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Retirement Board

PLEASE BE ADVISED THAT THE RETIREMENT BOARD OFFICE WILL BE OPEN ON A LIMITED BASIS

BEGINNING WEDNESDAY, MARCH 18, 2020 INDEFINITELY

FOR QUESTIONS OR CONCERNS, PLEASE EMAIL US.

RETIREE PAYROLL WILL RUN AS USUAL AND WILL BE EFFECTIVE 5/29/2020.

PLEASE NOTE THAT DIRECT DEPOSIT NOTICES WILL NOT BE ISSUED THIS MONTH.

The Retirement Board is responsible for providing City employees and retirees with information regarding retirement benefits and regulations.

Mission Statement

To provide accurate, timely, and consistent guidance and benefits to members and their beneficiaries in a courteous and professional manner.

To ensure that the investment portfolio is adequately diversified at an acceptable risk level to provide sufficient assets to fund the benefits when due.

Vision Statement

To become a retirement benefits leader in member counseling and benefits delivery by embracing technology, supporting staff development, and focusing on member needs.

 

The Holyoke Contributory Retirement System is one of 105 contributory retirement systems within the Commonwealth of Massachusetts.  Chapter 32 of the Massachusetts General Laws defines the benefits, contribution requirements, accounting procedures and funding for all 105 systems.  The Public Employee Retirement Administration Commission (PERAC) oversees the systems and ensures that all boards are in compliance with Chapter 32.

The retirement system is funded by an annual appropriation from City departments and from employee contributions.  These funds are invested in fixed income, domestic and international equities, commodities, private equity and real estate.

The Holyoke Retirement Board is responsible for providing all city employees with information regarding benefits and regulations pertaining to retirement, in addition to overseeing the administration of the office.  The Board is made up of 5 members; an Ex-Officio member, 2 elected members, 1 member appointed by the Mayor, and 1 member appointed by the other 4 members.

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