total Pension Appropriation (Fiscal 2011) $29.8 M
Active Retired • Number of Members 3,262 2,774 • Total Payroll/Benefit $158.6 M $57.6 M • Average Salary/Benefit $48,600 $20,700 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 NA • Average Service 14 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 08/20/09 Period Covered 01/01/07-12/31/08
2008 2007 Annual Receipts $(168.65 M) $108.07 M Annual Disbursements $63.57 M $64.29 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 475 Number Who Reported Earnings 77 Number of Excess Earners 3 Total Amount of Refund Due $5,599.50
2010 Return 13.76% 2010 Target 8.31% 2010 Market Value $680.3 M 2006-2010 (Annualized) 4.53% 1985-2010 (Annualized) 9.22%
116 | PERAC ANNUAL REPORT 2010 Midstate Office Park Board Members Board Administrator Worcester 23 Midstate Drive, Suite 106 Kevin P. Blanchette (Chairperson), Colleen M. Canty Regional Auburn, MA 01501 Carol A. Baron, Michael J. Donoghue, Board Meeting Phone 508-832-6314 Eugene Durgin, Pauline Lajoie Usually last Tuesday of each month Fax 508-832-6318
Funded Ratio (1987-2010) ACTUARIAL • Funded Ratio 48.0% • Date of Last Valuation 01/10 • Actuary Ricci Consultants • Assumed Rate of Return 8.00% • Funding Schedule 4.0% Increasing • Year Fully Funded 2040 • Unfunded Liability $449.0 M • Total Pension Appropriation (Fiscal 2011) $31.2 M
Active Retired • Number of Members 6,236 2,901 • Total Payroll/Benefit $242.0 M $43.5 M • Average Salary/Benefit $38,800 $15,000 Investment Return (2006-2010, 5 Year and 26 Year Averages) • Average Age 47 73 • Average Service 9.6 years NA
10-YEAR HISTORY OF APPROPRIATIONS (IN THOUSANDS)
Asset Growth (2001-2010) (Market Value in Millions)
AUDIT
Date of Last Audit 03/16/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $97.37 M $(61.63 M) $76.60 M Annual Disbursements $50.61 M $64.04 M $49.87 M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 214 Number Who Reported Earnings 61 Number of Excess Earners 3 Total Amount of Refund Due $10,396.58
2010 Return 12.20% 2010 Target 7.60% 2010 Market Value $394.3 M 2006-2010 (Annualized) 2.74% 1985-2010 (Annualized) 8.23%
PERAC ANNUAL REPORT 2010 | 117 84 State Street Board Members Dana Pullman, Paul Shanley PRIM Suite 250 Treasurer Steven Grossman (Chairperson), Executive Director Boston, MA 02109 Alexander E. Aikens, III, C. LaRoy Brantley, Michael Trotsky Phone 617-946-8401 Robert Brousseau, , John A. M. Dow, Theresa Board Meeting Fax 617-946-8475 McGoldrick, Esq., Greg Mennis, Every other month, day and date varies
FundedInvestment Ratio (1987-2010) Return (2006-2010, 5 Year and 26 Year Averages)
InvestmentAsset Growth Return (2001-2010) (2006-2010, (Market 5 Year Valueand 26 in Year Billions) Averages)
2010 Return 13.55% 2010 Target 7.60% 2010 Market Value $48.3 B 2006-2010 (Annualized) 4.21% 1985-2010 (Annualized) 9.87%
AssetAsset Growth Allocation (2001-2010) (Market (12/31/10) Value in Millions)
AUDIT
Date of Last Audit 02/16/11 Period Covered 01/01/07-12/31/09
2009 2008 2007 Annual Receipts $00.00M $00.00M $00.00M Annual Disbursements $00.00M $00.00M $00.00M
EARNED INCOME OF DISABILITY RETIREES (2009) Asset Allocation (12/31/10) Number of Disability Retirees 7 Number Who Reported Earnings 4 Number of Excess Earners 0 Total Amount of Refund Due 0.00
2010 Return 0% 2010 Target 0% 2010 Market Value 0M 2006-2010 (Annualized) 0% 1985-2010 (Annualized) 0%
118 | PERAC ANNUAL REPORT 2010 Disability Retirement ApprovalsDisability Nurse CME Reviews Accidental Death ApprovalsPhysician CME/RTS Reviews Disability Retirement Statistics Disability Panel Requests as of 12/31/10
Retirement Boards with 40–399 Active Members Adams Retirement Board 1 1 0 1 0 Amesbury Retirement Board 0 1 0 2 0 Athol Retirement Board 0 0 0 6 0 Blue Hills Regional School Retirement Board 0 0 0 0 0 Clinton Retirement Board 1 0 0 3 0 Easthampton Retirement Board 0 1 0 0 0 Fairhaven Retirement Board 3 0 0 3 0 Gardner Retirement Board 0 0 0 3 0 Greater Lawrence Sanitary District Retirement Board 0 0 0 0 0 Greenfield Retirement Board 1 0 0 3 0 Hull Retirement Board 2 1 0 3 0 Marblehead Retirement Board 0 1 2 3 0 Mass Housing Finance Agency Retirement Board 0 0 0 0 0 Maynard Retirement Board 0 1 0 1 0 Milton Retirement Board 2 3 1 3 0 Minuteman Regional School District Retirement Board 0 0 0 0 0 Montague Retirement Board 0 0 0 3 0 Newburyport Retirement Board 0 0 1 2 0 North Adams Retirement Board 0 0 1 3 0 Northbridge Retirement Board 2 0 0 3 0 Reading Retirement Board 2 1 0 2 1 Saugus Retirement Board 2 3 0 2 0 Southbridge Retirement Board 0 0 0 3 0 Stoneham Retirement Board 2 1 1 2 0 Swampscott Retirement Board 1 1 0 4 1 Webster Retirement Board 0 0 0 2 0 Winchester Retirement Board 0 0 0 2 0 Winthrop Retirement Board 2 0 0 2 0
Retirement Boards with 400–599 Active Members Belmont Retirement Board 3 3 0 6 1 Beverly Retirement Board 1 1 0 4 0 Concord Retirement Board 0 0 1 3 1 Danvers Retirement Board 0 0 1 1 0 Dedham Retirement Board 2 2 0 1 0 Fitchburg Retirement Board 4 2 0 10 2 Gloucester Retirement Board 0 0 1 6 0 Hingham Retirement Board 0 0 0 2 0 Leominster Retirement Board 0 1 0 4 0 Lexington Retirement Board 1 1 0 4 1
PERAC ANNUAL REPORT 2010 | 119 Disability Retirement Approvals Disability Nurse CME Reviews Disability Retirement Statistics Accidental Death ApprovalsPhysician CME/RTS Reviews as of 12/31/10 Disability Panel Requests
Melrose Retirement Board 3 0 0 6 0 Milford Retirement Board 1 0 0 5 0 Natick Retirement Board 1 0 0 2 0 North Attleboro Retirement Board 2 4 0 4 0 Norwood Retirement Board 5 2 0 7 0 Revere Retirement Board 6 3 0 9 0 Wakefield Retirement Board 2 0 0 6 0 Watertown Retirement Board 2 4 1 3 0 West Springfield Retirement Board 1 0 0 5 0 Woburn Retirement Board 0 1 2 1 0
Retirement Boards with 600-899 Active Members Andover Retirement Board 4 2 0 3 0 Arlington Retirement Board 2 4 1 9 0 Attleboro Retirement Board 2 2 0 3 0 Braintree Retirement Board 2 1 1 3 0 Chelsea Retirement Board 2 2 0 7 0 Dukes County Retirement Board 1 0 0 5 0 Everett Retirement Board 7 7 0 7 1 Falmouth Retirement Board 3 1 0 10 0 Malden Retirement Board 4 5 1 13 0 Marlborough Retirement Board 2 0 0 2 1 Medford Retirement Board 6 6 1 14 1 Methuen Retirement Board 1 1 0 8 0 Needham Retirement Board 2 3 0 2 0 Northampton Retirement Board 3 2 0 8 0 Peabody Retirement Board 2 0 3 3 0 Salem Retirement Board 3 2 0 12 0 Shrewsbury Retirement Board 0 0 1 3 1 Waltham Retirement Board 0 2 1 11 0 Wellesley Retirement Board 3 1 0 4 0 Weymouth Retirement Board 7 5 0 11 1
Retirement Boards with 900-2,399 Active Members Berkshire County Retirement Board 1 0 0 4 0 Brockton Retirement Board 7 10 4 23 0 Brookline Retirement Board 9 12 2 18 1 Chicopee Retirement Board 5 3 1 9 1 Fall River Retirement Board 16 7 1 32 0 Framingham Retirement Board 3 0 1 13 0 Franklin Regional Retirement Board 1 1 0 4 0
120 | PERAC ANNUAL REPORT 2010 Disability Retirement ApprovalsDisability Nurse CME Reviews Disability Retirement Statistics Accidental Death ApprovalsPhysician CME/RTS Reviews as of 12/31/10 Disability Panel Requests
Haverhill Retirement Board 7 5 0 15 0 Holyoke Retirement Board 6 4 0 17 1 Lawrence Retirement Board 7 7 2 9 0 Lowell Retirement Board 13 13 1 30 2 Lynn Retirement Board 12 10 1 27 1 Massport Authority Retirement Board 5 1 0 13 0 Mass Water Resources Authority Retirement Board 2 2 0 21 0 New Bedford Retirement Board 17 11 0 37 0 Newton Retirement Board 4 4 0 21 1 Pittsfield Retirement Board 2 1 2 4 2 Plymouth Retirement Board 3 1 0 14 0 Quincy Retirement Board 4 3 1 18 2 Somerville Retirement Board 7 7 1 13 1 Taunton Retirement Board 1 2 0 15 0 Westfield Retirement Board 2 1 0 3 2
Retirement Boards with 2,400-10,000 Active Members Barnstable County Retirement Board 12 12 3 53 2 Bristol County Board of Retirement 8 7 3 50 1 Cambridge Retirement Board 12 10 3 35 1 Essex Regional Retirement Board 5 2 0 17 1 Hampden County Regional Retirement Board 4 5 0 13 1 Hampshire County Retirement Board 5 3 1 13 0 Middlesex County Retirement Board 23 12 3 50 1 Norfolk County Retirement Board 12 11 2 45 0 Plymouth County Retirement Board 14 16 0 49 0 Springfield Retirement Board 28 30 1 71 5 Worcester Retirement Board 13 10 4 48 1 Worcester Regional Retirement Board 20 6 2 31 0
Retirement Boards with 20,500-90,000 Active Members Boston Retirement Board 83 93 10 231 2 State Retirement Board 191 135 12 629 9 State Teachers Retirement Board 31 32 0 68 1
Total All Retirement Boards 706 574 82 2051 51
Restoration to Service Statistics (Provided for those boards where a disability retiree has returned to work.)
• Lynn Retirement Board 1 • Medford Retirement Board 1 • New Bedford Retirement Board 1 • Plymouth Retirement Board 1 • Somerville Retirement Board 1 • Springfield Retirement Board 2 • State Retirement Board 2
PERAC ANNUAL REPORT 2010 | 121 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.
Adams Domestic Equity Domestic Fixed Income • Granite Investment Advisors • Granite Investment Advisors International Equity Custodian • EuroPacific Growth Fund • State Street
Amesbury • PRIT
Andover • PRIT
Arlington Alternative Investments Custodian • Wilshire Private Markets Fund IV & VII • State Street General Allocation • PRIT
Athol • PRIT
Attleboro Domestic Equity • SSgA MSCI ACWI ex-US Index NL Fund Hedge Funds • PRIT • Boston Advisors, Inc. Domestic Fixed Income • Daruma Asset Management, Inc. • Pyramis Core Plus Commingled Pool Consultant • Frontier Mid Cap Growth Fund • Dahab Associates • RhumbLine S&P 500 Pooled Index Fund Real Estate • INVESCO Core Real Estate Fund Custodian International Equity • INVESCO IRT Equity Real Estate Securities • State Street • Artio International Equity Fund II Fund
Barnstable Real Estate General Allocation County • Allegis Value Trust (AVT) Fund • PRIT • Intercontinental Real Estate Investment Fund Consultant IV, LLC • Segal Advisors
Belmont Domestic Equity Real Estate Consultant • Atlanta Capital Management Company, LLC • AEW Partners VI, L.P. • New England Pension Consultants • Rothschild Large Cap Value Fund • PRIT Custodian International Equity General Allocation • State Street • Artio International Equity Trust Fund • PRIT Domestic Fixed Income Alternative Investments • Frontegra Total Return Bond Fund • Dover Street VII, L.P. • PRIT Global Fixed Income • Delaware Pooled Trust Global Fixed Income Hedge Funds Portfolio • PRIT
Berkshire County • PRIT
122 | PERAC ANNUAL REPORT 2010 Beverly • PRIT
Blue Hills Regional • PRIT
Boston Domestic Equity Realty Partners II, L.P. • Prudential Capital Partners, L.P. • Boston Company • Dune Real Estate Fund II, L.P. • Prudential Capital Partners II • Columbia Asset Management • Hearthstone-MSII Homebuilding Investors • Sanderling Venture Partners V & VI • D.E. Shaw 130/30 Enhanced Large Cap • Hearthstone Multi-State Residential Value • SCP Private Equity Partners II, L.P. Equity Fund Added Fund III • Siguler Guff Distressed Opportunities Fund • D.E. Shaw Enhanced Long-Only Equity Fund • INVESCO Core Real Estate Fund • Siguler Guff Distressed Opportunities Fund • Enhanced Investment Technologies • J.P. Morgan Special Situation Property Fund II & III (INTECH) • LaSalle Income & Growth Fund III & V • Standard Life European Strategic Partners • J.P. Morgan Large Cap Core 130/30 Fund • Prudential Real Estate Investors (PRISA) Fund 2006 • RhumbLine S&P 500 Pooled Index Fund Fund • Sterling Capital Partners, L.P. • SSgA Russell 2000 Growth Index SL Fund • Prudential Real Estate Senior Housing • Sterling Capital Partners II & III • SSgA Russell 3000 Index SL Fund Partners III • Sterling Venture Partners, LLC • Westfield Capital Management • TA Realty Associates Fund IX • TH Lee Putnam Parallel Ventures, L.P. Company, LLC • Transwestern Mezzanine Realty Partners III • Thomas H. Lee Equity Advisors IV, LLC • Zevenbergen Capital • Urdang Value Added Fund II • Thomas H. Lee Equity Fund V & VI, L.P. • WCP Real Estate Fund II, L.P. • Thomas Weisel Global Growth Partners II International Equity • Vanguard VI Annex Fund, L.P. • Alliance Bernstein Emerging Markets Value Alternative Investments • Vanguard VII, L.P. Account • Aladdin Credit Offshore Fund I, L.P. • Venture Lending & Leasing III, IV, V & VI • Boston Company • Ascent Venture Partners III, L.P. • W Capital Partners II, L.P. • Fisher Investments Foreign Equity Fund • Audax Mezzanine Fund, L.P. • PanAgora Asset Management • Audax Mezzanine Fund II & III Hedge Fund • Vontobel Asset Management • Blue Point Capital Partners, L.P. • Arden Endowment Advisors Fund • Blue Point Capital Partners II, L.P. • Federal Street Associates Offshore Domestic Fixed Income • Boston Millennia Partners II, L.P. Fund, Ltd. • Fountain Capital Management, LLC • Commonwealth Capital Ventures III • GAM U.S. Institutional Diversity Fund • Loomis Sayles Senior Loan Fund, LLC • European Strategic Partners I, L.P. • IVY Asset Mgmt—Maplewood Associates • RhumbLine Core Bond Pooled Index Fund • Evercore Capital Partners II, L.P. II, L.P. • Richmond Capital Management • J.W. Childs Equity Partners III, L.P. • Mesirow Absolute Return Fund • SSgA U.S. Aggregate Bond Index SL Fund • Lexington Capital Partners V, VI & VII, L.P. (Institutional) Ltd. Class J • Wells Capital Management, Inc. • Lexington Middle Market Investors, L.P. • Permal Fixed Income Holdings N.V. International Fixed Income • Lexington Middle Market Investors II, L.P. Consultant • Loomis, Sayles & Company, L.P. • Monitor Clipper Equity Partners, L.P. • New England Pension Consultants Real Estate • MPM BioVentures III & IV, L.P. Custodian • AEW Partners V, L.P. • New England Growth Fund II, L.P. • State Street • Arsenal Real Estate Fund IA, L.P. • Perella Weinberg Partners ABV Opportunity • Capmark Investments / GMAC Commercial Fund II
Braintree Domestic Equity Alternative Investments Consultant • SSgA S&P 500 Flagship SL Fund • Lexington Capital Partners VII, L.P. • New England Pension Consultants Domestic Fixed Income Real Estate Custodian • Loomis Sayles Investment Grade Fixed • PRIT • State Street Income Fund General Allocation • SSgA U.S. Aggregate Bond Index SL Fund • PRIT International Equity Hedge Funds • Boston Company Non-US Value Equity Fund • PRIT
PERAC ANNUAL REPORT 2010 | 123 Bristol County Domestic Equity • PIMCO Diversified Real Return Fund Program III & IV • Earnest Partners, LLC • SSgA U.S. Aggregate Bond Index SL Fund • Charles River Partnership IX, X, & XI • DCM Private Equity Fund II • INTECH Large Cap Growth Equity Fund Global Fixed Income • DN Partners, L.P. • LSV Asset Management • Delaware Pooled Trust Global Fixed Income • DN Partners II, L.P. • Rice Hall James & Associates Portfolio • UBS US Large Cap Equity Fund • Mesirow Financial Private Equity Real Estate Partnership Fund V International Equity • BlackRock Apartment Value Fund III, L.P. • New England Growth Fund II, L.P. • Arrowstreet Capital, L.P. • Hancock ForesTree IV & V, L.P. • Senior Tour Players Fund I • Lazard Emerging Markets Equity Portfolio • New Boston Institutional Fund, L.P. VI Hedge Funds • MFS Institutional International Equity Fund • RREEF America REIT II • PRIT • RBC GAM International Fund • SSgA Tuckerman / Residential Income and Domestic Fixed Income Value Added (RIVA) Fund Consultant • Alliance Bernstein Legacy Securities • TA Realty Associates Fund VII • Rogerscasey Portfolio Alternative Investments Custodian • Income Research & Management • BlackRock Diversified Private Equity • State Street • INVESCO Mortgage Recovery Fund
Brockton Domestic Equity International/Global Fixed Income • DMR Mortgage Opportunity Companion • Boston Company Asset Management • Delaware Pooled Trust International Fixed Fund • D.E. Shaw U.S. Large Cap Core Enhanced Income Portfolio • FLAG Energy & Resources II, L.P. Special Fund • Lazard Emerging Income Fund • HealthPoint Partners, L.P. • ICC Capital Management, Inc. • INVESCO Non-U.S. Partnership Fund III, L.P. Real Estate • ICON Advisers, Inc. • Landmark Equity Partners XIV • Arsenal Real Estate Fund IA, L.P. • RBC Global Asset Management (U.S.) Inc. • Levine Leichtman Capital Partners Deep • BlackRock Apartment Value Fund III, L.P. • Valley Forge Asset Management Corporation Value Fund, L.P. • Duff & Phelps Real Estate Securities Trust • Wellington Trust Co.-CIF Mid Cap Growth • New England Growth Fund II, L.P. • Intercontinental Real Estate Investment Portfolio • Oppenheimer Global Resource Private Fund IV, LLC Equity Fund I, L.P. International Equity • New Boston Institutional Fund, L.P. VI • WTC-CIF Diversified Inflation Hedges Fund • Acadian International Small Cap Fund • SSgA Tuckerman / Residential Income and • Boston Company Emerging Markets Pooled Value-Added (RIVA) Fund Global Balanced Fund • TA Realty Associates Fund VI • PIMCO All Asset Fund • RBC GAM International Fund Alternative Investments Consultant Domestic Fixed Income • Ascent Venture Partners II, III, IV, & V L.P. • New England Pension Consultants • Loomis, Sayles & Company, L.P. • Boston Capital Ventures III Custodian • RBC Global Asset Management (U.S.) Inc. • Charlesbank Equity Fund V • State Street
Brookline Domestic Equity • SSgA U.S. Aggregate Bond Index NL Fund • INVESCO International Partnership Fund V • Champlain Small Cap Fund, LLC • SSgA U.S. Aggregate Bond Index SL Fund • INVESCO Non-U.S. Partnership Fund III, L.P. • INVESCO U.S. Buyout & Expansion Capital • Earnest Partners, LLC Real Estate Partnership Fund III, L.P. • Enhanced Investment Technologies • AEW Value Investors II, L.P. • INVESCO U.S. Buyout Partnership Fund V (INTECH) • Hancock Timberland IX Fund • INVESCO Venture Partnership Fund III & • Rothschild Small Cap Fund • PRIT V, L.P. • SSgA S&P 500 Flagship NL Fund • Sustainable Woodlands Fund II, L.P. • Lexington Capital Partners VII, L.P. International Equity Alternative Investments • WTC-CIF Commodities Fund • Driehaus International Small Cap Growth • HarbourVest Partners VII - Buyout Hedge Funds Fund Partnership Fund L.P. • PRIT • Legg Mason Emerging Markets Trust CI • HarbourVest Partners VII - Mezzanine & • Thornburg International Equity (Q.P.), LLC Distressed Debt Fund L.P. General Allocation • Wentworth, Hauser, and Violich • HarbourVest Partners VII - Venture • PRIT Domestic Fixed Income Partnership Fund L.P. Consultant • Loomis Sayles Institutional High Income • HarbourVest Partners VIII - Buyout Fund L.P. • New England Pension Consultants Fund • HarbourVest Partners VIII - Mezzanine & • SSgA Treasury Inflation Protected Securities Distressed Debt Fund L.P. Custodian (TIPS) SL Fund • HarbourVest Partners VIII - Venture Fund L.P. • State Street
124 | PERAC ANNUAL REPORT 2010 Cambridge Domestic Equity • MacKay-Shields Financial Corporation Alternative Investments • Columbia Management Group, Inc. • Pyramis Broad Market Duration Portfolio • Ascent Venture Partners II, III, IV, & V L.P. • BlackRock Diversified Private Equity • Fred Alger Management, Inc. International Fixed Income Program II • MFS Institutional Advisors, Inc. • Brandywine Global Fixed Income Fund • Pyramis Large Cap Core 130/30 Fund • Hamilton Lane Private Equity Fund VI, LP Real Estate • SSgA Russell 2500 Growth Index Strategy Hedge Funds • AEW Partners V, L.P. • SSgA S&P 500 Flagship Fund • PRIT • WEDGE Capital Management, LLP • Carey Corporate Properties Associates Fund 15 Consultant International Equity • Hancock ForesTree V Fund • Segal Advisors • Lazard Emerging Markets Equity Portfolio • Hancock Timberland X Fund • RBC GAM International Fund Custodian • Landmark Real Estate Partners VI, LP • State Street • SSgA MSCI-EAFE Index SL Fund • Penn Square Global Real Estate Fund II Domestic Fixed Income • UBS (US) Trumbull Property Fund LP • Income Research & Management
Chelsea • PRIT
Chicopee Domestic Equity • SEI Institutional Investments Trust High • SEI Special Situations Fund • SEI Institutional Investments Trust Large Yield Bond Fund • SEI Structured Credit Fund, L.P. Cap Disciplined Equity Fund International Fixed Income Hedge Funds • SEI Institutional Investments Trust Small/ • SEI Institutional Investments Trust • PRIT Mid Cap Equity Fund Emerging Market Bond Fund • SEI Offshore Opportunities Fund II, Ltd. International Equity Real Estate Custodian • SEI Institutional Investments Trust World • BlackRock Apartment Value Fund III, L.P. • SEI Private Trust Company Equity Ex-US Fund • PRIT Domestic Fixed Income Alternative Investments • SEI Institutional Investments Trust Core • SEI Global Private Equity Fund II (2007), L.P. Fixed Income Fund
Clinton Domestic Equity Real Estate Hedge Funds • SSgA S&P 500 Flagship NL Fund • PRIT • PRIT International Equity General Allocation Consultant • SSgA All International Allocation SL Fund • PRIT • Trust Advisory Group, Ltd. Domestic Fixed Income Emerging Markets Custodian • PRIT • PRIT • State Street
Concord Domestic Equity Domestic Fixed Income General Allocation • Columbia Disciplined Value Fund • Columbia Management Group, Inc. • PRIT • Frank Russell Equity I Fund Real Estate Custodian International Equity • PRIT • Bank of America • Frank Russell International Fund Alternative Investments • PRIT
Danvers Domestic Equity Domestic Fixed Income Real Estate • Fidelity Spartan 500 Index Fund • Longfellow Investment Management • BPG Investment Partnership VIII, L.P. • Mount Lucas US Focused Equity Strategy International Equity Emerging Markets • NWQ Investment Management • GlobeFlex International Small Cap Equity • PRIT Company, LLC Fund Alternative Investments • RhumbLine Russell 1000 Growth Pooled • PRIT Index Fund • PRIT
PERAC ANNUAL REPORT 2010 | 125 Danvers Hedge Funds Consultant Custodian (continued) • PRIT • Morgan Stanley Institutional Consulting • State Street
Dedham • PRIT
Dukes County Domestic Equity Domestic Fixed Income Consultant • Eaton Vance – Atlanta Capital SMID Cap • PRIT • Dahab Associates Fund Real Estate Custodian • Navellier & Associates, Inc. • PRIT • State Street • Vanguard Value Index Fund General Allocation International Equity • PRIT • PRIT
Easthampton • PRIT
Essex Regional Real Estate Alternative Investments • BlackRock Investment Management / Vesey • BlackRock Apartment Value Fund III, L.P. • Ascent Venture Partners III, IV, & V L.P. Street Fund IV (ERISA), L.P. • BlackRock Granite Property Fund • Boston Millennia Partners, L.P. General Allocation • Intercontinental Real Estate Investment • Boston Millennia Partners II, L.P. • PRIT Fund III, LLC • Levine Leichtman Capital Partners III & • Principal Green Property Fund I, L.P. IV, L.P. Consultant • Sentinel Realty Partners IV • MTDC Commonwealth Fund Investment • Segal Advisors • TA Realty Associates Fund IX Program II Custodian • MTDC Heritage Fund • State Street
Everett • PRIT
Fairhaven • PRIT
Fall River Alternative Investments General Allocation • North American Strategic Partners 2006, L.P. • PRIT
Falmouth Domestic Equity International Fixed Income • Mesirow Financial Private Equity • Earnest Partners, LLC • Baring International Group Trust Fund F Partnership Fund IV • Siguler Guff Distressed Opportunities • Eaton Vance Large Cap Growth Fund Real Estate Fund III • Lee Munder Mid Cap Core Collective Fund • Intercontinental Real Estate Investment • RhumbLine Russell 1000 Value Pooled Fund III, LLC Hedge Funds Index Fund • Metropolitan Real Estate Equity • PRIT • Seizert Capital Partners Management / MREP 2008 Distressed Co- Consultant International Equity Investment Fund, L.P. • Wainwright Investment Counsel, LLC • Denver International Small Cap Equity Fund • Principal U.S. Property Account • INVESCO IRT International Equity Fund Custodian Alternative Investments • State Street Domestic Fixed Income • INVESCO Non-U.S. Partnership Fund III, L.P. • SSgA U.S. Aggregate Bond Index Strategy • INVESCO U.S. Buyout & Expansion Capital Fund Partnership Fund III, L.P. • SSgA U.S. High Yield Bond Index Strategy • INVESCO Venture Partnership Fund III, L.P. Fund • Lexington Capital Partners V, L.P.
126 | PERAC ANNUAL REPORT 2010 Fitchburg Real Estate General Allocation • TA Realty Associates Fund VII • PRIT
Framingham • PRIT
Franklin Regional Domestic Equity Real Estate Consultant • Daruma Asset Management, Inc. • PRIT • Dahab Associates • RhumbLine S&P 500 Pooled Index Fund • Prudential Real Estate Investors (PRISA) Custodian • Rothschild Asset Management, Inc. Fund • Comerica Bank Domestic Fixed Income General Allocation • IR&M Core Bond Fund • PRIT
Gardner • PRIT
Gloucester • PRIT
Greater Lawrence Total Portfolio Custodian • Seaward Management • Bank of New York Mellon
Greenfield • PRIT
Hampden County Real Estate Partnership Fund III, L.P. Regional • Fidelity Real Estate Growth Fund III, L.P. • INVESCO Venture Partnership Fund III, L.P. • New Boston Institutional Fund, L.P. VI General Allocation Alternative Investments • PRIT • DLJ Diversified Partners IV, L.P. Consultant • INVESCO Non-U.S. Partnership Fund III, L.P. • Segal Advisors • INVESCO U.S. Buyout & Expansion Capital
Hampshire County Domestic Equity • Primus High Yield Bond Fund, L.P. • Permal Private Equity Opportunities IV, L.P. • PRIT • RhumbLine S&P 500 Pooled Index Fund International Fixed Income • RhumbLine S&P Mid-Cap 400 Pooled Index • Colchester Global Bond Fund Global Balanced Fund • Mellon Global Alpha I Fund Real Estate • RhumbLine S&P Small Cap Pooled Index • PIMCO All Asset Fund • Intercontinental Real Estate Investment Fund • GMO Global Balanced Asset Allocation Fund Fund III, LLC International Equity • PRIT Hedge Funds • MFS Institutional International Equity Fund • PRIT • RBC GAM International Fund Emerging Markets • PRIT Consultant Domestic Fixed Income • New England Pension Consultants • Credos Floating Rate Fund, L.P. Alternative Investments • McDonnell Investment Management, LLC • Ascent Venture Partners III & IV, L.P. Custodian • Mellon EB Aggregate Bond Index Fund • Lexington Capital Partners VII, L.P. • State Street
Haverhill Domestic Equity • RhumbLine Russell 1000 Growth Pooled • Systematic Financial Management, L.P. • Fisher Investments, Inc. Index Fund International Equity • Munder Capital Management • RhumbLine Russell 1000 Value Pooled • INVESCO IRT International Equity Fund • Putnam Advisory Company, LLC Index Fund • MFS Institutional International Equity Fund
PERAC ANNUAL REPORT 2010 | 127 Haverhill Domestic Fixed Income • GFP World Timberfund L.L.C. Emerging Markets (continued) • Eaton Vance Loan Opportunities Fund, Ltd. • Intercontinental Real Estate Investment • PRIT • Fox Asset Management Fund III, LLC Hedge Funds • PRIT • Mesirow Financial Institutional Real Estate • PRIT • RidgeWorth Investments / Seix High Yield International Fund Fund – Class I Shares • PRIT Consultant • Wainwright Investment Counsel, LLC International Fixed Income Alternative Investments • Columbia Asset Management • First America Asia Fund I Custodian • Globespan Capital Partners V, L.P. • State Street Real Estate • GrandBanks Capital Venture Fund II LP • BlackRock Apartment Value Fund III, L.P. • Macquarie Clean Technology Offshore Fund • GFP Global Timber Investors 8 • Novus Ventures II, L.P. • GFP Institutional Global Timber • PRIT Investors VI Ltd. • Thomas H. Lee Equity Fund V, L.P.
Hingham Total Portfolio Consultant • PRIT • Fiduciary Investment Advisors, LLC
Holyoke Domestic Equity • Lazard Emerging Markets Equity Portfolio • Intercontinental Real Estate Investment • Boston Company Mid Cap Opportunistic • OFITC Emerging Markets Equity Fund Fund III, LLC Value Equity Fund • RBC GAM International Fund • INVESCO Core Real Estate Fund • TA Realty Associates Fund VII • Pyramis Select Equity Small Cap Collective Domestic Fixed Income Trust • Putnam Core Fixed Income Fund Alternative Investments • RBC GAM Large Cap Value Fund • Putnam High Yield Managed Trust • Constitution Capital Partners Ironsides II • SSgA Russell 1000 Index NL Fund • SSgA Treasury Inflation Protected Securities • INVESCO Balanced-Risk Commodity Fund • SSgA Russell 2000 Index NL Fund (TIPS) Fund • Mesirow Financial Private Equity • SSgA S&P Midcap NL Fund Partnership Fund V Real Estate • UBS Large Cap Select Growth Fund • Opus Commodities Core Plus A Fund • American Core Realty Fund, LLC International Equity • Fidelity Real Estate Growth Fund III, L.P. • Fisher Investments Foreign Equity Fund
Hull • PRIT
Lawrence • PRIT
Leominster Domestic Equity Domestic Fixed Income Hedge Funds • MFS Institutional Large Cap Value Fund • PRIT • PRIT • Union Labor Life Small Cap Equity Account General Allocation Custodian International Equity • PRIT • State Street • Templeton Foreign Equity Series Fund
Lexington Domestic Equity Domestic Fixed Income • PIMCO Global Multi-Asset Fund • Fidelity Contra Fund • Loomis Sayles Credit Asset Fund • Wellington Trust Co.-CIF Opportunistic • Hartford Capital Appreciation HLS Fund • SSgA U.S. Aggregate Bond Index NL Fund Investment Portfolio International Equity Real Estate Consultant • Acadian International Equity Fund • Beacon Capital Strategic Partners V, L.P. • Meketa Investment Group • Artio International Equity Fund II Global Balanced Fund Custodian • Matthews Pacific Tiger Fund • PIMCO All Asset Fund • State Street
128 | PERAC ANNUAL REPORT 2010 Lowell Real Estate • Boston Millennia Partners II, L.P. General Allocation • Intercontinental Real Estate Investment • Charles River Partnership IX, X, & XI • PRIT Fund III, LLC • DN Partners, L.P. Distribution Manager • Sentinel Realty Partners IV & V • New England Growth Fund II, L.P. • QCI Asset Management • North Atlantic Venture Fund II & III Alternative Investments • Novus Ventures II, L.P. Custodian • Ascent Venture Partners II, III, & IV, L.P. • State Street • Boston Millennia Partners, L.P.
Lynn Real Estate Alternative Investments General Allocation • BlackRock Granite Property Fund • Ascent Venture Partners III & IV, L.P. • PRIT • Fidelity Real Estate Growth Fund III, L.P. • BlackRock Diversified Private Equity • SSgA Tuckerman / Property Redevelopment Program III & Renovation Fund • Novo Vita, L.P.
MHFA Domestic Equity Series • Goldman Sachs Private Equity Partners • SSgA Russell 1000 Growth Index NL Fund • McDonnell Investment Management, LLC Fund 2005 • SSgA Russell 1000 Value Index NL Fund • SSgA Treasury Inflation Protected Securities • HarbourVest Partners VIII – Buyout • SSgA Russell 2000 Index NL Fund (TIPS) NL Fund Partnership Fund International Equity Real Estate Consultant • Dimensional Emerging Markets Value • Angelo Gordon Realty Fund IV, L.P. • Meketa Investment Group Portfolio • Clarion Lion Properties Fund Custodian • SSgA MSCI-EAFE Index NL Fund • TA Realty Associates Fund IX • State Street • SSgA MSCI-EAFE Small Cap Index NL Fund Alternative Investments Domestic Fixed Income • Ascent Venture Partners II, III, IV, & V L.P. • MacKay Shields Statutory Trust High Yield
MWRA Domestic Equity Real Estate Global Balanced Fund • INTECH Risk-Managed Broad Large Cap • BlackRock Apartment Value Fund III, L.P. • PIMCO All Asset Fund Growth Fund • Intercontinental Real Estate Investment • Wellington Trust Co.-CIF Opportunistic • Loomis Sayles Small Company Growth Fund Fund IV, LLC Investment Portfolio • MFS Institutional Advisors, Inc. • Carey Corporate Properties Associates General Allocation • RhumbLine S&P 500 Pooled Index Fund Fund 15 • PRIT • Robeco Investment Management • Morgan Stanley Prime Property Fund • PRIT Hedge Funds International Equity • PRIT • Boston Company Non-US Value Equity Fund Alternative Investments • Global Currents International Equity Value • Ascent Venture Partners II, IV, & V L.P. Consultant Fund • Boston Capital Ventures III • New England Pension Consultants • Castile Ventures III, L.P. Domestic Fixed Income Custodian • Concord Partners III, L.P. • INVESCO, Inc. • State Street • Foundry Venture Capital 2007 & 2010, LP • INVESCO Mortgage Recovery Fund • INVESCO Venture Partnership Fund IV, L.P. • Loomis Sayles Fixed Income Fund • PineBridge Private Equity Portfolio V • PRIT
Malden Total Portfolio Custodian • de Burlo Group • State Street
Marblehead • PRIT
Marlborough Domestic Equity • RhumbLine S&P 500 Pooled Index Fund • Neuberger Berman International Large Cap Fund – Institutional Class • Legg Mason Batterymarch U.S. Small Cap International Equity Equity Portfolio • Boston Company Non-US Value Equity Fund • PENN Midcap Equity Fund, LP
PERAC ANNUAL REPORT 2010 | 129 BlueMarlborough Hills Regional Domestic• PRIT Fixed Income • SSgA Treasury Inflation Protected Securities Real Estate • Shenkman Capital Management / Primus (TIPS) SL Fund • Clarion Lion Properties Fund (continued) High Yield Bond Fund Alternative Investments Consultant • SSgA U.S. Aggregate Bond Index NL Fund • North American Strategic Partners • Meketa Investment Group • SSgA U.S. Aggregate Bond Index SL Fund 2006, L.P. • SSgA Treasury Inflation Protected Securities Custodian (TIPS) NL Fund • State Street
Massport Domestic Equity Domestic Fixed Income Alternative Investments • Pzena Investment Management • SSgA U.S. Aggregate Bond Index NL Fund • PRIT • SSgA Russell 1000 Index SL Fund • Wellington Trust Co.-CIF II Core Bond Plus Consultant • SSgA Russell 2000 Growth Index SL Fund Portfolio • Wilshire Associates International Equity Real Estate Custodian • SSgA MSCI ACWI ex-US Index NL Fund • PRIT • State Street • Templeton Institutional Funds, Foreign Equity Series
Maynard Domestic Equity Alternative Investments Custodian • Boston Advisors, Inc. • Seguin Partners Fund, L.P. • State Street Domestic Fixed Income Emerging Markets • PRIT • PRIT
Medford Domestic Equity • Wellington Trust Co.-CIF II Core Bond Plus • Wellington Trust Co.-CIF Opportunistic • Loomis Sayles Small Cap Value Fund Portfolio Investment Portfolio • RhumbLine S&P 500 Pooled Index Fund Real Estate Hedge Funds • RhumbLine S&P Mid-Cap 400 Pooled • BlackRock Apartment Value Fund III, L.P. • PRIT Index Fund • PRIT • SSgA Index Plus Edge Strategy Fund Consultant Alternative Investments • New England Pension Consultants International Equity • PRIT • INVESCO IRT International Equity Fund Custodian Global Balanced • State Street Domestic Fixed Income • Mellon Global Alpha I Fund • Columbia Management Group, Inc. • PIMCO All Asset Fund
Melrose Real Estate Alternative Investments • Keystone Venture V • Intercontinental Real Estate Investment • Ascent Venture Partners IV, L.P. General Allocation Fund II, LLC • INVESCO Non-U.S. Partnership Fund III, L.P. • PRIT • SSgA Tuckerman / Property Redevelopment • INVESCO U.S. Buyout & Expansion Capital & Renovation Fund Partnership Fund III, L.P. Consultant • TA Realty Associates Fund V & VII • INVESCO Venture Partnership Fund III & • Segal Advisors IV, L.P.
Methuen Real Estate Alternative Investments General Allocation • RREEF America REIT II • BlackRock Diversified Private Equity • PRIT • Sentinel Realty Partners IV Program III
Middlesex County Real Estate • SSgA Tuckerman / Residential Income and • Ascend Ventures, L.P. • BlackRock Apartment Value Fund III, L.P. Value Added (RIVA) Fund • Ascent Venture Partners II & III, L.P. • GFP World Timberfund L.L.C. • TA Realty Associates Fund VI • Auda Partners, L.P. • Intercontinental Real Estate Investment • Value Enhancement Fund IV, V & VI • Boston Millennia Partners, L.P. • Boston Millennia Partners II, L.P. Fund III & IV, LLC Alternative Investments • Duke Street Capital Fund V & VI • SSgA Tuckerman / Multi-Family • Alliance Technology Ventures III, L.P. Development Program III • First America Asia Fund I, LLC
130 | PERAC ANNUAL REPORT 2010 Middlesex County • Globespan Capital Partners IV & V, L.P. • PRISM Venture Partners III, L.P. Custodian (continued) • INVESCO Non-U.S. Partnership Fund III, L.P. • Thomas H. Lee Equity Fund V, L.P. • State Street • North Atlantic Venture Fund II General Allocation • Novo Vita, L.P. • PRIT • Novus Ventures II, L.P.
Milford • PRIT
Milton • PRIT
Minuteman Regional • PRIT
Montague • PRIT
Natick Domestic Equity Domestic Fixed Income Alternative Investments • SEI Institutional Investments Trust • SEI Institutional Investments Trust Core • First America Asia Fund I Disciplined Equity Fund Fixed Income Fund • North American Strategic • SEI Institutional Investments Trust Large • SEI Institutional Investments Trust High Partners 2006, L.P. Cap Equity Fund Yield Bond Fund • PRIT • SEI Institutional Investments Trust Small International Fixed Income Hedge Funds Cap Equity Fund • SEI Institutional Investments Trust • PRIT • SEI Institutional Investments Trust Small/ Emerging Market Bond Fund Mid Cap Equity Fund Consultant Real Estate • Fiduciary Investment Advisors, LLC International Equity • Intercontinental Real Estate Investment • SEI Institutional Investments Trust World Custodian Fund III, LLC • State Street Equity Ex-US Fund • PRIT • Sentinel Realty Partners VI
Needham • PRIT
New Bedford Domestic Equity Real Estate • Wilton Private Market Specialized Fund, LLC • Boston Company • BlackRock Granite Property Fund Global Balanced • Wellington Trust Co.-CIF Diversified Growth • SSgA Tuckerman / Property Redevelopment • PIMCO All Asset Fund Portfolio & Renovation Fund • Wellington Trust Co.-CIF Opportunistic • Westfield Capital Management • TA Realty Associates Fund VIII Investment Portfolio Company, LLC • UBS (US) Trumbull Property Fund LP Hedge Funds International Equity Alternative Investments • PRIT • Acadian Emerging Markets Equity Fund • INVESCO International Partnership Fund • Boston Company Non-US Value Equity Fund IV, L.P. Consultant • Morgan Stanley Investment Management • INVESCO U.S. LBO & Corporate Finance • Segal Advisors Partnership Fund IV, L.P. Domestic Fixed Income Custodian • INVESCO Venture Partnership Fund IV, L.P. • Aberdeen Asset Management, Inc. • State Street • Mesirow Financial Private Equity • Loomis Sayles Fixed Income Fund Partnership Fund V
Newburyport • PRIT
PERAC ANNUAL REPORT 2010 | 131 Newton Real Estate Fund 15 General Allocation • Carey Corporate Properties Associates • Fidelity Real Estate Growth Fund II, L.P. • PRIT
Norfolk County Domestic Equity Real Estate • Inflection Point Ventures, L.P. • Boston Company • 1921 Realty Inc. • INVESCO Venture Partnership Fund IV, L.P. • Copper Rock Capital Partners, LLC • Clarion Lion Properties Fund • J.P. Morgan Global Maritime Investment • D.E. Shaw U.S. Broad Market Core Alpha • Intercontinental Real Estate Investment Fund Extension Special Fund II Fund III, LLC • Levine Leichtman Capital Partners Deep • Fisher Investments, Inc. • Intercontinental U.S. Real Estate Value Fund, L.P. • Munder Capital Management Investment Fund, LLC • LLM Structured Equity Fund L.P. • Putnam Advisory Company, LLC • Mesirow Financial Institutional Real Estate • Mesirow Financial Capital Partners IX • RBC Global Asset Management (U.S.) Inc. International Fund • Monitor Venture Partners I, L.P. • RhumbLine Russell 1000 Value Pooled • PRIT • New England Growth Fund II, L.P. Index Fund • Sentinel Realty Partners IV • North American Strategic Partners • SSgA Russell 1000 Growth Index NL Fund • SSgA Tuckerman / Property Redevelopment • Perseus Partners VII, L.P. & Renovation Fund • PRISM Venture Partners IV & V, L.P. International Equity • TA Realty Associates Fund V & VII • Siguler Guff Distressed Opportunities • AGF Global Resources Strategy • Urdang Value Added Fund II, L.P. Fund III • Allianz RCM Global Resources Fund • Washington & Congress Capital Partners, • Lazard Emerging Markets Equity Portfolio Alternative Investments L.P. • MFS Institutional Advisors, Inc. • ArcLight Energy Partners Fund V, L.P. • Wilshire Private Markets Fund II & IV • Wells Capital Management / Berkeley • Ascend Ventures, L.P. Street International Small Cap Equity • Ascend Ventures II, L.P. Hedge Funds Strategy • Boston Millennia Partners, L.P. • Mesirow Absolute Return Fund • Boston Millennia Partners II, L.P. (Institutional) Ltd. Class W Domestic Fixed Income • CHL Medical Partners II, L.P. • Preferred Investors, L.P. • Eaton Vance Loan Opportunities Fund, Ltd. • Coller International Partners IV • PRIT • Income Research & Management • Constitution Capital Partners Ironsides II • IR&M Core Bond Fund Consultant • Corsair III Financial Services Capital • Loomis, Sayles & Company, L.P. • Wainwright Investment Counsel, LLC Partners, L.P. International Fixed Income • FLAG Energy & Resources II, L.P. Custodian • Lazard Emerging Income Fund • Globespan Capital Partners V, L.P. • State Street • Wells Capital Management / First • Halpern Denny Fund III, L.P. International Advisors International • Hamilton Lane Co-Investment Fund II Bond Strategy
North Adams Domestic Equity Alternative Investments Custodian • de Burlo Group • PRIT • State Street Domestic Fixed Income Hedge Funds • de Burlo Group • PRIT
North Attleboro Domestic Equity International Equity Real Estate • Atlanta Capital Management Company • Lazard Freres International Equity Fund • AmSouth Timber Fund • Herndon Capital Management, LLC • Vontobel International Fund Consultant • Navellier & Associates, Inc. Domestic Fixed Income • Dahab Associates • RhumbLine S&P 500 Pooled Index Fund • Brandes Core Plus Fixed Income Fund • Rothschild Asset Management Custodian • RhumbLine Core Bond Index Fund • State Street
Northampton Domestic Equity Alternative Investments Custodian • de Burlo Group • PRIT • State Street Domestic Fixed Income Hedge Funds • de Burlo Group • PRIT
Northbridge • PRIT
132 | PERAC ANNUAL REPORT 2010 Norwood Domestic Equity Domestic Fixed Income Hedge Funds • Atlanta Capital Management Company, LLC • Oaktree Capital Management / OCM High • PRIT • Boston Company Yield Trust Consultant • Mainstay Large Cap Equity Fund • Standish Mellon EB MBA Aggregate Bond • Mercer Investment Consulting Index Fund International Equity Custodian • EuroPacific Growth Fund Real Estate • State Street • PRIT
Peabody • PRIT
PRIM Domestic Equity Managers • European Investors, Inc. • Denham Capital Management • INTECH • Intercontinental • DLJ Merchant Banking • Pacific Investment Management Company • INVESCO Realty Advisors • El Dorado Ventures • State Street Global Advisors • J.P. Morgan Investment Management • Equitable Capital Management • LaSalle Investment Management • Essex Woodlands Health Ventures International Equity Managers • New Boston • Ethos Private Equity • Ballie Gifford • RREEF America, LLC • Exponent Partners • Marathon Asset Management, Ltd. • TA Associates Realty • First Reserve Corporation • Mondrian Investment Partners Ltd. • Urdang Advisors • Flagship Ventures • Pyramis Global Advisors • Freeman Spogli Equity Partners • State Street Global Advisors Timber Managers • Genstar Capital Partners • Campbell Group LLC Fixed Income Managers • Gilde Buy Out Partners • Forest Investment Associates • Access Capital • Gores Group • AFL-CIO Housing Investment Trust Private Equity Managers • GTCR Golder, Rauner • Blackrock Financial Management, Inc. • 1818 Fund II, LP • Harbourvest Partners, LP • Community Capital Management • Advent International • Hellman & Friedman Capital Partners • Loomis, Sayles & Company, L.P. • Alchemy Partners • H.I.G. Capital • Pacific Investment Management Company • Alta Communications • Highland Capital Partners • American Securities High Yield Bond Managers • Insight Venture Partners • APAX Partners & Co. • Eaton Vance • Institutional Venture Partners • Apollo Management Co. • Fidelity Management Trust Company • InterWest Partners • Asia Pacific Trust • ING Investment Management • Joseph Littlejohn & Levy • Austin Ventures • Loomis, Sayles & Company, L.P. • Kelso & Company • Bain Capital • Shenkman Capital Management • Keystone Ventures • Battery Ventures • Kohlberg Kravis Roberts and Co. Emerging Markets Debt Managers • Belmont Capital Partners • KPS Capital Partners, L.P. • Ashmore Investment Management, Ltd. • Berkshire Partners, LLC • Madison Dearborn Capital Partners • Pacific Investment Management Company • Blackstone Group • M/C Venture Partners Distressed Debt Managers • Boston Ventures • Menlo Ventures • Angelo, Gordon & Co. • Bridgepoint • MFA Partnerships • Avenue Capital Group • Brown Brothers Harriman & Co. • Montagu Private Equity • Oaktree Capital Management • Candover • Montreux Equity Partners • TCW Asset Management • Capital Resource Partners • Narragansett Capital, Inc. • Wayzata Investment Partners • Carlyle Partners • Nautic Partners • Castile Ventures Emerging Markets Equity Managers • New Enterprise Associates • Centerbridge Capital Partners • Emerging Markets Management • Nordic Capital • Charles River Ventures • GMO LLC • Odyssey Investment Partners • Charlesbank Capital Partners • State Street Global Advisors • Olympus Growth Fund • Charterhouse Capital Partners • T. Rowe Price • One Liberty • Chequers Capital • Onex Partners Natural Resources • Code Hennessey & Simmons • PAI Partners • Jennison Associates • Commonwealth Capital Ventures • Permira Europe • T. Rowe Price • Crossroads Capital • Polaris Venture Partners Real Estate Managers • Crossroads Group • Providence Equity Partners • AEW Partners • CVC Capital • Quad-C Management, Inc. • Canyon Johnson • Cypress Merchant Banking • Quantum Energy Partners
PERAC ANNUAL REPORT 2010 | 133 PRIM • Rembrandt Venture Partners • Thomas H. Lee Equity Partners Hedge Fund Managers (continued) • Richland Ventures • Torquest • Arden Asset Management • SAIF Partners • Towerbrook Capital Partners • Grosvenor • SCP Vitalife • Trident Capital • K2 Advisors • Sherbrooke Capital • Union Square Ventures • Pacific Alternative Asset Management • Sovereign Capital Limited • VantagePoint Partners Company • Spark Capital • Venture Capital Fund of New England • Rock Creek Group • Spectrum Equity Partners • Vestar Capital Partners Consultants • Summit Partners • Vista Equity Partners • Callan Associates • SV Life Sciences • Welsh Carson Anderson & Stowe • Hamilton Lane • TA Associates • Weston Presidio Capital • Hewitt EnnisKnupp • TCV • Westview Capital Partners • Tenaska Capital Management • Whitney & Company Custodian • Texas Pacific Group • William Blair Mezzanine Capital Fund • BNY Mellon • Thoma Bravo • Willis Stein • Thoma Cressey Bravo, Inc. • Xenon Private Equity
Pittsfield Alternative Investments • SSgA Tuckerman / Property Redevelopment Consultant • North American Strategic & Renovation Fund • Fiduciary Investment Advisors, LLC Partners 2006, L.P. General Allocation Real Estate • PRIT • Sentinel Realty Partners VI
Plymouth Domestic Equity Domestic Fixed Income Global Balanced • Boston Advisors, Inc. • MacKay Shields High Yield Commingled • BlackRock Global Allocation Fund • Boston Trust & Investment Management Trust • Wellington Trust Co.-CIF Opportunistic Company • Wellington Legacy Securities PPIF Investment Portfolio • Eaton Vance Large Cap Value Fund • Wellington Trust Co.-CIF II Core Bond Fund Hedge Funds • SSgA S&P 500 Flagship NL Fund Real Estate • PRIT • SSgA S&P 500 Flagship SL Fund • Intercontinental Real Estate Investment • Wellington Trust Co.-CIF Research Equity Consultant Fund IV, LLC • Fiduciary Investment Advisors, LLC Portfolio • PRIT • Westfield Large Cap Growth Fund Custodian Alternative Investments • State Street International Equity • PRIT • Templeton Foreign Equity Series Fund
Plymouth County Domestic Equity Domestic Fixed Income • Multi-Employer Property Trust • Boston Company Small Cap Growth Fund • Eaton Vance Loan Opportunities Fund, Ltd. • New Boston Institutional Fund, L.P. VII • Fisher Investments, Inc. • Eaton Vance Management • Prudential Real Estate Investors (PRISA • RBC Global Asset Management (U.S.) Inc. • Income Research & Management Fund) • SSgA Tuckerman / Multi-Family • RhumbLine Russell 1000 Growth Pooled International Fixed Income Development Program III Index Fund • Franklin Templeton Emerging Markets Debt • SSgA Tuckerman / Property Redevelopment • RhumbLine Russell 2000 Value Index Fund Opportunities Fund & Renovation Fund • Wellington Management Company, LLP • McDonnell Investment Management, LLC Alternative Investments International Equity Real Estate • Ascend Ventures II, L.P. • Allianz NACM International Growth • 1921 Realty Inc. • Ascent Venture Partners IV, L.P. Opportunities Fund • Berkshire Multifamily Value Fund II, L.P. • Charles River Partnership IX, X, & XI • Boston Company Emerging Markets • BlackRock Apartment Value Fund III, L.P. • Citigroup Venture Capital International Pooled Fund • Intercontinental Real Estate Investment Growth Partnership II, LP • HGK International Equity Fund Fund III & IV, LLC • DN Partners, L.P. • Kleinwort Benson Investors Dividend Plus • INVESCO IRT Equity Real Estate • DN Partners II, L.P. International Equity Fund Securities Fund • Euro Choice II (Delaware) LP • SSgA / Rexiter Active Emerging • Mesirow Financial Institutional Real Estate • Globespan Capital Partners V, L.P. Markets Fund International Fund
134 | PERAC ANNUAL REPORT 2010 Plymouth County • J.P. Morgan Global Maritime Investment • New England Growth Fund II, L.P. • Aetos Capital Prime Portfolio (continued) Fund • RMK Global Timberland Resources Fund Consultant • Landmark Equity Partners XIV • Senior Tour Players Fund I • Wainwright Investment Counsel, LLC • Leeds Weld Equity Partners IV, L.P. • Siguler Guff Distressed Opportunities • Lexington Capital Partners VII, L.P. Fund III Custodian • Levine Leichtman Capital Partners Deep • Timbervest Partners III, LP • State Street Value Fund, L.P. Hedge Fund • McDonnell Bank Loan Select Fund • ABS Offshore SPC – Global Segregated • Mesirow Financial Capital Partners IX Portfolio
Quincy Domestic Equity • SSgA U.S. Aggregate Bond Index NL Fund • North American Strategic • Harbor Funds Small Cap Value Fund • SSgA Treasury Inflation Protected Securities Partners 2006, L.P. • PENN Small Cap Fund (TIPS) NL Fund • Oppenheimer Global Resource Private Equity Fund I, L.P. • RhumbLine Russell 1000 Growth Pooled International Fixed Income • PRIT Index Fund • Artio Global High Income Fund • RhumbLine Russell 1000 Value Pooled General Allocation Real Estate Index Fund • PRIT • RhumbLine S&P Mid-Cap 400 Pooled • AEW Partners V, L.P. Index Fund • Hancock Timberland IX Fund Hedge Funds • TA Realty Associates Fund VIII & IX • PRIT International Equity • UBS (US) Trumbull Property Fund LP • Aberdeen DBT Emerging Markets Consultant • UBS (US) Trumbull Property Income • Meketa Investment Group Equity Fund Fund LP • INVESCO IRT International Equity Fund Custodian • SSgA MSCI-EAFE Index NL Fund Alternative Investments • State Street • Victory Capital Series, LLC Series C • Adams Street Partnership Fund Program 2010 Domestic Fixed Income • Goldman Sachs Private Equity Partners • Post Traditional High Yield Fund, L.P. Fund 2005
Reading • PRIT
Revere • PRIT
Salem Real Estate • First America Asia Fund I L.P. Custodian • State Street • Fidelity Real Estate Growth Fund II, L.P. General Allocation Alternative Investments • PRIT • Ascent Venture Partners III, L.P.
Saugus • PRIT
Shrewsbury Domestic Equity International Equity Consultant • Atlanta Capital Management Company, Inc. • SSgA All International Allocation SL Fund • Dahab Associates • C.S. McKee, L.P. Domestic Fixed Income Custodian • Lee Munder Capital Group • IR&M Core Bond Fund • State Street • Rushmore Investment Advisors, Inc. General Allocation • PRIT
Somerville Domestic Equity • Keeley Asset Management International Equity • Congress Asset Management • RhumbLine S&P 500 Pooled Index Fund • Lazard Emerging Markets Equity Portfolio
PERAC ANNUAL REPORT 2010 | 135 Somerville • Lazard Freres International Equity Fund Real Estate Custodian • BlackRock Apartment Value Fund III, L.P. • State Street (continued) Domestic Fixed Income • UBS (US) Trumbull Property Fund LP • Cypress Asset Management • Loomis Sayles Fixed Income Fund
Southbridge • PRIT
Springfield Alternative Investments • Crescendo IV, L.P. General Allocation • Ascend Ventures, L.P. • Crescendo World Fund • PRIT • Boston Millennia Partners, L.P. • DN Partners, L.P. • Boston Millennia Partners II, L.P. • Ticonderoga e-Services I, L.P.
State • PRIT
State Teachers • PRIT
Stoneham • PRIT
Swampscott Domestic Equity Domestic Fixed Income Alternative Investments • Alger Capital Appreciation Fund • Wells Capital Mgmt. / Montgomery US Core • North Sky Private Equity Partners II • Eaton Vance - Atlanta Capital SMID Cap Fixed Income Fund Hedge Funds Fund Real Estate • PRIT • Eaton Vance Large Cap Value Fund • American Core Realty Fund, LLC Consultant International Equity • Intercontinental Real Estate Investment • Fiduciary Investment Advisors, LLC • Artio International Equity Fund II Fund III, LLC • GE International Equity (EAFE) Fund Custodian • State Street
Taunton Domestic Equity Real Estate IV, L.P. • Boston Trust & Investment Management • Fidelity Real Estate Growth Fund III, L.P. • INVESCO U.S. LBO & Corporate Finance Company • Intercontinental Real Estate Investment Partnership Fund IV, L.P. • Daruma Asset Management Fund III, LLC • INVESCO Venture Partnership Fund IV, L.P. • Munder Capital Management • INVESCO Core Real Estate Fund • Timbervest Partners III, L.P. • SSgA S&P 500 Flagship NL Fund • INVESCO IRT Equity Real Estate Securities Consultant • Systematic Financial Management, L.P. Fund • Dahab Associates • Molpus Woodlands Fund III, L.P. International Equity Custodian • Boston Company Non-US Value Equity Fund Alternative Investments • State Street • Earnest International Pooled Group Trust • BlackRock Investment Management / Vesey • EuroPacific Growth Fund Street Fund IV (ERISA), L.P. • Boston Millennia Partners, L.P. Domestic Fixed Income • Boston Millennia Partners II, L.P. • C.S. McKee, L.P. • INVESCO International Partnership Fund • Emerald Fixed Income Advisers, LLC
Wakefield • PRIT
Waltham Real Estate • SSgA Tuckerman / Property Redevelopment Value Added (RIVA) Fund • Intercontinental Real Estate Investment & Renovation Fund Fund III, LLC • SSgA Tuckerman / Residential Income and
136 | PERAC ANNUAL REPORT 2010 Waltham Alternative Investments • INVESCO Venture Partnership Fund III, L.P. General Allocation (continued) • Ascent Venture Partners III, L.P. • Precision Capital Special Opportunities • PRIT • INVESCO Non-U.S. Partnership Fund II, L.P. Fund III, LLC Custodian • INVESCO U.S. Buyout Partnership Fund • RCP Fund IV, L.P. • State Street II, L.P. • VSS Mezzanine Partners, L.P.
Watertown Domestic Equity Real Estate General Allocation • Fisher Investments, Inc. • Arsenal Real Estate Fund IA, L.P. • PRIT • PRIT • Intercontinental Real Estate Investment Hedge Funds • Wellington Trust Co.-CIF Small Cap 2000 Fund III & IV, LLC • PRIT Fund • New Boston Institutional Fund, L.P. VI • Wellington Trust Co.-CIF Mid Cap Growth Consultant Alternative Investments • Fiduciary Investment Advisors Portfolio • Auda Ventures, L.P. International Equity • Novo Vita, L.P. Custodian • Acadian International Small Cap Fund • Novus Ventures II, L.P. • State Street • Earnest International Pooled Group Trust • RCP Fund IV, LP • MFS Institutional International Equity Fund Global Balanced Domestic Fixed Income • BlackRock Global Allocation Fund • IR&M Core Bond Fund • Wellington Trust Co.-CIF Opportunistic Investment Portfolio
Webster Domestic Equity Income Fund Consultant • Wainwright Investment Counsel, LLC • Eaton Vance Small Cap Core Fund Real Estate • Lee Munder Mid Cap Fund • PRIT Custodian • RhumbLine Russell 1000 Pooled Index Fund • State Street Alternative Investments International Equity • PRIT • INVESCO IRT International Equity Fund Hedge Funds Domestic Fixed Income • PRIT • Loomis Sayles Investment Grade Fixed
Wellesley • PRIT
West Springfield Domestic Equity Real Estate Custodian • de Burlo Group • AmSouth Timber Fund • State Street Domestic Fixed Income General Allocation • de Burlo Group • PRIT
Westfield Domestic Equity International Equity • SSgA U.S. High Yield Bond Index Strategy • Congress Large Cap Growth Fund • SSgA MSCI-EAFE Index Fund Fund • Loomis Sayles Small Cap Growth Fund • SSgA MSCI Emerging Markets Fund Real Estate • Loomis Sayles Small Cap Value Fund Domestic Fixed Income • PRIT • RBC GAM Large Cap Value Fund • IR&M Total Return Fund • SSgA S&P 500 Flagship NL Fund • SSgA Treasury Inflation Protected Securities • SSgA S&P Midcap Index Fund (TIPS) Fund
Weymouth Domestic Equity International Equity Domestic Fixed Income • Boston Company Dynamic Equity Fund • Acadian International Small Cap Fund • Advent Legacy Securities PPIF • Loomis Sayles Small Midcap Core Trust • Artio International Equity Fund II • Bradford & Marzec, LLC • PENN Small to Mid Cap Equity Fund, L.P. • Earnest International Pooled Group Trust • Income Research & Management • RhumbLine S&P 500 Pooled Index Fund • William Blair International Small Cap Real Estate • Westfield Large Cap Growth Fund Growth Fund • Intercontinental Real Estate Investment Fund III, LLC
PERAC ANNUAL REPORT 2010 | 137 Weymouth • PRIT • HarbourVest Partners IX – Venture Fund LP Hedge Funds • INVESCO International Partnership Fund • PRIT (continued) Alternative Investments IV, L.P. • Constitution Capital Partners Ironsides II Consultant • INVESCO U.S. LBO & Corporate Finance • HarbourVest Partners IX – Buyout Fund LP • Fiduciary Investment Advisors, LLC Partnership Fund IV, L.P. • HarbourVest Partners IX – Credit • INVESCO Venture Partnership Fund IV, L.P. Custodian Opportunities Fund LP • State Street
Winchester Domestic Equity • SSgA Small Cap International Alpha SL • TA Realty Associates Fund VI • SSgA S&P 500 Flagship SL Fund Common Trust Fund Hedge Funds International Equity Domestic Fixed Income • PRIT • SSgA Active Emerging Markets NL Fund • PRIT Inflation Hedge Product • SSgA Active Emerging Markets SL Fund • Wellington Trust Co.-CIF II Core Bond Fund • SSgA Real Asset Strategy • SSgA International Alpha NL Fund Real Estate • SSgA International Alpha SL Fund Custodian • Guggenheim Real Estate Plus Fund • State Street • SSgA International Alpha Select NL Fund • SSgA Tuckerman / Multi-Family • SSgA International Alpha Select SL Fund Development Program III
Winthrop • PRIT
Woburn Domestic Equity Real Estate • INVESCO Venture Partnership Fund III, L.P. • BlackRock Small Cap Growth Equity Fund • Intercontinental Real Estate Investment • Macquarie Clean Technology Fund II • Earnest Partners, LLC Fund II & III, LLC • Wilshire Private Markets Fund VII • RhumbLine Russell 1000 Pooled Index Fund • PRIT Emerging Markets • Turner Investment Partners, Inc. • SSgA Tuckerman / Multi-Family • PRIT Development Program III International Equity • SSgA Tuckerman / Property Redevelopment Hedge Funds • PRIT & Renovation Fund • PRIT Domestic Fixed Income • TA Realty Associates Fund V Consultant • Earnest Partners, LLC Alternative Investments • Wainwright Investment Counsel, LLC • Eaton Vance Loan Opportunities Fund, Ltd. • Charlesbank Equity Fund V, VI & VII • Loomis Sayles Institutional High Income Custodian • INVESCO Non-U.S. Partnership Fund III, L.P. Fund • State Street • INVESCO U.S. Buyout & Expansion Capital • SSgA Treasury Inflation Protected Securities Partnership Fund III, L.P. (TIPS) SL Fund
Worcester Domestic Equity Domestic Fixed Income Hedge Funds • Lee Munder Capital Group • Loomis, Sayles & Company, L.P. • Aetos Capital Balanced Portfolio • Loomis, Sayles & Company, L.P. • Opus Investment Management, Inc. • Benchmark Plus Institutional Partners Fund • Blackstone Alternative Asset Management, • Penn Capital Management Company, Inc. Real Estate L.P. / BPIF Non-Taxable L.P. (“Partners NT”) • SSgA Russell 1000 Growth Index NL Fund • AEW Partners VI, L.P. • PRIT • SSgA Russell 1000 Value Index NL Fund • Bailard Real Estate Investment Trust I • SSgA S&P 500 Flagship NL Fund • Hancock Timberland VII Alternative Investments • SSgA S&P Mid Cap Index NL Fund • Heitman Value Partners, L.P. • Ascent Venture Partners II, III, IV, & V L.P. International Equity • Intercontinental Real Estate Investment • Boston Capital Ventures III • Acadian International Small Cap Fund Fund IV, LLC • Boston Millennia Partners II & III, L.P. • Boston Company EAFE Value Fund • INVESCO Core Real Estate Fund • Charlesbank Equity Fund V & VI • Lazard Emerging Markets Equity Portfolio • PRIT • Concord Partners III, L.P. • SSgA Daily MSCI-EAFE Index NL Fund • RMK Balanced Timberland Fund B • European Strategic Partners I, L.P. • SSgA MSCI-EAFE Index NL Fund • RMK Select Timberland Investment Fund • Global Infrastructure Partners Fund I • SSgA MSCI-EAFE Small Cap Index NL Fund I & II, LLC • Harvest Partners V, L.P. • Value Enhancement Fund II & IV • INVESCO Non-U.S. Partnership Fund II, L.P.
138 | PERAC ANNUAL REPORT 2010 Worcester • INVESCO U.S. Buyout Partnership Fund • Riverside Capital Appreciation Fund V Consultant (continued) II, L.P. • Riverside Capital Europe Fund III • Meketa Investment Group • INVESCO Venture Partnership Fund II, L.P. • Vitruvian Investment Partnership I Custodian • New England Growth Fund II, L.P. • White Deer Energy, L.P. • State Street • Newstone Capital Partners, L.P. Global Balanced • Newstone Capital Partners II • PIMCO All Asset Fund • Northstar Mezzanine Partners III, IV, & V • Riverside Capital Appreciation Fund 2000 & 2003
Worcester Regional Real Estate & Renovation Fund • North American Strategic Partners • AEW Partners V, L.P. • TA Realty Associates Fund VII 2006, L.P. • Intercontinental Real Estate Investment Alternative Investments General Allocation Fund III, LLC • Ascent Venture Partners II & IV, L.P. • PRIT • SSgA Tuckerman / Property Redevelopment
PERAC ANNUAL REPORT 2010 | 139 PERAC STAFF
Administration Audit Fraud Prevention • Joseph E. Connarton • Harry Chadwick • Sandra King Executive Director Chief Auditor Fraud Prevention Manager • Joseph I. Martin • James Tivnan • Ellen Furtado Deputy Executive Director Deputy Chief Auditor Administrative Assistant • Frank E. Valeri • Kimberly Clairemont Deputy Director Auditor Information Systems • Michael J. DeVito • Martin Feeney • Paul Laliberte Director of Strategic Planning, Auditor Director of Information Systems Management & Public Affairs • Scott Henderson • Anthony Tse • Caroline J. Carcia Auditor Project Manager Director of Administrative Services • James Ryan • K-Lone Steele • Kim Boisvert Auditor Senior Systems Engineer Senior Executive Assistant • John Shea • Irina Boukina • Virginia Barrows Auditor Senior Programmer/Analyst Chief Financial Officer • James Sweeney • Mark Joseph • Katie Bozzi Auditor Senior Programmer/Analyst Accounts Payable Specialist
• Joan Arsenault Communications Administrative Assistant Investment • Sarah Kelly • Robert Dennis • Tracey Legaski Communication & Education Director Administrative Assistant Investment Director • Michael Litvack • Victoria Marcorelle Webmaster/Graphic Design Specialist Senior Investment Analyst Actuarial • Faith Towers • Veronica Colon • James Lamenzo Graphic Designer Fund Accountant Actuary • Ben Polatin • Rose Cipriani • John Boorack Communication Specialist Administrative Assistant Actuarial Associate
• Kaitlyn Doucette Disability Actuarial Assistant Legal • Barbara Lagorio • Barbara Phillips • Timothy A. Larkin Director of Disability Actuarial Assistant General Counsel • Kate Hogan • Judith Corrigan • Sherry Brooks-Ross Manager of Medical Services Benefit Calculation Specialist Deputy General Counsel • Mary Jane Carritte • Derek Moitoso Clinical Case Manager Associate General Counsel • Patrice Looby • Susan Childs Nurse Case Manager Executive Assistant • Doreen Duane Case Manager • Regina Manning Administrative Assistant • Erin Groesser Administrative Assistant
140 | PERAC ANNUAL REPORT 2010
ANNUAL REPORT 2010 | PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION ANNUAL 2010 REPORT
Commonwealth of Massachusetts | Public Employee Retirement Administration Commission
Commonwealth of Massachusetts Public Employee Retirement Administration Commission Five Middlesex Avenue, Suite 304 | Somerville, MA 02145 Phone 617 666 4446 Fax 617 628 4002 TTY 617 591 8917 Web www.mass.gov/perac