|HAMPDEN COUNTY REGIONAL RETIREMENT SYSTEM|
Serving the County of Hampden Massachusetts
THE HAMPDEN COUNTY REGIONAL RETIREMENT BOARD OFFICE WILL BE CLOSED ON MONDAY, SEPTEMBER 6, 2021 IN HONOR OF LABOR DAY
To: All Member Units
From: Hampden County Regional Retirement Board
Re: Audit Findings/Board Action
The Hampden County Regional Retirement Board would like to inform and share with all its member units an update on the actions the Board has taken as of this date regarding the recent audit of the System.
On March 18, 2021, the Hampden County Regional Retirement Board began weekly meetings with the Executive Director and the Chief Auditor of the Public Employee Retirement Administration Commission (PERAC). Information regarding the actions the Board has taken to address the findings along with copies of monthly invoices, expenses, payrolls, and warrants are being forwarded to PERAC.
The outside audit firm of Powers & Sullivan is scheduled to be in the office May 3- 5, 2021 to review the financial information of the System for its required report for Dec. 31, 2020.
The board will continue to be transparent with its responses to this audit and as always, the meetings are held in open session for the public to attend. The dates and times for these meetings are listed on the board’s website along with information to connect to the meetings remotely. In addition, each member unit receives the dates and times of these meetings at the beginning of each year. The board continues to have full confidence in the Executive Director, Julianne Bartley, and the staff in the continued day to day administration of the system. The office is open to the public; appointments to retire can be made by calling 413-737-1344 between the hours of 8:00 AM and 4:00 PM, Monday through Friday.
Finally, we want to assure all the active and retired members of the Hampden County Regional Retirement System that the assets of the system for the last 10 years have exceeded the boards assumed rate of return. For the period beginning 01/01/2011, the market value of the board’s assets was $223,619,249. Now, as of 12/31/2020, the ending market value is $456,402,793 which is an average rate of return of 8.8% for this 10-year period.
As a board, we are very proud of this more than doubling of the assets for this 10-year period. This will help to ensure that the board continues its current funding schedule which has been established to have the system fully funded by June 30, 2036.
Organized under the laws of the Commonwealth of Massachusetts effective January 1, 1937, the Retirement System has over three thousand (3,000) active members and one thousand five hundred (1,500) retirees and beneficiaries from thirty-five (35) member units throughout Hampden County.
The Retirement System is governed by a five-member Retirement Board, made up of two elected members, one member appointed by the member unit treasurers, one member appointed by the Board and a chairman also appointed by the Board. This retirement system is subject to the provisions of Chapter 32 of Massachusetts General Laws. Our system, as well as all of the 105 other retirement systems in Massachusetts, is overseen by the Public Employee Retirement Administration Commission ("PERAC").
This is a defined benefit plan. That means that a specific formula based upon a member's age, retirement service credit, and highest three or five consecutive year's average salary are used to determine a member's gross retirement allowance. This is a guaranteed lifetime benefit.
As of October 1, 2008 the assets of the system were transferred and became a part of the larger state retirement fund known as the Pension Reserve Investment Trust Fund, or "PRIT Fund". This change only involved the management of the Board's assets and nothing else. The office and staff remain in place to serve our members and retirees on a daily basis and continue to issue monthly retirement allowance checks from our location which is: Hampden County Regional Retirement Board, Agawam Corporate Center, 67 Hunt Street - Suite 116, Agawam, Massachusetts 01001.
This website is here to provide members, employees, retirees and beneficiaries of the Hampden County Regional Retirement System with information and news items. We hope the site is used as a source of information to the benefit of those we serve.
If you have any thoughts, comments or suggestions regarding the site, please feel free to send them to our office by email to firstname.lastname@example.org.